Customized retirement planning that supports growing businesses.
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, compliance, or plan design, or education, or fiduciary services, etc.
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.
These services are typically defined as project-based work which is quoted based on project scope, time and materials and any related fees (I.e. IRS filing fees). Service agreement scopes project and defines billing, typically to the plan sponsor.
When I first started RSG, I saw how many businesses outgrew and just did not fit into cookie-cutter retirement plans. Many had many complex layers of employees, but still wanted to be sure their retirement plan addressed the needs of all of their employees, as well as becoming an asset to their business. They were looking for the right solutions, not wanting to just be fit into in-house products their current advisor was offering. I immediately knew that they needed something more flexible for their complex needs. I'm proud to say this was the inspiration for RSG. And one we continue to deliver on.
Our Plan Consulting Services allow us to apply our Plan Management experience and expertise to help you solve many different situations that you may be experiencing. Some of the things we’ve been able to help our clients navigate are:
- Request for Proposal (RFP) of retirement plan provider, funds and/or other covered service providers (i.e. plan audit)
- Self-Correction work to fix minor administrative errors
- Formal Voluntary Correction Program (VCP) filings to fix and indemnify the sponsor for operational errors.
- Delinquent Filers Voluntary Compliance Program (DFVCP) projects address missed or late IRS form 5500 filings
- Benefits analysis and studies
- M&A support for plan mergers, spin-offs or terminations
- Control and affiliated service group analysis and support
- 5500 corrections and filing of amended returns
- Payroll uploads and integration
- Current benefit analysis to identify plan health, conflicts of interest and general best practice and plan optimization strategies
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