Determining whether your retirement plan is competitive within the industry may be a difficult and challenging task that could take a significant amount of time. As an independent retirement plan consultant, Molewski has a goal of helping plan sponsors maintain a competitive retirement program for all plan participants. Through our unbiased and disciplined process, we offer the following strategies:
Step 1. Comprehensive Plan Review and Benchmarking Analysis
Fiduciary Review
- Analyze plan design, plan sponsor and participant services
- Benchmark the plan against industry trends/best practices
- Identify areas for improvement
Investment Review
- Analyze existing investment selections and performance
- Identify gaps in asset class coverage
- Provide detailed quantitative analysis of plan investments
Market Assessment and Search Process
- Solicit proposals (RFP) from leading service providers
- Provide an “apples-to-apples” comparison of proposals
- Negotiate lower fees and enhanced services, based on our proprietary 401(k) Expense Comparison
Transition Consulting
- Document the transition process for compliance
- Develop customized timelines and draft appropriate notifications
- Co-develop and coordinate plan education and communication campaigns
- Provide oversight of the conversion process
Step 2. Ongoing Plan Management and Oversight
Retirement Plan Policies and Procedures
- Refine and/or develop Investment Policy Statements (IPS)
- Formalize retirement plan committee duties and responsibilities
Investment Selection and Monitoring
- Review and refine plan investment selection
- Monitor quarterly performance of plan investment selection
- Recommend plan investment changes as necessary, based on our written Investment Manager Review
Participant Education and Communication
- Review unique plan trends and demographics
- Develop education and communication initiatives to meet plan needs
- Coordinate and oversee campaign implementation with service provider
Plan Administration
- Assist with plan design, changes and updates
- Assist with plan compliance and regulatory oversight
- Respond to daily service issues as the plan liaison
Annual Plan Review
- Conduct review of plan performance
- Evaluate plan fees and expenses
- Establish objectives and initiatives for the upcoming year
