No two plans are exactly alike. We know that individual employers and participants each have their own unique set of needs, goals, values, and hopes. That’s why we also know that the best starting point for developing a retirement plan strategy is a clear, deep understanding of what’s most important to you.

The Foster Group planning process begins with a thorough assessment of your current plan(s). Is it meeting your needs? Are the costs reasonable? Do your employees value the benefit? How are current service providers performing compared to benchmarks? We identify what’s working – and what isn’t. We analyze alternatives and help identify any gaps that might exist.

With a clear understanding of the company’s goals and objectives, as well as those of your employees, we can apply best practices to the plan design – aligning it to the overall direction of the organization, while identifying opportunities to maximize benefits. We can also help you ensure that your plan meets industry and ERISA standards.

Working together, we’ll review eligibility, contribution, and distribution options. Depending on your goals, additional options for owners, managers, and key employees can be included in your overall retirement plan design strategy.

Foster Group fiduciary financial advisors can help guide the development of your plan’s Investment Policy Statement – advising on investment options to include in the plan, then evaluating the performance of plan investments over time. ERISA requires a diverse menu of investment options that enable participants to seek growth or preservation of their retirement savings. We can help satisfy that responsibility.

We can provide 3(21) co-fiduciary investment assistance – meeting regularly with you to make joint decisions about plan investments, due diligence, and other plan matters. Or we can act as a 3(38) Investment Manager Fiduciary, taking on the responsibility of making decisions about plan investment selection, monitoring, and replacement – reducing your exposure to potential fiduciary compliance risks.

We can also assist your individual employees, helping them determine appropriate asset allocation approaches for pursuing their retirement savings goals.

• Determining decision-making procedures and ensuring ERISA compliance
• Conducting periodic plan review, investment monitoring, and cost benchmarks
• Reviewing plan performance metrics and participant data
• Ensuring that investment processes align with the Investment Policy Statement
• Documenting all decision making
• Confirming that providers are meeting their fiduciary obligations
• Periodically facilitating comprehensive service provider RFPs

• Assessing employee awareness and appreciation of the plan
• Implementing an employee education program to support what is working and address what isn’t working
• Enrollment support for newly eligible employees (including both group and one-on-one offerings)
• Annual group education meetings for all employees (using face-to-face and virtual options)
• Personalized one-on-one meetings
• Assistance in determining deferrals, asset allocation, rollover options, and other personal plan decisions

Foster Group can act as your advocate with plan service providers – negotiating appropriate fees, conducting due diligence, monitoring the availability of new offerings (or changes to existing ones), and leveraging the tools they provide for both plan sponsors and participants.