Retirement Plan Checkup

Optimatum’s Retirement Plan Checkup proactively supports your fiduciary responsibility, avoids financial penalties and audits, reduces the need for contribution recalculations and revisions, protects against lawsuits and bolsters employee relations efforts.

The three categories below encompass a wholistic review of a retirement plan’s structure, processes and vendors and delivers a comprehensive report including findings, risks, opportunities and potential next steps:

Goal: Review the governance structure, policies and practices which oversee the plan, funds, vendors

• Appropriate governing bodies and procedures including rules and best practices for committee members, mission, charters. meeting frequency, documentation, etc.
• Qualified staff filling all necessary positions
• Established vendor evaluation policies and procedures (reporting, benchmarking, RFPs, etc.)

Data Required

• Organizational Charts
• Committee documents, charters, meeting agenda/minutes
• Documentation/evidence of vendor selection/evaluation

Goal: Review and ensure basic compliance:

• Complete and consistent plan documents, amendments and SPDs
• Proactive compliance with current ERISA and SEC regulations
• Valid, complete and timely 5500 Filing
• Complete Non-Discrimination Testing

Data Required

• Applicable plan documents and 5500 filings
• Policy and procedures
• Forms (Enrollment, investment selection)
• Testing Results

Goal: Ensure plan administration aligns with plan documentation

• Accurate member and pay/comp eligibility
• Accurate employee contributions and company match
• Appropriate life event processing
• Timely and accurate vendor file feeds
• Proactive IRS plan limits monitoring
• Complete and timely disclosures
• Consistency between Plan recordkeeping system, HR/Payroll, HRIS

Data Required

• Organization charts
• Plan Administration manuals/documentation
• Vendor contacts
• Plan related calculations and communications