Employers who sponsor a qualified retirement plan generally understand the importance of their plan to their employees as the primary vehicle for retirement savings. They also appreciate the value of their plans as a recruitment and an employee retention tool. But far fewer understand their roles as plan fiduciaries and the duties and responsibilities that come with that role. Fiduciaries have important responsibilities and are subject to standards of conduct because they act on behalf of participants in a retirement plan and their beneficiaries. At P&A, we believe it's essential to help you design a retirement plan strategy tailored to your situation and then work with you to help meet your specific goals.
Know Your Plan: The P&A Difference
It’s difficult to fulfill your fiduciary responsibilities without key information about your plan which is why it’s important to partner with a service provider who makes it convenient for you to obtain that information when you need it, and in a format that is easy to understand.
As independent recordkeeper and plan administrator, we offer a highly competitive, true "open architecture" approach to investments with access to thousands of mutual funds, exchange traded funds (ETFs), collective investment funds (CIFs) and other equities. We believe this flexibility supports the direction of investment advisors and other partners through a non-proprietary array of choices. Since we don’t manufacture our own investment products, we also don’t have minimum requirements for any investments in our plans. In other words, plan sponsors and their advisors are the ones who decide which investments to include in their plans, subject only to the investment’s minimum requirements.
Fees & Expenses
More attention than ever is being focused on the responsibility of Plan Sponsors to make sure that their participants pay only “reasonable” fees and expenses. P&A makes that task easier by openly disclosing the fees we charge for the services we provide and who pays those fees.
Investment Revenue Sharing
Recent regulatory action by the Department of Labor makes it clear that Plan Sponsors are required to understand the fees and expenses that their participants are paying for their retirement plan. P&A discloses any revenue we receive from the investments in your plan and that revenue is used to directly offset our fees.
Through our Financial Resource Center, P&A offers industry leading education and guidance for retirement plan participants. Content is arranged by age groups and included hundreds of articles, interactive calculators, flash presentations and financial guides.
As a fiduciary, knowledge is power so understanding how your plan is being utilized by your employees is valuable information. For example, knowing how participation is broken down by employee demographics allows you to target communications to those groups of employees who may not be taking full advantage of the plan.
P&A provides an annual demographic report that is full of key plan statistics to all of our Plan Sponsors to help them get the most out of this important employee benefit and to better meet their fiduciary responsibilities.
Make contact today and learn more about what we do together.