Checklist for a Successful Plan

The success of a plan may be defined in a variety of ways, for example:

  • high quality investments
  • adequate retirement benefits
  • high participation levels
  • low expenses
  • plan designs to provide substantial contributions for owners and officers.

However, every company is different and, as a result, every plan sponsor has different objectives—or, in other words, different definitions of success.

This checklist is intended to help plan sponsors define success and establish goals for that purpose. By working with plan sponsors to select their top goals, Retirement Plan Services Group, LLC and its alliances can ensure that our efforts are satisfying the plan sponsor’s objectives.

The most common goals for plans are, in our experience:

  1. Increasing participation
  2. Increasing deferrals
  3. Plan design to increase benefits for owners and officers
  4. Measuring and improving retirement benefits for participants
  5. Plan design to lower contribution costs
  6. Fiduciary protection for plan sponsors for selection and monitoring of investments
  7. Fiduciary protection regarding  review of plan  fees, expenses and revenue sharing
  8. Participant education regarding savings and investments
  9. Retirement planning for owners and officers
  10. Retirement planning for participants
  11. Benefit guarantees for lifelong retirement distributions
  12. Review of plan provider and alternatives