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401k - Retirement Plan Services
Kring Financial Management offers professional services for retirement plans to support fiduciaries in fulfilling their duties under
ERISA and DOL rules. As the advisor or consultant to your retirement plan, our services provide the framework for sound fiduciary practices
and conflict free vendor services. The benefits to the company are a reduced workload for your investment committee, reduced fiduciary
liability, reduced plan costs, and improved participant performance and satisfaction.
We provide a fiduciary standard of care. Our services are objective, conflict free and fee-only. We put our service agreements in writing,
and we accept fiduciary status where requested. We further provide affirmation of ERISA bonding and fiduciary liability coverage to protect the plan
sponsor. William Kring, AIF® is the firm’s chief fiduciary and compliance officer.
Hiring Prudent Experts - 10 Questions Every Plan Sponsor Should Ask their Advisor
See our press release on new DOL 408b2 rules:
New Department of Labor Rules regarding 401k Plans (July 2010)
When a change in the plan or a service provider is warranted, we can provide the most objective, up to date, open-source plans and service available. We can search, quote and can unbundle multiple services while providing fiduciary level fee-only support as the primary advisor to the plan. We can replace advisors or brokers of record.
Plan Benchmarking, Expense Analysis and Fee Negotiating:
As required by ERISA, plan sponsors must fully understand all plan fees, and they must be reasonable. We provide the benchmarking and forensic audits to assist you with this process. We review, benchmark and negotiate recordkeeping, custodial, trading, administration, transfer fees, 12b-1 fees, soft dollars, investment expenses, advisor fees, and other service provider fees.
Investment Selection and Monitoring:
As required by ERISA, the plan, as fiduciary must regularly monitor and review the investment lineup. We provide a thorough, yet easy to use report which identifies both quantitative and qualitative factors and provides recommendations for changes as needed. This report will mirror the guidelines set by the investment policy.
Vendor Search and RFP Process:
One of the most difficult processes for a plan sponsor is wading through the dozens upon dozens of potential vendors and service providers when contemplating a change. Our process identifies the unique needs of the plan and develops the proper selection process. We then assist you in final selection for service providers and negotiate fees where needed. This effective process can save hundreds of hours of staff time and many years worth of plan fees through better cost containment.
Fiduciary Assessments and Consulting:
CAFE study - Consultants Assessment of Fiduciary Excellence - for plans or endowments. We review the plan’s fiduciary process, investment policy, responsibilities, agreements, fees, and service providers against global fiduciary standards, ERISA and DOL standards, and report on necessary corrective actions.
“401k: What Went Wrong and Where do we go from here - The Role of the Fiduciary Advisor”
Participant Education:
Often a forgotten requirement under 404c, participant education should be, and can be delivered in a way that makes a difference. When a qualified educator provides in-person services, participants can make better decisions. We provide open enrollment meetings for companies of all size and ongoing education sessions.
Participant Advice:
Personal Advice on fund selection (going beyond education) is a commonly sought after and growing benefit for plan participants. 401k ProAdvisor provides participant investment advice to follow ERISA and PPA guidelines, so as not to put the plan's sponsor at risk.
Investment Policy Drafting:
The Investment policy is often misunderstood and is much more than just investment allocation. It prudently sets the ground rules for the plan, identifies the roles and responsibilities of interested parties and vendors, and establishes the monitoring process used to fulfill fiduciary duties. Our policy, written for specifically for your plan, will be process oriented, without creating undo work for the plan.
Cash Balance Plans:
Many companies can benefit from an additional cash balance plan which can dramatically increase the allowable contributions for some. We provide a turnkey cash balance plan.
403b - Fiduciary Readiness:
New rules require many 403b plans to act in accordance with ERISA. Much of the fiduciary responsibilities for 401k plan sponsors lie also with 403b plan sponsors. Our fiduciary readiness process will bring your plan up to date.
Eligible Advice Arrangement Audit:
Certain advice providers must be audited every year under PPA. We can provide this service.