Plan Sponsor Fiduciary Responsibility

The Retirement Plan Company (TRPC) has delivered the highest quality participant recordkeeping and retirement plan support services sine 1992. We are driven by our client-first culture that is powered by the background, diversity, and experience of our professional staff. TRPC’s recordkeeping solution addresses all of a Plan Sponsor’s significant fiduciary concerns.

Plan sponsors’ fiduciary compliance is coming under closer scrutiny. The DOL is paying particular attention to:

• The timely remittance of employee contributions to the trust. A primary DOL initiative is to ensure that employee contributions are remitted to the plan as quickly as possible. TRPC works with the plan sponsor to ACH employee funds directly to the trust on each pay day to obtain unparalleled timeliness.
• Cost containment. TRPC is exceptionally cost-competitive which helps plan participants build wealth and prepare for retirement while helping plan fiduciaries satisfy their obligations.
• Fee transparency. TRPC fully embraces full-fee disclosure. Full-fee disclosure helps plan fiduciaries minimize the likelihood that they will have to defend themselves in participant law suits. Within the past several months, a number of law suits have been filed against some of the largest plan providers. The complaints basically allege that the companies violated their fiduciary responsibilities by (1) entering into agreements with parties that required the payment of unreasonable and excessive fees, (2) failing to understand revenue sharing arrangements engaged in by the fund companies providing their investments, and (3) not monitoring the overall fees and expenses of the plan. TRPC’s full disclosure policy directly addresses these issues and helps to protect the plan fiduciaries.
• Unparalleled investment choice. In addition to exceptional choice, TRPC can maintain model portfolios (High Growth to Capital Preservation) introduced by the Plan’s financial advisor helping plan participants achieve their individual retirement goals through proper asset allocation. Unparalleled investment choice without any proprietary funds or requirement that certain funds be included on the fund menu helps plan sponsors execute their fiduciary responsibilities.
• Performance Reporting. TRPC provides quarterly unbiased investment monitoring to assist Plan Sponsors in the execution of their ongoing fiduciary responsibilities.
• Investment Policy Statement. TRPC will work with the Plan’s Investment Adviser and the Plan Sponsor to create an investment policy statement to provide a framework for investment management and fiduciary oversight.