Success Factors
A successful retirement plan doesn’t rest solely on the plan sponsor’s specific goals and objectives. Employees are the main beneficiary of an effective retirement plan, and understanding what factors they deem important is equally as important. In addition to those directly involved or affected by the plan, are the regulatory agencies that oversee workplace plans. A plan is not successful unless it can demonstrate the ability to meet the regulations set forth by ERISA and the other regulatory agencies.
Once you have your goals documented, you can review and monitor your plan to help ensure you are meeting your stated objectives, and help meeting your definition of success.
- Ease of administration
- Full understanding of requirements
- Simplified management
- Assistance with fiduciary obligations
- Successful compliance tests
- Competitive investment returns
- High participation rates
- High contribution rates
- Employees understand and appreciate benefits
- Understanding how much they should be saving
- Ability to save for retirement
- Plan helping to achieve retirement goals
- Employer match making a meaningful contribution to retirement goals
- Investment options made simple
- Education material on topics of importance to participants
- Easy to understand and make changes
- Plan providers being selected and monitored according to a prudent process
- Investments being selected and monitored according to a prudent process
- Plan passing compliance tests
- Sponsor meeting fiduciary responsibilities
- Expenses being monitored and checked against industry averages
- Participants making informed investment decisions
- Documentation available showing fiduciary decision-making processes
- Knowledgeable professionals hired for areas where fiduciaries lack the experience and knowledge
New York
Pearl River
167 East Central Ave.
Pearl River, NY 10965
New York
55W 46th Street
Suite 2203,
New York, NY 10036
Connecticut
127 Broad Street
Unit 1A
Milford, CT 06460
845-638-6669
845-732-7411 fax
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