Reviewing every aspect of your 401k plan's costs. Benchmarking your plan versus your industry and region. Making sure you know how your plan compares to the market and your competitors.
If you want your employees to value their 401k plan, and fund it to the extent necessary to enjoy a secure retirement, then effective employee education and communication are critical.
401k and Financial Wellness Education
Like many 401k plan sponsors, you may find it difficult to draw your employees into education sessions and motivate them to participate in your plan. Lawton Retirement Plan Consultants, LLC (LRPC) will lead 401k employee education and financial wellness education learning sessions that are tailored to your unique corporate culture and employee demographics.
LRPC has extensive experience managing successful employee education sessions that inspire participants to learn about their 401k plan benefits and improve their financial wellness. The firm will lead group education sessions that are fun and informative, offer one-on-one meeting opportunities to all employees, and provide unlimited phone consultations to employees with questions.
Fiduciary Compliance Education
LRPC can construct an Employee Education Policy Statement for your 401k plan that is goal-oriented and strategic. The firm will share a full range of 401k employee education services that can be customized to fit your employee’s needs. LRPC can also provide fiduciary compliance education to your Investment Committee and help you develop employee communication materials that are effective and easy to understand.
Lawton Retirement Plan Consultants, LLC (LRPC) offers a full menu of 401k investment advisory services to employer plan sponsors including fund searches and performance monitoring. LRPC produces reports using a report card format and will recommend whether to “Retain,” “Replace,” or move a fund to the “Watch List” for each reporting period. Performance monitoring criteria originate from the Investment Policy Statement, providing a solid link in the fiduciary compliance process.
Over 30,000 Investment Options
LRPC has access to the complete universe of over 30,000 investment choices from more than 750 fund families representing over 100 asset classes. Using 68 unique, objective evaluation criteria, the firm will select, monitor and report on the investment options in your 401k plan in a manner that helps your plan maintain fiduciary compliance.
LRPC Works for You!
As an independent, objective investment adviser, LRPC does not accept soft dollar 12b-1 or sub t/a payments from mutual fund companies. Unlike brokers, bankers and insurance companies, the firm has no proprietary investment products, executes no trades and holds no client assets. LRPC’s sole motivation is to provide its clients with the best investment advice. As a Registered Investment Advisor (RIA), the firm signs on as an ERISA fiduciary to each of the plans it advises.
Lawton Retirement Plan Consultants, LLC (LRPC) offers a broad spectrum of 401k fiduciary compliance services. The firm’s goal is to help you completely understand your fiduciary and compliance responsibilities.
401k Fiduciary Compliance Services
- ERISA Section 3(21) fiduciary services
- ERISA Section 404(c) compliance consulting
- Investment Policy Statement (IPS) construction, review, and maintenance
- Investment and administrative expense monitoring and management
- Prohibited transaction avoidance consulting
- Plan records review and maintenance
- Department of Labor (DoL) and Internal Revenue Service (IRS) audit consulting
- Fiduciary compliance audits
- Plan document review and compliance consulting
- Qualified Default Investment Alternative (QDIA) evaluation and compliance consulting
There are many elements involved in 401k fiduciary compliance. LRPC will work with you to implement a tight 401k fiduciary compliance process, helping you achieve the peace of mind that comes from knowing you are doing things right! The firm signs on as an ERISA fiduciary for each of the plans it serves.
If your 401k plan is audited by the IRS or DoL, Lawton Retirement Plan Consultants, LLC can help. Robert C. Lawton, AIF®, CRPS®, has experience working with IRS and DoL auditors and can share his expertise to help navigate this difficult situation.
Sometimes low employee participation in a 401k plan is the result of less than optimal 401k plan design. On occasion, it may be necessary for your firm to look for cost reductions in your employee benefits package. It is always necessary to ensure that your 401k plan remains market competitive.
Lawton Retirement Plan Consultants, LLC (LRPC) will review your current plan design and suggest participant outcome focused alternatives that may increase participation and/or reduce costs. Innovative and forward-thinking, LRPC can help you maximize the value of the dollars you spend on your retirement program.
Lawton Retirement Plan Consultants, LLC (LRPC) offers 401k plan benchmarking services. Unsure if your plan is competitive in the marketplace? Let LRPC conduct a 401k plan benchmarking analysis. The results will compare the following attributes of your 401k plan to marketplace norms:
- Investment management fees
- Investment adviser fees
- Administrative/recordkeeping fees
- Participant transaction fees
- Total fees
- The quality of your investment fund line-up
- The diversity of your investment fund line-up
- The competitiveness of your plan design
- The overall complexity of your plan
- Participant success measures
- Your plan’s level of fiduciary compliance
- How effectively your participants have invested in your plan
Thinking about changing a provider relationship in your 401k plan? Not sure if you are overpaying for administrative services? Do you have a unique culture that you wish providers would take the time to understand and respect? Let Lawton Retirement Plan Consultants, LLC (LRPC) manage your 401k provider services.
LRPC can manage a provider search for you, bringing in best-in-class trustees, custodians, and recordkeepers for your review. Robert C. Lawton, AIF®, CRPS® has more than 30 years of experience working with a broad array of providers in the marketplace. He will determine who the best providers are for your 401k plan. LRPC takes the time to understand your culture and can recommend providers that will work with you in the way you have always wanted.
Don’t take the risk of hiring the wrong provider. Let LRPC help you find the right fit for your plan, company, and employees.
Unsure if the fees you’re paying your 401k providers are reasonable?
Please complete this form and LRPC will help you find out.
12 Low-Cost Ways to Improve Your 401k Plan
After working with hundreds of 401k plans for more than 30 years I have compiled a list of low-cost quick fixes that can make a big difference in your 401k plan. Click the button below and then complete the form to download this list.
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