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Managing an employer-sponsored
retirement plan is usually not the top priority for the
HR Manager, CFO, CEO or other individuals tasked with
the job of plan governance. However,
managing a retirement plan involves personal liability
(for decision makers), a risk that can be mitigated if
a prudent plan management process is implemented.
Often times, it is assumed that the service providers
are the ones assuming the fiduciary risk and, unfortunately,
this is seldom the case.
RetireRight Pittsburgh
has developed a process based on 20+ years of experience
helping plan sponsors manage their risk.
After reviewing all documents and processes, we conduct
a comprehensive analysis that documents what you're
doing right and where there are gaps that could possibly
open you up to liability.
We then generate a Plan Success Probability Rating
based on all the information we've collected and reviewed.
This rating serves as a guide regarding the success
and risk potential of your plan. With this information,
we can suggest solutions for any plan gaps and determine
your best course of action towards plan success based
on the rating.
There is no fee for this
independent plan risk assessment and
step one of our five-step process is available for you
to view online. CLICK
HERE and review the audit file checklist,
then let us know if you'd like us to contact you for
a full review.
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Five-Step
Risk Assessment Process
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- Identify missing, outdated,
or incomplete documentation
- Identify Plan Success Probability
Rating according to the plan sponsor, participants,
and regulators
- Collect plan management documents
- Analyze Plan Management Process
for potential issues that could increase fiduciary
liability
- Review completed plan Risk
Review including Summary of Corrective Actions &
Service Solutions
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