This was the recommendation of Susan Fulshaw, managing director, product management at TIAA-CREF, a panelist at the PLANSPONSOR National Conference.
According to Fulshaw, services and tools offered by providers include:
- Plan document service – provides specimen 403(b) and prototype 401(a) plan documents and supporting materials, with compliant provisions and ongoing updated for required regulatory amendments;
- Investment consulting – providers help with sample investment policy statements, sample investment menus, and ongoing performance monitoring;
- Compliance monitoring – provides guidance and tools to help meet compliance requirements, including loan and hardship withdrawal compliance, contribution limits monitoring and non-discrimination testing;
- Financial reporting and plan audit support – provides support for preparation of Forms 5500 and 8955-SSA through a comprehensive financial reporting package and audit support services; and
- Service and fee disclosure support – provides a complete set of disclosures plus a multi-faceted approach that includes education and thought leadership on baseline regulatory requirements.