Retirement Plan Implementation & Ongoing Plan Service
Starting a new plan or converting an existing plan requires precise coordination and smooth execution. As your advisor and primary contact, Stark Miller Financial Benefits Group provides advocacy and assistance to you. Our job is to proactively ensure that your needs are communicated to the service provider's representatives and other involved professionals, and that you remain fully informed throughout the implementation process.
Your fiduciary responsibilities include selecting a broad range of investment options for your employees. Investment selection is one of the most important aspects of a plan, and it merits careful consideration and due diligence. As your retirement plan advisers, we will help you:
- Analyze participants' investment behavior in your current plan
- Avoid overlapping exposure within investment options
- Keep abreast of trends and news from the investment industry
- Avoid common mistakes that plan sponsors often make
- Provide ongoing information about the plan's investment offerings
- Help you review your plan's performance
- Create an investment policy statement for your plan
Documentation Of Investment Policy Statement
As a fiduciary, one of your responsibilities is to follow the plans an investment policy statement, which provides guidelines for selecting, monitoring and replacing investment options. Stark Miller Financial Benefits Group will keep employee demographics to design an investment policy statement that matches your organization.
Coordinate/Conduct Enrollment Meetings
Enrollment meetings provide the opportunity to maximize participation. These meeting are designed to educate and raise awareness among employees about the plan and how they can use it to pursue their retirement saving goals. Stark Miller Financial Benefits Group will focus on this effort by coordinating and conducting the enrollment meetings. The best employee education materials are:
- Clear and simple
- Aimed at improving participation, savings rates and asset allocation
- Designed to inform employees about current market trends
- Designed to help employees stick to a long-term savings plan and prepare for a comfortable retirement
Development Of An Education Policy Statement
A well-constructed education policy statement may help you meet fiduciary requirements, while encouraging participants to enroll in and get the most out of their retirement plan. Stark Miller Financial Benefits Group customizes a strategy that:
- Helps employees understand the benefits of their plan
- Informs employees of the auto features, if any, included in the plan
- Seeks to maximize employee participation and increase their contributions, within limits
- Helps employees develop appropriate asset allocation strategies by providing sample asset allocation models and investment information on asset classes and asset subclasses
- Offers ongoing education about retirement planning
Ongoing Plan Service
Once up and running, a successful retirement plan will reinforce your commitment to your employees and help you attract new talent. After implementation, Stark Miller Financial Benefits Group remains involved, providing a full range of services to support and expand the benefits of the plan for you and your employees.
- Re-Enrollment meetings - With our help, the enrollment process for your employees will be more efficient and streamlined
- Annual plan reviews - We can help you evaluate your plan's performance to determine if it is doing the best possible job helping participants become retirement ready.
- Investment policy statement reviews - We can help you neet your feduciary duties through annual review of the investment policy statement.
- Monitoring provider and program enhancements - We will communicate to you changes that may affect your plan and your employees.
- Monitoring industry trends - We will keep you up-to-date on the latest developments and trends to ensure you are offering the best possible plan for your employees.
- Service, support, and problem resolution - We can be a valuable helping hand and source of support and information whenever you need us.
- Additional Services - you can look to Stark Miller Financial Benefits Group to provide support with on-site investment seminars and one-on-one financial planning for some or all of the following:
- Personal non-retirement investing
- Rollover and distribution options
- College planning
- Estate planning
- Life stage planning
As your company’s retirement plan advisors, we at Stark Miller Financial Benefits Group, look forward to making your account management simple and enjoyable.