Many companies find themselves at some time facing an important decision in regards to their retirement plan. This decision involves the support and representation of the plan they have in place. A dilemma occurs because the plan itself may very well be providing what is needed for the workforce; fund choices, fund performance, quarterly statements, internet access, etc. However, in today’s environment, these items are barely the minimum standard requirements, and none of them support an already stretched HR and Benefit staff. One option being chosen by organizations is to shift the representation of their plan to a new broker. This simple process gives authority to a new group to support your company and can avoid disruption in the plan management. Below is a short list of items that may lead a company to consider this change.

1. Plan participation rate is lower than national average of 80% and average deferral rate is less than the average of 6%.
2. Staff has very limited to no support when discrimination-testing results are produced.
3. Staff and workforce are not provided with on-site and/or published support in regards to tax law and ERISA law changes that affect the plan (ex. EGTRRA).
4. Staff and workforce are not provided with on-site and/or published support in regards to market condition updates.
5. Plan participant service only occurs if they pick up the phone or make a request first.
6. HR and Benefit staff service occurs only after they pick up the phone first.
7. In the past 2-3 years there has been no proactive review of your plan’s cost effectiveness or the efficacy of the plan design or plan provider.