Our Washington Crossing Financial Group takes the approach of a plan fiduciary for both Defined Contribution and Defined Benefit plans. As a plan fiduciary, we must act as prudent experts under ERISA. We are therefore held to a higher standard of care with respect to plan-related decisions regarding investments, service providers, plan administration, fiduciary training for plan committees and general ERISA compliance issues. No matter your needs, we will work with you to implement a consulting strategy tailored to your business and its needs. This starts with the development of investment objectives and a formal investment policy statement. Once established, we provide clients a customized investment lineup along with ongoing guidance, monitoring, customized performance reporting and attribution analysis. Like our Wealth Management clients, many of our retirement plan clients have been with us for decades. We work together to create a tailored plan configuration, aiming to help you provide the best possible fit for your employees.
Section 3(21) of ERISA defines a fiduciary as an individual who exercises any discretionary authority or control regarding the management of an employee benefit plan or the disposition of its assets. 3(21) also refers to an individual who renders investment advice in exchange for compensation and defines a fiduciary as someone with the ability to administer the plan. A section 3(21) fiduciary includes the plan trustee and plan administrator as further defined below.
Section 3(38) of ERISA applies to a fiduciary with discretionary controls of the plan’s assets. This means that a 3(38) can select, monitor and replace investments for the plan. While a 3(21) fiduciary has to wait for approval for such decisions, a 3(38) can go ahead and make those decisions on behalf of the client.
Propriety 12 factor methodology, scorecards, formal investment reviews.
Independent reporting on your plan’s health and value, using key plan attributes in comparison to a relevant peer group.
Detailed report covering the annual PLANSPONSOR Defined Contribution Study of more than 5,000 plan sponsors in 28 industries.
Address your fiduciary responsibility to specify in writing the plan’s goals, priorities and investment preferences. Document the procedures by which the plan will make changes to its PREVIEW ONLY investment lineup, services and policies.
Store all plan-related forms and documents in a centralized location, including plan reviews, meeting notes, announcements and more.
Compares up to five service provider portfolios for fees and performance, demonstrating relative strengths and weaknesses of fund options.
How to allocate and invest my defined benefit plan assets?
A: It is best to use the services of a fiduciary who meets the requirement of an ERISA Section 3(38) Fiduciary Service Providers. This is defined as an investment manager who meets all requirements to manage Defined Benefit Plans. This service involves asset allocation, investment selection and monitoring. Washington Crossing Financial Group meets this requirement and has been providing this service for over fifteen years. Contact us and learn how we can help your retirement plan.
What is a retirement plan fiduciary?
A: A Retirement Plan fiduciary is defined by ERISA as either a 3(38) Investment Manager or 3(21) investment Advisor. Washington Crossing Financial Group has over fifteen years of experience as retirement plan fiduciaries. Contact us and learn about our services.
Define a fiduciary who manages a company defined benefit plan?
Define a fiduciary who manages a company defined contribution plan?
A: There are two types of fiduciaries who manage defined contribution plans. Section 3(38) of ERISA applies to a fiduciary with discretionary controls of the plan’s assets. This means that a 3(38) can select, monitor and replace investments for the plan. The 3(21) fiduciary is a Co-Fiduciary and has all the same functions as a 3(38) except discretion and asset allocation. As a Co-Fiduciary the 3(21) makes plans decisions alongside the pension committee. Washington Crossing Financial Group serves as both a 3(38) and 3(21) ERISA Fiduciary.
What services does a fiduciary retirement plan consultant provide?
A: Washington Crossing Financial Group are Fiduciary Retirement Plan Consultants who provide a scorecard monitoring system, a health check/ benchmarking, and a virtual vault to store important plan documents easing audit requests. In addition, as a fiduciary retirement plan consultant, we also handle asset allocation, investment analysis and Request for Proposal (RFP) services.
Why do I need a fiduciary to manage my corporate retirement plan?
A: A crucial function of a plan consultant is to help organizations avoid serious compliance errors. These professionals help manage fiduciary duties and documentation to ensure that retirement plans are administered prudently and according to Employment Retirement Income Security Act (ERISA) rules. Contact Washington Crossing Financial Group to learn how we can help.
What is an investment policy statement?
A: The investment policy statement is the governing document for the investment portfolio of a client, written with a set of guidelines that are crafted to achieve certain objectives. Washington Crossing Financial Group can review your existing policy statement or help you craft one if necessary.
What is a fiduciary vault?
A: The fiduciary vault maintains a secure virtual vault to store all plan-related forms and documents in a centralized location, including plan reviews, meeting notes and announcements easing audit requests. Contact Washington Crossing Financial Group to learn how we can help.
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