At PHD. Retirement Consultants we believe the process starts with designing and building a healthy retirement plan. Just as a company’s medical benefits are supported with a Wellness Plan, we believe that a company’s retirement benefits should be undergirded with a Health and Wellness System that supports compliance, due diligence and proper fiduciary oversight while also producing healthy outcomes.

The ingredients of a healthy retirement plan include adherence to Best Practices under ERISA (Employee Retirement Income Security Act).

  • Quarterly Investment Monitoring and Quarterly Trustee Meetings – ERISA 3(21)
  • Ongoing and proactive Investment Monitoring – ERISA 3(38)
  • Plan Design Optimization – ERISA 402(a)(1)
  • Fiduciary Training for trustees as part of the PHD. Fiduciary Process – ERISA 404(a)(1)(B)
  • Annual evaluation of the Plan Health – Is it producing healthy outcomes with healthy account balances?
  • Regular benchmarking of the fees and service providers. We recommend that a plan should disclose fees no less than annually and be benchmarked every 3 years at minimum. – ERISA 408(b)(2)
  • Compliance with the Employee Retirement Income Security Act – ERISA 406(a)(1)(D)
  • Investment Policy Statement – it should be reviewed and approved annually, and an executed, signed copy should provide the guidance for ongoing investment monitoring.
  • Education Policy Statement – it should be reviewed and approved annually, should include guidance for participant education, and should help protect plan fiduciaries by prohibiting the sale of ancillary financial products like insurance and annuities to the plan’s participants.
  • Disclosure Policy Statement™ – it should be reviewed and approved annually with a signed copy retained as part of the annual service agreement, include guidance for the content and means of disclosures to the trustees and plan participants, and help ensure adherence with federal regulations concerning fee disclosures and the disclosures of fiduciary services.