For decades, retirement plan sponsors have been providing a path to help employees prepare for a successful retirement. Unfortunately, the reality is most participants experience a shortfall.
Despite an employers best efforts, employees need more help. When it comes to effectiveness, professional advice is a key to better, more predictable, results. OmniStar’s knowledge, resources, and reputation can help bridge the employee/employer gap.
Want to know if your current plan is optimized? We can provide a Second Opinion Service that provides a clear picture of your plans strengths and weaknesses as well as recommendations for improvement. What ever the results, you deserve to know!
Ongoing significant economic and legislative changes are driving plan sponsors like you to experienced retirement advisors and leading plan providers. Our dedicated team of experts develops and implements strategies that drive plan improvement, promote a better work environment, and manage your fiduciary responsibility.
Critical Factors for a Retirement Plan:
- Pension Consultant – Serves a vital role in assisting and determining the plan’s investment objectives and restrictions, choosing fund options, tracking investment performance, and selecting service providers.
- Strategic Plan Design – Determine effective plan designs for your goals and objectives. Choosing the right plan design is not as simple as it sounds. Our team of professionals work with plan sponsors to maximize plan value. For example, plans that experience significant refunds may benefit from “safe harbor” provisions.
- Fiduciary Education – Fiduciary conduct is governed by the Employee Retirement Income Security Act of 1974 (ERISA). ERISA imposes requirements on plan fiduciaries to make sure plan participants are treated fairly and that plans operate for the exclusive benefit of the participants.
- Investment Policy Statement – More than a statement, it is the blueprint for your investment program.
- Investment Committee – A diverse committee of participants to provide feedback and suggestions for fund offerings and plan design policies.
- Fund Selection – Criteria based fund selection, minimum overlap, and adequate sector coverage is essential for participants to design a well-diversified investment program.
- Performance Monitoring – Funds must continually be monitored to ensure they are staying within their style, achieving the fund objectives, and remaining within the criteria selected.
- Plan Review – Regular reviews are essential to staying on top of the ever-changing regulatory environment.
- Due Diligence & Benchmarking – Ensures your plan is meeting industry benchmarks and operating efficiently.
- Participant Education & Enrollment – Nothing compares to one-on-one education. OmniStar advisors take education to the next level; personal meetings allow your employees to get serious about their retirement.
A plan fiduciary is responsible for maintaining the plan, and your employees place their trust in you to keep the plan in full compliance with applicable law. If you prefer to further reduce your fiduciary liability, you can choose our 3(38) Fiduciary Services. This level of service is only available through Registered Investment Advisors and cannot be provided by banks, insurance companies, or Broker-Dealers.
Remember, anyone can call themselves a fiduciary, but a fiduciary is determined
by actions, not by title, and must be in writing.
Registered Investment Advisory Firms have long been required to adhere to the fiduciary standards and abide by the principles of fiduciary duty:
- Trustee/Plan interests are always ahead of the Advisor.
- Always act with prudence; therefore skill, care, diligence and good judgment shall be used at all times.
- Full disclosure; which includes all facts, fees, conflicts of interest, and substantial changes within a firm that affects its ability to accurately and fairly advise clients.
- Avoid making a market in certain securities or maintaining inventories from which to sell or buy.
- Provide unbiased advice at all times.
- Alignment with the Plan’s Investment Policy Statement and stated goals and objectives.