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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 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 helping review 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 strategies for any plan gaps and suggest
courses 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- Identify missing, outdated,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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