When it comes to administering your own employee retirement plan, you reach a point where you have gone beyond a simple 401K retirement plan. This is the juncture where you need to decide if you are in the widget business or the retirement plan administration business.
Companies abound that will take the basic employee and matching employer contributions and literally run the show for you from there. You can also opt to outsource the specialized portions of a retirement plan. Most independent plan sponsors will sell you there services ala’ carte allowing you to pick the portions of plan management that you want to steer clear of for reasons of time and resource allocation.
The standard investment counseling help items you can have on a retainer basis are recommending and monitoring investment, updating and reviewing your investment policy statements, measuring and evaluating current real time investment performance, developing your risk and expense controls, reviewing new investment proposals, analyzing and improving brokerage programs or providing brokerage services to you, providing advice on asset allocation, and instituting investment “best practices” for your businesses 401K Plan.
Considering the cost to you versus the savings in time and misspent monies, then add the insulation an independent fiduciary service will give you and the decision to outsource becomes an easy and well made one.
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