How to Choose the Right Service Provider for Your Company’s Employee Retirement Plan
When establishing the employee retirement plan for your company, you must choose the right service provider to host your plan. The service provider is the financial institution that provides the plan and holds the assets for your employees. Typically, the service provider will offer an online platform for your employees to log into to view and make changes to their plan and plan administration tools for you as a fiduciary.
The market is abundant with different service providers offering numerous products and online platforms with unique user interfaces. Because of this, there are a few essential factors to consider when selecting the right service provider for your company plan.
First, you’ll want to choose a service provider with a well-designed online platform that is easy to navigate. This way, your employees can easily transact and determine the answers to any questions they might have about their plan conveniently and stress-free. Retirement plans are complicated products that must be communicated and demonstrated properly, via an easy-to-use platform. The last thing you want for your employees or yourself as a fiduciary is a service provider who offers an ill-designed platform that is confusing and difficult to use.
One of your responsibilities as a plan fiduciary is to ensure that you only pay reasonable expenses to maintain the plan. Fees from different service providers will vary, so you will need to examine the market and consider which service provider will charge only fees necessary to maintain the quality of plan your company will offer its employees.
If you are unsure where to turn when selecting the right service provider for your company retirement plan, I can help. I specialize in reviewing and adding 99% value to employee retirement plans. Contact me today if you’re ready to get the most value out of your company’s retirement plan by choosing a service provider who is right for you.
If you are a fiduciary for your company’s employee retirement plan and are concerned about your current investment options, I can help. My specialty is reviewing and adding 99% value to employee retirement plans. Contact me today if you’re ready to get the most value from your company’s retirement plan and protect yourself from personal liability as a fiduciary.