Company owners and senior executives are busy trying to keep their companies ahead of the competition and front of mind with their customers. Spending time understanding and properly supervising their organization’s group retirement or pension plan is often way down their priority list of things to do.
This “bottom of the list attitude”, by owners and senior executives towards the company sponsored retirement plan is often demonstrated by the staff actually administrating the plan as well.
The people “up the chain” think that the people “down the chain” are “taking care of it”. The people “down the chain” do not have the training or experience to really “take care of it” and mistakenly believe they will disappoint those “up the chain” by uncovering problems or gaps. With no negligence intended, there is often an over reliance or belief that service providers, consultants or advisors will take care of things or pro-actively bring issues or problems forward.
Without periodic independent reviews you are probably making some of these mistakes:
Top 10 Mistakes Plan Sponsors & Administrators Make Managing Their Company Retirement Plan
Top 10 Signs You May Need A Different Advisor/Consultant for Your Company’s Retirement Program
Ideally the mandate for better oversight and higher expectations for an organizations retirement or pension plans should start at the top with the company owner, CEO or in the boardroom. Quite often however, a key executive such as the CFO or HR Director will come to the conclusion that:
- the retirement or pension plan has been neglected for too long and is overdue for a checkup
- failing to pro-actively undertake an independent review may adversely reflect on their own performance and high regard within the organization if they don’t ensure their organization is not exposed to unnecessary costs, risks and liability
- “an ounce of prevention, is worth a pound of cure” to avoid looking foolish in a meeting, performance evaluation, audit or courtroom
We do the heavy lifting, but it all starts with a call or email. If you are ready to move your organization forward and bring a new level of expertise and rigour to your organization, contact us for a refreshingly different approach.
We will provide an independent professional second opinion to determine what improvements, savings and risk reduction strategies can be achieved. At the end of the day, it is all about reducing your work, stress, liability and costs of your organization’s group retirement and pension plans. When done right, moving a review of your retirement plan higher up your To Do List will benefit the company, employees and the bottom-line.
Top 10 Lists
10 Reasons NOT to Hire Ampersand to be Your Pension Consultant
10 Signs You May Need A Different Advisor/Consultant
10 Mistakes Plan Sponsors & Administrators Make
10 Ways Ampersand is Different
10 Questions Companies Ask
10 Additional Questions Companies SHOULD Ask
10 Retirement Plan Best Practices
10 Pension Plan Governance Best Practices
10 Pension Committee Best Practices
10 Advantages of Target Date Funds
10 Disadvantages of Target Date Funds
