Group/Plan Sponsors
Group/Plan Sponsors
Teagle Financial partners with several Third-party administrators, plan custodians, CPA’s as well as 3(21) or 3(39) service providers. We help assist plan fiduciaries and plan sponsors in the design and implementation of their employer sponsored retirement plan (Simple IRA, 401(k), 403(b), etc.) in accordance with ERISA standards. As fully independent brokers, we have dozens of options available, hundreds of investment choices and the freedom to design a plan best suited to meet your organizations’ goals and budget.
Ask us about our FREE BENCHMARKING REPORT to document the fulfillment of your fiduciary duty and compliance with complicated ERISA standards to keep yourself out of trouble!
Call or e-mail us anytime if we can be of service to you and your plan!
Role of a Retirement Plan Advisor
PLAN FIDUCIARIES MUST ACT AS PRUDENT EXPERTS UNDER ERISA, AND ARE THEREFORE HELD TO A HIGH STANDARD OF CARE WITH RESPECT TO PLAN-RELATED DECISIONS REGARDING INVESTMENTS, SERVICE PROVIDERS, PLAN ADMINISTRATION AND GENERAL ERISA COMPLIANCE ISSUES.
Most prudent plan sponsors hire a plan advisor to help them adhere to ERISA’s rigorous standards and to meet their objective of offering a best practices retirement plan to their employees. ERISA rules are clear — every decision you make as a fiduciary must be in the best interests of plan participants and their beneficiaries, and certain relationships may result in prohibited transactions.
Attributes of a Good Advisor | Why You Should Hire One |
Independence | Ability to help evaluate funds and providers objectively and without conflict of interest |
Familiarity with ERISA | Ability to keep the committee updated on litigation, legislation and regulations impacting plans and fiduciaries |
Prudent Expert | ERISA section 404(a) requires fiduciaries to act with the skill, knowledge and expertise of a prudent expert |
Expertise with Plan Design | Ability to help plans maintain qualified status while continuing to meet the goals and objectives of our organization |
Knowledge of the Provider Marketplace | Ability to ensure that our plan is being administered in the most efficient manner and for a reasonable price |
Qualified Plan Investment Expertise | Ability to evaluate, select and monitor fund performance |
Documentation Skills | Ability to demonstrate procedural prudence in a well-documented manner |
Communication Skills | Ability to educate employees regarding plan highlights and how to create an appropriate investment strategy |
Acceptance of Role as a Co-Fiduciary | Willingness to acknowledge in writing that they’re a co-fiduciary to our plan with respect to the investment advice being delivered |
Full and Open Disclosure | Fully and openly discloses all sources of fees being received on a direct and/or indirect basis |