Plan Consulting Services
The standard service model in our industry is to focus the client deliverable around the practice’s expertise. Thus, a deliverable typically covers only investments, or compliance, or plan design, or education, or fiduciary services, etc. But at RSG we look at the plan holistically, creating cyclical consulting. As a Consultant, we drive Trustee review towards benchmarking costs, investments and service providers. In addition, we evaluate plan design and participant behavior and utilize this data to create recommendations to the Oversight Committee. These discussions drive plan design changes, participant education campaigns and other plan enhancement efforts. Follow up client meetings are held to assess impact and discuss next steps. Plan consulting is a fluid and cyclical process that involves more than just spread sheeting funds. A Consultant’s job is to make the Plan a success for everyone, from the Company’s leaders through to their plan participants. Improving the retirement readiness of plan participants can only occur through active engagement in all aspects of Plan management.
Third Party Administration (TPA) Services
RSG administers hundreds upon hundreds of qualified retirement plans offering unique expertise, proactive plan design support, and performance of all required plan testing and government filings including 5500’s. In addition, RSG supports participant transactions and assists in policy creation when appropriate. There are many TPAs out there, but our differentiator is the consultative approach we take. Is this the design I would choose if I was running that organization? That simple question can only be answered by knowing the client and not simply reviewing excel spreadsheets. It is one thing to administer a plan, but another to sit with business leaders to ensure that their employer sponsored qualified retirement plan goals match with their overall larger organizational goals.
RSG has been a pioneer in co-fiduciary discussions. Our firm has been a stated co-fiduciary for many client engagements dating back to this formation of the company in 2005. We believe it to be straightforward common sense to follow the Fiduciary standards of always putting the Plan’s interest first, and to ensure no conflicts of interest. Yet, this is still a vastly undervalued standard. This is currently one of the most robust and significant discussions in our industry, and RSG strongly stands behind the co-fiduciary beliefs and tenets. The following services are offered in this capacity:
- 3 (21) fiduciary investment advising (most appropriate in participant directed environments)
- 3 (38) fiduciary investment direction (most appropriate in trustee directed environments)
- 3 (16) fiduciary administration where RSG is stated Plan Administrator in the trust documents and truly runs the Plan as if we were the Plan Sponsor.
Few boutique TPA and pension consulting practices offer actuarial services. We believe it is an important differentiator to have these abilities with our staff and in our partnership network. This allows us to offer more robust analysis on plan design, and to service defined benefit, cash balance plans and other custom solutions with full accountability. While the larger employer pension plans may be going the way of the dinosaur, they offer unique solutions from both a design and benefit perspective, often allowing owners to enjoy sizable tax benefits.
Consulting Project Services
RSG is, in our hearts, a consulting shop. We have often described our business model as a very narrow and very deep well. We are specialists and in this space we can go quite deep. So whether you need a standalone project tackled by a highly qualified and focused consultant, or if you are an existing client needing special projects help, RSG can assist.
Some examples of qualified plan consulting projects we have performed:
- Benchmarking Analysis
- Power of Attorney under IRS or DOL Audits
- Request for Proposal (RFP)
- Service Provider Selection
- M&A Benefit Analysis and Reporting
- Audit Support
- Plan Document
- Plan Termination Support
- Educational Campaign Support