Your Plan Should Work for You

At Retirement Impact, we specialize in Fiduciary Governance support for 401k and 403b Plans.  Our clients come to us when they realize that their service providers are not giving them the help that they need to make an impact on their plan.

Like you, our clients are busy. Every day they have pressing issues that need to be dealt with and are critical to the operation of their business and take priority. They can not take the time to stop and focus on something that in their opinion is “doing fine.”  As a result, they may let their plan linger, potentially with underperforming funds and excessive fees, knowing that their service providers could be doing more for them. 

Their plan may not have been helping employees save for retirement and could potentially be a liability time bomb.  

We developed our service model with the goal of eliminating the barriers that exist for companies to offer a top-notch retirement plan to their employees. When you hire Retirement Impact, you are hiring a long-term partner whose responsibility is to ensure that all areas of your plan are expertly managed so that you can go back to running your business and growing your company.  

The Impact Method is a four-part cyclical process that provides a decision-making framework for fiduciary governance that helps ensures you are compliant with all aspects of ERISA regulations and that your participants have the best chance at a successful retirement. 

Our Fiduciary Governance Support Process

Retirement Impact acts in a fiduciary capacity as it relates to the management of your investments. However, your fiduciary obligations go beyond investments and so does our service model.  We act as your partner for all decisions that you make on your plan and act as a fiduciary when it comes to investment decisions so that we take responsibility for the decisions we make.  

The Impact Method

Step One - Governance Support

Our process starts with a thorough review of who the fiduciaries are to the plan and that they understand their obligations and liability.  We then work with you to establish the goals and objectives for the plan.  A committee will be established by the named fiduciary and by-laws will be drafted to inform the committee operations.  Retirement Impact provides templates, for your consideration, for the necessary policies to be implemented including:

  • Committee Empowerment and By-laws
  • Investment Policy Statement
  • Qualified Default Investment Policy
  • Fee Policy Statement

These policies document that you followed a thoughtful review process and that your decision making is in the best interests of plan participants when acting as a fiduciary.

Take the Impact Assessment Now

Learn how your plan review process compares to best practices.  

Step Two - Plan Design Review

Plan design is the process of aligning your goals and objectives which we helped you identify in Step One with your operations and your Plan’s service providers. Here we focus on:

  • Benchmarking your Plan’s service providers and Fee’s to determine reasonableness
  • Evaluating who is benefiting from the plan and proposing alternative funding strategies for full impact.
  • Analyzing administrative processes to ease burden on corporate resources.
  • Assist you in performing RFP’s for service providers to best accomplish your Plan’s goals.

Service providers can include your TPA, Recordkeeper, Investment Providers and third-party education and ancillary service providers.  We partner with industry recognized experts including Fiduciary Benchmarks, Inc. FIRM and fi360 to help you determine if any changes to service providers are required.  If a change is necessary, we take the lead in performing a thorough RFP (Request for Proposal) process that identifies the best available service providers for your needs.

We take the lead on all plan changes to help you maximize the Impact of your plan while reducing the amount of time and expense spent administering your plan. 

Step Three - Monitoring

Our monitoring regimen is the backbone of our fiduciary process.  Our team of credentialed fiduciary advisors prepares quarterly reporting for your investments and analytics on various aspects of your plan.  Our monitoring process includes:

  • Signing on as an investment fiduciary to your plan.
  • We can act as a 3(38) or 3(21) Fiduciary to your plan.
  • Attorney reviewed Investment Policy Statements and policy templates for your consideration.
  • Industry standard investment analytical process to establish prudent process for the selection and monitoring of plan investments.
  • Help with all plan fund changes and notifications.
  • Annual administrative checklists to help ensure administrative compliance with ERISA, IRS and DOL regulations.

We help you automate many of the aspects of your plan monitoring so that you can be sure that your fiduciary obligations to the plan are being satisfied and your plan is having the IMPACT that you intended when you set it up.

Step Four - Outcomes

The ultimate measure of how effective your plan is can be expressed by how well your employees can save for retirement. Plan outcomes are driven by various factors including savings rates, employer contributions, access to financial education and behavioral finance measures adopted by the plan.

Our approach measures participant outcomes and uses that information to guide plan design and manage plan resources to identify and make an impact on participants who are struggling.

Participant outcomes are at the core of our service model and regularly assessing outcomes allows us to frame all of our decisions in the best interest of plan participants as mandated under ERISA.

Skip to content