Of course you should be skeptical.  How many “advisors” have paraded through your offices with impressive glossy brochures touting their employer’s great 401(k) product.

After years of experience in the retirement plan industry, I became a cynic, too.  While there are a lot of good looking product solutions available, in the end, you should care about a few key things:

1. -Compliance.  If you sponsor a qualified plan, you are subject to ERISA and the complex rules governing Plan administration. 
   

2. -Your Participants.  As a Plan Fiduciary, your job is to prudently manage the Plan for the benefit of the participants.  That means your employees count on you to watch their backs.  You need to make sure the Plan is operated in full compliance with the law as well as the prudent practices of investment stewards.  Monitoring expenses and knowing who is paid what by whom are very important factors.
   

3. -Control.  You run a business, and your Plan should help support business goals and offer the flexibility you need to make sure your Plan keeps pace with the speed of your business.
   

So, how do I help you pay less and get more?

1. -I start out by helping you understand the plan you currently have in place.  This may mean we obtain a DOL fee disclosure report from your current record keeper.  I will offer to perform analysis on your current plan’s expenses and funds against the Fiduciary ScoreTM criteria.  These are important steps so we can find out how much you and your participants really pay.
   

2. -Next, I focus on helping you select a record keeper and third party administrator that will allow you to use any mutual funds or exchange traded funds available, not a short list they have pre-selected.
   

3. -I help you develop a list of investments that meet your investment policy statement criteria.  Low cost is a core component of this.
   

4. -I make sure that the only expenses you pay are ones you are aware of:  a fixed price to the record keeper and Third Party Administrator, a fixed fee for Plan, custodial and investment advisory services, and that’s all.
   

5. -By stripping away additional fees charged by record keepers and insurance companies, and finding the lowest cost funds that meet your IPS criteria, I help you put the control where you want it, in your hands.
   

6. -I work with you to develop a Plan design that supports your business objectives and become an active member of your Investment Policy Committee to prudently monitor your Plan going forward.
   

7. Please note that this is offered as an aid as you develop a strong understanding of your obligations and options as a Plan Sponsor.  Nothing contained on this website is a substitute for legal advice. 
   O’Brien Financial Planning, Inc. does not provide legal or tax advice. 
   You should seek the advice from an attorney who specializes in ERISA law when reviewing your plan for compliance with all laws and regulations governing qualified plans.