Administrative and Process Reviews
Retirement plan administration requires series of operations that involve HR and benefits staff, payroll, accounting, third party administrators, banks and trustees and heavy interaction between these components and your employees. A coordinated and tuned effort between all parties involved is crucial to assure an efficiently managed and compliant plan.
If things aren’t working as efficiently as they should or if problems have occurred because processes are not in coordination or haphazard and legal compliance is at risk, then an administrative process and review is in order.
SGP Consultants will:
· Analyze your whole retirement plan administrative landscape both in-house and the portion in the hands of third parties
· Identify where changes and improvements can be made
· Suggest specific changes to workflows and processes to improve efficiency
· Show you risks to compliance and how to minimize them
· Provide you with a complete written report that can be used as a guide to a better and more efficient administration model
· Save you money by making it possible to work in a more coordinated and smooth-flowing environment with reduced risk and the elimination of unnecessary processes
· Document your processes and third party relationships
An efficient administrative environment lends itself to better service to plan participants, quicker turn-around times and a far less likelihood of making administrative mistakes that can impact you and your employees.
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