Plan Governance

Benefit plan sponsors and administrators need to keep administration procedures up-to-date in order to comply with regulations. And now this need is more urgent than ever.

DC-Assessment: Helping You Meet Your Fiduciary Responsibilities

DC-Assessment is a service that addresses the implications of new and emerging plan requirements, helps you develop an action plan for enhancing current processes and procedures, and assists with ongoing plan compliance.

This service includes a review of the four key aspects of DC plan management: Administration, Compliance, Communication and Investment  with an eye toward helping you meet your fiduciary responsibilities now and in the future.

A basic outline of Segal's DC-Assessment offerings can be found below. For more information, please contact your Segal consultant to request a brief telephone conference to see how DC-Assessment can serve you and your organization.

Compliance

  • Evaluating trust set-up and arrangement
  • Reviewing responsibilities of administrators and delegates
  • Ensuring that processes and procedures comply with regulations

Administration

  • Reviewing effectiveness of technology and systems
  • Reviewing procedure for processing statements
  • Evaluating contract and service guarantees
  • Reviewing reporting functionality
  • Evaluating transactions processing
  • Assessing capability of retirement planning tools to project balances/benefits and combine DB results with DC results
  • Evaluating implementation of new plans/participant groups

Communication

  • Assessing member communications and, if necessary, developing a plan to communicate changes and help plan sponsors meet requirements
  • Ensuring that communications to members are clear and compelling
  • Evaluating frequency of plan communications

Investment

  • Reviewing or creating investment policies and guidelines
  • Analyzing each investment option in terms of asset class, objective, return, risk profile, investment style, consistency with other options being offered and popularity among plan participants
  • Ensuring that the current investment lineup is consistent with the established goals and objectives of the plan
  • Reviewing performance of existing funds
  • Reviewing the procedure for monitoring investments
  • Ensuring that vendor contracts meet industry standards for clear language, service guarantees, handling of special issues, etc.
  • Uncovering all administrative and investment fees and expenses associated with the plan

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