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Under the name of Lang Retirement Partners, we offer comprehensive consulting services to employer sponsored retirement plans. Our deep investment expertise and extensive experience with retirement plans enable us to support and implement all of your objectives.
A 401(k) plan is one of the most important employee benefits a company can offer. A good plan should be effective and flexible for participants, in order to help them meet their retirement savings objectives, yet simple and efficient for plan sponsors.
A successful 401(k) plan should not only encourage participation, but should also inspire participants to defer enough of their salary to prepare for a comfortable retirement. The plan should provide enough investment options to meet every employee’s investment needs while not overwhelming employees, which tends to result in non-participation.
The following is a more detailed description of our comprehensive consulting services for employer sponsored retirement plans:
Fee Transparency & Benchmarking We will provide you with a due diligence breakdown of all plan costs associated with your retirement plan. This will allow us to assist you in analyzing your plan for cost effectiveness and help you address your responsibility as a fiduciary to your employees.
Knowing all plan fees and understanding whether they are reasonable is part of plan sponsors’ fiduciary responsibilities.
Evaluating and Selecting Service Providers Lang Retirement Partners understands that an objective independent vendor search and analysis are a key aspect of a successful retirement plan. In performing vendor searches, we implement and focus on full disclosure of plan fees and services offered. We determine whether these fees represent a fair value for the quality of service offered when compared to industry benchmarks. A fiduciary review of your retirement plan program is an essential step to make sure that your employees are receiving the best benefit plan available.
Optimizing Plan Design Our expertise is in customized plan design that fits your business’s unique goals and objectives. Good plan design can help to minimize plan costs and provide increased flexibility in the amount of the annual contribution. During the design phase, we will review your objectives in terms of your industry, business goals, the owner’s, partner’s or shareholder’s personal retirement plans, the current and future demographics of employees, and the desired and available contribution options. We continually review your plan design to ensure it is always fulfilling your objectives.
Transition Services We understand the level of concerns of making a transition to a new provider. We address all questions that arise during a plan transition, consolidation, or merger to a new provider or investment manager to make it a seamless transition. Our knowledge and experience in plan transition and integration allows us to provide your company with the support necessary for a successful transition. We will provide a project timeline and manage the transition to ensure that the necessary plan documents and data are processed correctly.
Education Services Lang Retirement Partners has an effective employee education program that will strengthen the benefits of your current retirement plan and also meet fiduciary guidelines. We provide one-on-one meetings, group discussions, or educational workshops, along with customized education and communication materials to meet the needs of the participants. We offer our personalized service to participants to be available anytime to ask questions about their plan and how to invest for their retirement.We help plan sponsors to optimize the probability of retirement plan success. We know that employee understanding of investment options is essential to reaching that goal. Our custom tailored format allows us to partner with you and create an employee education program that will be most effective and beneficial for your company.
An employee education policy statement can document goals and accountabilities related to an employee education program and provide a baseline for discussing employee education.
We will schedule, organize and conduct education meetings for your company and all employees with relevant and useful information regarding plan options and features so that your employees can invest confidently in their retirement account. Enrollment meetings will help ensure that you are meeting your responsibility to your eligible employees at the proper time and allow enrollees ample time to ask questions and to make the proper fund selections and deferral amounts based on their individual retirement objectives.
Investment Monitoring Quarterly reviews of your investment options are performed and documented for your records. If it is necessary to make a change to your fund selection, we provide suggestions to help you maintain a properly diversified investment range. We utilize an investment rating system that identifies a list of investments that may contain potential deficiencies that need to be addressed. This rating system evaluates investments on several different criteria to determine if the investment meets a minimum fiduciary standard of care.
Fiduciary Compliance The fiduciary responsibilities that come with being a sponsor of your company’s retirement plan means that you have responsibilities relating to many plan areas, including plan management, plan design, administration and recordkeeping, plan investments, participant communication and education. Within each of these areas you may face fiduciary risk if these responsibilities are not met—and that risk is personal. As a plan fiduciary, it is your duty to ensure that you act prudently and for the exclusive benefit of your participants. Your effectiveness as a fiduciary is measured by the good sense of your decision-making, your judgment and your steadfast dedication to a sound process.
Lang Retirement Partners understands that compliance with both regulatory changes and industry trends is not just important, but mandatory, for retirement plan success. Our consultants’ understanding of ERISA plans and their compliance needs are an integral part of our consulting expertise.
Preparation of Investment Policy Statement (IPS) We work with you in developing and refining your investment objectives and Investment Policy Statement to minimize your liabilities and create an optimal investment lineup for the plan and the plan participants. The Plan’s overall investment objective is to provide Plan participants (or beneficiaries) with a sufficient variety of investment options to enable participants to achieve their individual investment goals for retirement. The investment options should represent multiple asset classes covering equity (stock), fixed income (bond), money market or stable value, and balanced options/Lifestyle/Target Funds.
Provide Analysis Meetings Conducting a review is an integral part of sponsoring a retirement plan. A review can provide your organization with a valuable opportunity to review key areas of the plan to help ensure that each area is operating effectively and that you are offering a compelling retirement plan benefit for your participants.
We take a snapshot of your plan that enables you to understand where it has been, where it is now, and where you should be going. The plan review also provides valuable insight of how your plan compares to your peers, as well as detailed assessments of key aspects of plan operations.
Offer to Act as 3(38) Co- Fiduciary
“According to ERISA Section 3(38), if an employer appoints an investment manager that is a bank, insurance company, or registered investment adviser, the employer is responsible for the selection of the manager, but is not liable for the individual investment decisions of the manager.”
Lang Retirement Partners along with Lang Advisors, LLC is an independent fee only advisory (RIA) firm and can act as a 3(38) Fiduciary. As independent advisors through Lang Advisors LLC, work exclusively in the best interests of the participants. The benefit to plan sponsor fiduciaries is to avoid liability associated with the selection and monitoring of investments in the plan. Plan fiduciaries who appoint an ERISA 3(38) investment manager to control the selection and monitoring of the plan’s underlying investments are responsible only for the prudent choice and oversight of the ERISA 3(38) investment manager selection, which becomes a much more manageable task for fiduciaries.
Our portfolio manager process ranks investment managers within their respective categories. Lang Retirement Partners adheres to thorough fiduciary practices throughout our detailed approach to investment manager search, selection, and monitoring by our internal investment committee.
Our 4-step process is an aerial view of our systematic service model. Throughout the process we will examine how each of the following changes affects the design, administration, recordkeeping and overall structure of your plan. In order to have a sound retirement plan vehicle the process is repeated over and over every year.
This step in the planning process concentrates on the needs and goals of the client. We analyze the current situation to determine how those goals may be achieved and identify any changes necessary to reach them.
If an aspect of your organization’s strategy or business objectives has changed, it is quite possible that the basic design of your retirement plan may also need fresh attention. Lang Retirement Partners can provide you with information to help you determine whether your plan design is compatible with your organization’s current objectives
Employee demographics can also typically affect everything from your plan’s investment menu to its educational program. As your plan’s employee demographics change, corresponding provisions within the plan should be updated to maintain their continued suitability for your participants.
This step involves a comprehensive plan review which includes a detailed overview of plan statistics, investment performance and industry benchmarks.
The plan analysis is an essential step to develop a prudent process unique to each employer and retirement plan which includes: Goals completed for the current plan year, Operational review, Educational initiatives, Section 404(c) compliance and fiduciary requirements, Legislative updates and changes, Investment Review, Plan Design Review, Goals for the upcoming plan year
Recommendations & Implementation
This step in the process identifies areas that might need to changed and implemented. Based on the findings of our analysis, we will make recommendations on ways to improve your retirement plan as well as assist you in implementing any changes that you elect to make. These may include (but are not limited to) a change in service providers, changes to your investment options and negotiating fees.
Ongoing Monitoring, Education & Communication
The key to long-term client relationships is establishing and maintaining a strong foundation for communication.
We monitor the performance of each investment option by evaluating amongst their peer groups and in many cases this is completed, semiannual or quarterly.
We also provide complete educational information for each eligible employee regarding their retirement savings plan and plan investment options.
At Lang Retirement Partners we are dedicated to providing ongoing monitoring and education of your retirement plan as part of the prudent process for an efficient retirement plan.
We were founded in 1959 as a small, family owned CPA firm committed to helping business owners and individuals with their tax planning needs. In 1974, Lang, Lang & Co. began specializing in the design, drafting and administration of pension, profit sharing, 401(K) and other qualified retirement plans.
For over 35 Years, Lang, Lang & Co. has built an excellent reputation within the pension and retirement field for creating astute and inventive plan designs while providing excellent and accurate plan administration services.
For a complete description of our third party administration services please visit our site at: www.langlangco.com