Retirement Plan Services

Our experienced industry veterans provide the highest caliber expertise and diligence. Our clients are confident their fiduciary responsibilities are being met.

Case Study:

See how HBS helps Saratoga Hospital reduce their plan expenses and stay compliant.

Investment Selection & Monitoring

Co-Fiduciary Services

  • Co-fiduciary responsibility for investment selection and monitoring
  • Fee-transparent environment

Retirement Plan Committee Development

  • Board resolution
  • Summary of committee responsibilities
  • Identify committee members
  • Review plan terms
  • Review investment, vendor, and service components

Initial and Ongoing Investment Services

  • Create customized Investment Policy Statement
  • Establish parameters (tolerances) for fund inclusion/removal
  • Perform quarterly diagnostic review of current investments
  • Quarterly reporting and meetings with the Investment Committee

Plan Optimization & Governance

Operational Plan Review

  • Review/establish plan objectives
  • Propose alternative design options as appropriate
  • Analyze financial impact of design changes on organizations and its employees
  • Review plan documents, including adoption agreements, summary plan descriptions, summary annual reports, trust documents, IRS and DOL filings, etc.
  • Review operations of the plan to ensure it is operating in accordance with plan provisions and regulatory requirements
  • Review and analyze annual compliance and non-discrimination testing results

Co-Fiduciary Services

  • Co-fiduciary responsibility for investment selection and monitoring
  • Fee-transparent environment

Vendor Management & Benchmarking

Current Vendor Review and Fee Audit

  • Determine and analyze current vendor plan/participant expense
  • Discuss and review in detail modern product construction concept, i.e., Required Revenue Model (RRM)
  • Solicit proposals from existing vendor(s) to move to this model

Vendor RFP Search/Selection

  • Prepare and submit RFP language for approval, including a mutual fund analysis
  • Identify and facilitate communications with best suited vendors
  • Arrange finalist presentations, negotiate with vendors and make recommendations
  • Manage the implementation/conversion of the plan(s) to new platform

Independent Vendor Oversight and Management

  • Manage transition and communication/education strategies and schedules
  • Review or establish formal Service Agreement of Service Providers
  • Negotiate service guarantees
  • Review communication strategy, e.g. 404(c)

Employee Communication & Education

Employee / Participant Communication and Education Services

  • Identify organizational goals and measures, and establish written action plan
  • Identify proper tools including distribution media, non-traditional options and vendor resources
  • Develop implementation plan including group and individual meetings, and organization resources
  • Ongoing reviews and modifications of written service agreement
  • Determine if participant outcomes are meeting plan objectives

Merger & Acquisition Support

Pre-Acquisition Analysis

  • Review plan administration documents and analyze compliance policies and procedures
  • Review legacy products and identify potential issues
  • Conduct an operational review
  • Conduct a vendor review and benchmarking analysis

Investment Analysis

  • Advise and assist in the design, implementation and monitoring of the investment program
  • Establish investment policy guidelines
  • Maintain focus on the fiduciary support and competitive investment performance

Post-Merger Transition Management

  • Develop a retirement plan transition strategy and communication plan
  • Implement a revised plan document, based on results from the pre-acquisition analysis
  • Establish a best-in-class vendor integration strategy

Financial Wellness

Focus on Financial Wellness for your Participants

  • Assess participant needs
  • Identify and prioritize goals
  • Evaluate existing record-keeper tools and resources
  • Consider suitable independent financial wellness vendors
  • Choose and implement a financial wellness plan
  • Monitor progress and measure participant milestones