Establishing and following a sound fiduciary governance process is vital to good decision-making and proper fiduciary discharge. Greenspring acknowledges fiduciary status in writing and works with Plan Committees to put in place industry-leading best practices to successfully minimize corporate and personal liability. On an annual basis, Greenspring will also provide legislative and regulatory updates to inform clients on the evolving regulatory landscape.
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Greenspring works with clients to establish or refine their Retirement Plan Committee. We design and document a clearly organized oversight structure which includes choosing and formally appointing Committee members, establishing a Committee Charter and acknowledging all appointments in writing. Next, we educate Committee members on their fiduciary responsibilities and corresponding best practices to improve their decision-making and decrease organizational and personal liability. Finally, we organize, lead and document regular meetings that occur with the Committee, reviewing and discussing multiple aspects of the plan and preparing all meeting deliverables as well as follow-up minutes.
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We believe a written investment policy is the only way to demonstrate a thoughtful process and make well-informed, prudent investment decisions. We help clients develop their overall investment policy approach, create their Investment Policy Statement (IPS) which outlines the investment selection and monitoring process, and provide unbiased advice on the most appropriate options for their plan. On an ongoing basis, we provide full investment reviews and score each investment option to monitor adherence to the IPS. We then provide recommendations when an investment should go on a “watch list” and when a replacement should be made, documenting the entire process to ensure sound fiduciary practices are being followed.
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Creating and maintaining a documented fiduciary file is a critical step to being a well-organized plan fiduciary and/or Committee. To assist clients, Greenspring has created a proprietary, state-of-the-art fiduciary dashboard technology to manage and document the fiduciary oversight process. The dashboard serves as the secure, central location for quick and easy access to all plan-related information, easily demonstrates ERISA compliance and serves as a collaborative workspace for Greenspring, the Committee, and other service providers who are given access (e.g. auditor, attorney, plan provider, etc.)
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ERISA fiduciaries have an obligation to ensure that all plan fees and expenses are reasonable in light of the level and quality of services being provided. We help client Committees document, benchmark and understand all plan fees and recommend specific steps that can be taken to reduce those fees, if applicable. When appropriate, we will assist the Committee in negotiating more effective fee arrangements and cost structures.
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Selecting service providers is a serious fiduciary obligation and we see many plans that have been with the same provider for years and years, despite the fact that the plan participants and assets may have grown substantially. Our firm will provide a vendor analysis and comparison when needed, but no less seldom than once every 36 months. If a new provider is desired, we help clients develop selection criteria that maps to their organizational goals and needs, guide them through the vendor evaluation process, provide recommendations, and help them manage the conversion process once they’ve made their decision.
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Managing a company retirement plan can often times be a daunting and cumbersome task. The complexity associated with overseeing a plan can lead to mistakes, service issues, etc. We work closely with our clients to quarterback the process and ease their retirement plan burden. Whether it is a service issue with the provider or a compliance correction, we are there every step of the way working hard to make our clients’ lives easier so they can focus on running their businesses.
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We have experience in the many different ways that a retirement plan can be designed. Whether the challenge is employee participation or higher contributions for executives, we can help make sure the plan is designed for maximum efficiency and effectiveness.
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It has become abundantly clear that employees today are not saving enough and are not invested appropriately. Without an increase in education and awareness, most participants will most likely fall financially short at retirement. When necessary, we provide group and individual education services to participants to increase participation and utilization of the plan.
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