When it comes to managing your company’s retirement plan, one of the biggest mistakes you can make is handling it on your own. This is not a job for a single person. While there should be a decision-maker handling the plan’s leadership, running a retirement plan appropriately takes a village.
At McCabe & Associates, we’ve found that the best-managed retirement plans have a committee supporting them internally, as well as outside support from the plan’s advisors and administrators. To have the most efficiently run retirement plan, consider having the following team behind it:
- Internal committee: Depending upon the size of your company, create a team of 2 – 3 individuals with varying roles within your company (consider members of finance, HR, or payroll) that can serve as your plan’s internal committee. This team will assist with due diligence, documentation, and communicating with the plan’s service provider, as well as serving as an information source for your employees.
- Trusted advisor: Find a financial advisor that specializes in retirement plan design and management that you can trust to act in your company’s and your employees’ best interests. The advisor you’re looking for will search for the right plan option, interface with third-party administrators on your behalf, communicate with you regularly, and be available for your employees to consult with.
- Third-party administrator: Choose a TPA firm that will assist you with a plan design that meets your goals, take a proactive approach and help you stay up-to-date with any new requirements.
- Investment platform: Choose an investment platform with transparent and trustworthy operations
Are you flying solo when it comes to managing your company’s retirement plan? You don’t have to carry the weight alone. Putting together the right team may help you reduce fiduciary liability and avoid costly mistakes. Find out how our advisors can help you manage your plan and help you avoid making this mistake.
At McCabe & Associates, retirement plan consulting is not a sideline business. Our advisors average over 30 years of experience in the retirement plan market, and we oversee over $125 million in retirement plan assets. In the end, our goal is to ensure your and your employees’ best interests remain at the forefront of each decision we make together.
To learn more about how we can help you support your business and your employees’ retirement goals, fill out this formand our Director of Retirement Plan Services will contact you directly.