The Question of Compliance

To assess the state of a company’s retirement plan, you must first ask a series questions to understand what issues need to be focused on the most.

The Question of Quality

To assess the quality of a plan, you must first go through a process of evaluation.

What are the best steps?

Step 1 – BCM has created a Retirement Plan Compliance Quiz, a short survey-like quiz to see if your company’s retirement plan is likely to be in compliance with ERISA. This is a series of simple questions regarding the planning, maintenance, and general oversight that go into your retirement plans. Once you have completed this quiz, we will have more of an idea of what needs to be done to be sure your plans have low legal risks and your employees have high satisfaction rates.

The Retirement Plan X-Ray

After completing the Retirement Plan Compliance Quiz, most plan sponsors have many questions. To help identify what needs to be done next, BCM has developed an independent fiduciary-based review process– the Retirement Plan X-Ray. This service is much more than a survey; it is the beginning of an ongoing process. First, a set of questions is answered about your plan operations. Then a copy of your investment menu and balances as well as your investment policy statement are submitted for review.

Evaluating Current Plan Structure

  • General Retirement Plan Information
  • Plan Governance – Fiduciary Responsibility
  • Plan Documents
  • Investment Policy & Management
  • Plan Operational Compliance
  • Participant Communications

Retirement Plan Diagnosis

  • Plan analysis performed by BCM Plan Advisor
  • Breakdown of current funds’ performance and “scoring”
  • Personalized 1 on 1 plan review meeting phone call
  • Compliance clarification

Retirement Plan Prescription

  • How to drastically improve your retirement plan
  • Modernize plan structure
  • Implement best practices and exceed Department of Labor requirements
  • Reduce risk and increase value to p lan participants
  • Provide superior retirement benefits to employees

With the flood of plan litigation, plan fiduciaries owe it to themselves and their participants to get BCM’s retirement plan X-ray.

Once this information is gathered and reviewed, BCM will provide a written report that outlines what areas of your plan are doing well along with what areas need work. You will also receive a one hour phone review of the findings with a plan advisor. You are encouraged to ask questions about your plan quality, operations, and governance as your advisor will be happy to provide guidance.

These are the first steps to creating a plan that is in compliance and beneficial for the company as well as your employees. Working with an advisor gives you the comfort of knowing you have oversight every step of the way.

The Retirement Plan Compliance Quiz

Gain more of an idea of what needs to be done to be sure your plans have low legal risks and your employees have high satisfaction rates.