In today’s economy, many factors are changing the way employees plan for retirement. Because of these changes, it’s more important than ever to provide your employees with a clearly structured, sound retirement program that wisely leverages each dollar invested. As your risk and resources partner, Compass Consulting can help you navigate these complex choices and responsibilities.

 

In the past, retirement income sources were typically viewed as a three-legged stool:

 

Unfortunately, the Social Security and pension legs of this stool are no longer stable. Many government experts estimate Social Security will be exhausted by 2042. And as more employers move away from traditional pensions and defined benefits plans, employees increasingly rely on the savings in their 401(k) plans as their primary source of retirement income. But the growing importance of 401(k) plans increases the potential risks that employers must face, including fiduciary responsibilities. 

 

Are you sure you are doing the best possible job as a plan fiduciary? Compass Consulting can make the challenge easier. Our experts will guide you through the maze of investment choices, complicated fee structures, and fiduciary requirements. We’ll provide you with the knowledge you need to safeguard your employees’ assets and help them realize their goal of a financially secure retirement. We will also work with you to ensure that your firm correctly fulfills all its fiduciary obligations.

  

 

By shopping the market and choosing 401(k) providers with a diverse investment selection, companies often believe they have met fiduciary requirements. Today, however, more and more scrutiny is placed on the fees charged to plan participants: 

Many companies offer 401(k) plans that are bundled within insurance group annuities. As a result, it becomes difficult to determine how much is actually being paid in fees and how reasonable they are. Our retirement plan audits help clients understand their retirement plan and its underlying fees. We will also recommend strategies to improve returns with a solid investment program, and control fees within a structure that is clear and easy to understand.

 

 

At Compass Consulting, we also have a great deal of experience in designing and managing profit-sharing and defined benefit (traditional pension) plans. No matter what kind of retirement plan you already have or want to offer, we’ll help make it possible for your employees to have a more secure and rewarding retirement. Contact us to learn how a Compass consultant can help design a plan that's right for your company.