Transparency - Accountability - Reliabitlity, they're not just words to us.
Your sponsored retirement plan doesn't run itself, and it's not free. That simple sentence is where it all begins.
Who is getting paid, how much, for what services, and how do they get paid? Knowing this is mission critical.
People who work for your plan are legally obligated to work only in the best interest of your plan. There are all kinds of great terms for it: "Exclusive Purpose", "Prudent Man Rule", and many others. What they all mean is that a broker or agent selling product to make commissions is at odds with the objectives of your plan. Anyone working for your plan must have a Service Agreement, disclose their role, and tell you how they get paid.
Once we are successful at the first two, we need to know that everyone is reliable. You now have a Service Agreement, you've exposed any conflicts of interest, and everyone has disclosed how they get paid. Now all they have to do is show up and do all the things they committed to in writting. If they don't, replace them. Your retirement plan is important; if we don't make a solid plan to build, insulate, and protect it, all kinds of people can come and siphon money from it. Our perspective: that's what's been happening for 30 years and why our retirement system is sputtering.
One last thing: act like a big plan! Regardless of the size of your company, how many employees you have, your earnings, or how new your sponsored retirement plan is, emulate the large and mega-sized companies. Mostly, their plans are like well oiled machines. And they're full of great, cutting edge ideas about how to best help your employees prepare for retirement.