Businesses

The advisor for The Superior Products Company 401(k) hadn't reviewed either the plan's mutual funds, the funds' expense ratios, or the participant communication plan in a considerable amount of time.

How I Helped:

1. Reviewed the plan's funds and made recommendations designed to improve performance

2. Reviewed the expense ratios of the plan investments and advised the plan sponsor on changes that could be made to lower the expenses for all participants

3. A new communications plan was installed to provide the following services to the participants:

a) Provide participants with contact information for any questions or concerns

b) Mail a reminder flyer to participants to offer a quarterly 401(k) consultation

c) Quarterly in-person participant meetings at the company's office

4. A new service plan was installed to provide the plan sponsor with regular communication and oversight:

a) Semi-annual watch list review meeting with the plan sponsor to review the performance and expense ratios of the plan's funds

b) Annual planning review to discuss the objectives and goals that the plan sponsor would like to achieve for the year

c) Evaluation of the 401(k) plan every three years against marketplace competition for features, administrative costs, and fund expenses

d) Monthly check-in e-mail with the plan's executives

5. Created a communication plan to discuss important topics as life changes occur