Tag: Newsletter – June 2019

Summer Homework for Fiduciaries

As you bask in the glory of summer over the next couple of months, don’t forget the three Fs that define this cherished season — fun, Fourth of July, and fiduciary! While you’re enjoying the fruits of summer, don’t forget your fiduciary responsibilities! Ask yourself the following questions to make sure you are on top of your responsibilities and liabilities.

  1. Are you practicing procedural prudence when making plan management decisions?
  2. Do you clearly understand the DOL’s TIPS on selecting and monitoring your QDIA in order to manage fiduciary risk?
  3. Are you documenting each plan management decision and its support?
  4. Are you familiar with current trends in fiduciary litigation?
  5. Are you certain that your plan is being administered in accordance with your plan document provisions?
  6. What fiduciary liability mitigation strategies are you following? (Fiduciaries are personally financially responsible for any fiduciary breaches that disadvantage participants.)
  7. Are you kept abreast of regulatory changes?
  8. Are you appropriately determining reasonableness of plan fees, services and investment opportunities?
  9. How do you define “success” for your plan and what metrics do you use to track progress?
  10. Is your current plan design communicating the appropriate messaging to encourage success for your participants and plan fiduciaries?
  11. Is your menu efficiently designed for benefit of participants and plan fiduciaries?
  12. Are you certain you are providing all required communications and distributions to plan participants (including former participants with account balances)?
  13. Are you handling missing participants appropriately?
  14. Are you appropriately monitoring and documenting your fiduciary activities and those of your service providers?
  15. Are you maintaining plan records appropriately?

Many fiduciaries are unaware of their fiduciary responsibilities or do not understand them. As you contemplate these important questions while staying cool this summer, if you need help uncovering the answers to any of these important questions, do not hesitate to reach out to SRP Managing Director.

 

July 2019 Webinar

Join us for our Webinar
2019 HR Landscape:
What Every HR Professional Should Be Aware of For the Year Ahead

Register here – Tuesday, July16th
at 2:00 PM ET / 1:00 PM CT / 12:00 PM MT / 11:00 AM PT

Businesses are facing a complicated regulatory environment at both the federal and state level that puts them at risk for fines, penalties and lawsuits. Please join us for an informative and timely session covering the latest updates out of Washington and the state houses. The session will be followed by a Q&A.

Topics covered will include:

  • New Federal & State laws taking effect in 2019
  • An update on employment law trends and the government’s areas of focus in the new year
  • Potential legislation to be discussed
  • How your payroll provider can help with these changes

Our contributor for this webinar, MassPay, is SRP’s preferred HR services partner, focused on solving the most critical HR and payroll related problems for their clients so that they can focus on growing their business. This update will be lead by Paul Carelis, PHR, SHRM-CP, HR Division Leader at MassPay.

 

 

SRP does not provide legal or tax advice and we recommend that our clients consult an attorney or tax professional. We believe the information is accurate, however, we make no warranty or guarantee regarding the accuracy or reliability of the content. This information and the examples are provided general information and for illustrative purposes only. This is not intended to provide specific investment advice or recommendations for any individual.

Securities offered through LPL Financial, Member FINRA/SIPC. Investment advisory services are offered through Global Retirement Partners, an SEC Registered Investment Advisor. Global Retirement Partners and Strategic Retirement Partners (SRP) are separate entities from LPL Financial.

Global Retirement Partners employs (or contracts with) individuals who may be (1) registered representatives of LPL Financial and investment adviser representatives of Global Retirement Partners; or (2) solely investment adviser representatives of Global Retirement Partners. Although all personnel operate their businesses under the name Strategic Retirement Partners (SRP), they are each possibly subject to differing obligations and
limitations and may be able to provide differing products or services.

Powerhouse LA Team Joins Strategic Retirement Partners

Doug Bermudez and Erin Hall have joined Strategic Retirement Partners (SRP), a leading national retirement plan aggregator. Through their retirement plan consulting practice in the Los Angeles area, Bermudez and Hall work with organizations to drive overall retirement plan health with a focus on three pillars of service; fiduciary process, plan design and administration efficiency, and participant outcomes.

When asked why their team is making a move to SRP, Erin Hall states, “SRP has a passion and commitment to the retirement plan industry that perfectly aligns with what Doug and I have built with the Bermudez/Hall Retirement Group.”

Doug Bermudez added, “We’ve known the SRP team for a number of years. When the time came for us to make a move, we knew that SRP would provide the collaborative environment, back office operations, technology, and human capital we need to continue to deliver exceptional service to our clients.”

This partnership expands SRP’s footprint into the key market of Los Angeles and brings their offices to 19 nationwide. Additionally, as part of joining SRP, the Los Angeles based team will have the resources and strength of Global Retirement Partners (GRP) at their fingertips. Global Retirement Partners is a nationally recognized leader in the retirement plan consulting space, surpassing $38B in plan assets with over 4,200 plan clients.

Doug has over 25 years of tenure in the financial services industry and was with Wells Fargo Advisors since 2007. Erin joined Doug in 2012 after over a decade of working with corporate retirement plans. The team is leaving Wells Fargo Advisors, where they had been providing high-level service to both corporations and individuals through comprehensive financial advice.

“The commitment that Doug and Erin have shown to their clients and our industry is what initially caught SRP’s attention,” shared SRP’s Managing Partner, Jeff Cullen. “But what excites us more is their alignment with our culture and core values.”

 

About Strategic Retirement Partners
Strategic Retirement Partners is a nationwide independent retirement plan consulting services firm dedicated to providing guidance in decision-making and problem solving to employers and sponsors of retirement plans. With offices from coast to coast, Strategic Retirement Partners currently consults on over 720 corporate and non-profit plans and $10 billion in assets as of April 1, 2019.

 

 

Doug Bermudez, Erin Hall, and Jeff Cullen are registered representatives with and securities offered through LPL Financial, Member FINRA/SIPC. Investment advisory services are offered through Global Retirement Partners, an SEC Registered Investment Advisor. Global Retirement Partners and Strategic Retirement Partners (SRP) are separate entities from LPL Financial.

Global Retirement Partners employs (or contracts with) individuals who may be (1) registered representatives of LPL Financial and investment adviser representatives of Global Retirement Partners; or (2) solely investment adviser representatives of Global Retirement Partners. Although all personnel operate their businesses under the name Strategic Retirement Partners (SRP), they are each possibly subject to differing obligations and limitations and may be able to provide differing products or services.