Plan Operations & Compliance

Retirement Plan Vendor Management – Ongoing Service

A plan that is not administered or serviced correctly can burden your staff unnecessarily. Your retirement plan should minimize the burdens on your organization rather than bogging you down with day-to-day administrative issues. Exceptional customer service minimizes time spent administering a plan.

Service and technology issues to consider:

  • How much time does your benefits staff spend managing your plan?
  • Do you have a dedicated, responsive client contact at your current provider?
  • Is there a senior level relationship manager assigned to your plan?
  • How efficient is the contribution and distribution processing?
  • Are there manual processes that could be automated or outsourced to your provider?
  • What tools do the participants have access to?
  • Who is responsible for distribution support?

CBA will partner with you and your vendor to identify, communicate and resolve shortcomings or recommend enhancements. We understand and can help resolve issues such as payroll feedback file errors, website and data exchange issues. We monitor vendor performance and ensure that the plan receives the newest product enhancements and any available pricing discounts.

Retirement Plan Vendor Selection and RFP Services

At certain times a vendor analysis may be required to either bring your current vendor in line or to initiate a change.

CBA’s Managed RFP and Managed Conversion Process helps make the change more effective and allows the plan sponsor to focus on outcomes. We can perform these searches as part of our overall service offering or as a stand alone service.

Compliance

Legislative Updates:

Legislative and regulatory change has become a major consideration for retirement plan sponsors. Most plan sponsors simply do not have the time or resources to monitor and assess these changes and how they impact their programs. As plan consultants, the professionals of Corporate Benefit Advisors, Inc. provide legislative updates and reviews new laws and regulations to assist plan sponsors**. Depending on the relevance of the change, they may involve your plan’s administrator tax advisor or legal counsel as appropriate.

Ongoing Compliance Issues:

Corporate Benefit Advisors, Inc will also assist with ongoing compliance support in ways including, but not limited to, the following**:

  • Document review
  • Interpret and verify testing results
  • Merger and acquisition analysis
  • Facilitation of VCP (Voluntary Correction Procedures)
  • Preparation for DOL audit

Through a variety of resources CBA can provide you with support and assistance you need to keep up to date with the legislative trends and compliance issues.

**These services are not intended to replace those of your legal counsel. CBA is not licensed to provide legal or tax advice and works with the client’s team of advisors to facilitate these processes.