The Big Problem
As a business owner or employer who offers your employees a retirement plan, you have a BIG problem! The Department of Labor has passed some new rules that will alter the way you do business vis-a-vis your fiduciary responsibilities to the plan.
All the providers on your retirement plan are going to have to explain in plain English what fees you are paying and what services they are providing for those fees. This is good, right?
The problem is that under these new rules, you the Plan Sponsor have some specific actions you must take! For instance, if a provider does not provide you these new required disclosures, as a plan sponsor you must terminate your relationship with them! If you fail to do this there may be consequences for you personally as well as for the plan’s eligibility!
Also, under these new rules, you as a Plan Sponsor must make sure you are only paying “fair and reasonable” fees for the services provided. Do you have a method for determining this?
Finally, the last thing you must do as a Plan Sponsor that is a BIG problem, is that you must provide all the plan participants a breakdown of the fees being paid and the services provided! Do you have a plan in place to do this? If not, then you may have a BIG problem.
At Global View Capital Advisors, we are prepared to help you overcome the effects of this BIG Problem! Our Team Members work directly for you, the Plan Sponsor, to get you through this highly detailed and technical process.
We will evaluate the fees you are paying and the services being provided. We will compare them with other similar sized plans and help you determine if they are “fair and reasonable.” If necessary, we will help you prepare a request for proposal to replace providers who are not meeting your requirements.
As a business owner or employer, you already have your plate full with the day to day requirements of making sure your business stays profitable. Let us help you meet all of your new requirements under the new fee disclosure rules and turn your BIG problem into a SOLVED problem! Call or email us today to get started.