Retirement Plan Services
We know that every plan sponsor has unique goals and objectives. Through a process-driven delivery of services, Clearview Group creates an ongoing successful retirement plan experience for both employers and employees. Clearview Group will help you protect plan fiduciaries from personal and corporate financial liability while maximizing investment opportunities for plan participants.
Current Plan Review
Clearview Group will assess your current plan vendor from multiple angles. We will examine the current fees of your plan against the marketplace as well as determine whether their business model and services are a good fit for your company’s needs.
Vendor Benchmarks
Clearview Group will manage the vendor selection process on your behalf, aligning your unique set of objectives and demographics to a provider who delivers the highest quality products at the lowest cost.
Clearview Group also completes routine benchmarking reports for clients who aren't looking for a vendor change necessarily but rather want to ensure that plan costs are appropriate for services being received. Clearview Group advocates this fiduciary exercise at least every 2-3 years.
Plan Design
While plan fiduciaries are considered investment experts, a sound investment due diligence process is key to limiting personal liability for poor employee investment returns.
A thorough retirement plan begins with a plan design that corresponds to each employer’s current and future requirements as well as employee demographics. Clearview Group offers an organized, systematic and periodic plan review process. Each relevant design feature is examined with ideas to maximize plan value. A few design features that Clearview Group will review include: employee eligibility, entry dates, deferrals, employee matches, provisions for loans and withdrawals, vesting schedules, and trustee issues.
Investment Analysis
Clearview Group provides plan sponsors with an efficient approach to evaluate, select, monitor and, if necessary, replace your investment offerings. Utilizing industry analytical tools, we will perform a detailed qualitative and quantitative analysis to reduce exposure to fiduciary liability while enhancing investment opportunities for your employees. A few outputs of this analysis will include: a quarterly investment monitor report, fund rankings, and an investment policy statement.
Participant Communication and Education
Utilizing an intensive and ongoing employee communications process will allow your well designed plan to be successful. Without this education component, the plan would likely fall short of its goals.
Through our communication assistance, you will be equipped to enhance employee participation, satisfaction of asset allocation, and risk tolerance. This also helps plan sponsors to meet 404(c) requirements to provide adequate instruction about investing in the company’s retirement plan. A few communication services we offer include: leadership of education meetings, custom education materials, and options for auto-enrollment in qualified default investment alternatives.
Compliance
Since the enactment of The Employee Retirement Income Security Act of 1974 (ERISA), there have been numerous pieces of legislation governing retirement plans in the U.S. And with legislation such as EGTRRA, Sarbanes-Oxley, and the Pension Protection Act, 401(k) and pension plans have never been more complex to understand.
The compliance expertise at Clearview Group will help to protect plan fiduciaries and executives from financial loss due to DOL and IRS penalties, ERISA, and employee litigation. A few compliance tools we recommend will include: a compliance checklist, a policy statement, and due diligence documentation.
Pension Plan Termination and Annuity Provider Search
Under a standard termination of a defined benefit pension plan, Clearview Group offers a fee-based search for a Single Premium Group Annuity (SPGA) provider.
For a single fee paid by the company, several insurance carriers will be contacted via a Request For Proposal. Throughout this process, Clearview Group will work with your plan committee's designated contact, legal counsel, and actuaries to gather initial and final benefit calculations, plan details, and to provide access to all carrier documents such a contracts, sample certificates, other relevant materials, and custom plan specific requests. Once the initial RFP/Bid Request is complete, proposals and documentation are provided to the plan committee for both the preliminary search as well as final quotes and documentation for selection of the actual annuity provider.
Disclosure of Fees
Clearview Group uniquely offers full disclosure on fees and compensation so that your company knows precisely what you are buying in regard to your retirement and pension solutions.