Initial 401(k) Plan Review
- Initial informational meeting (20 to 30 minutes)
- Review meeting with Trustees and members of the 401(k) committee to make administrative and compliance recommendations and identify underperforming investments (an hour)
- Thayer Partners, if hired, implements those recommendations approved by the Trustees seeking to improve significantly the administration, compliance and performance of your retirement plan
- Annual Plan Review: We conduct a comprehensive review of your retirement plan every year and document our findings.
- Quaterly Investment Monitoring: Instead of computer generated reports from your 401(k) record keeper, we provide customized investment commentary quarterly on each and every one of your funds. These reports go into detail about which are performing at or above the market, which should be on your Watch List and which funds should be replaced, so that you know exactly how well the plan’s funds are performing.
- Fiduciary Compliance: As an Accredited Investment Fiduciary®, the Principal of Thayer Partners ensures your 401(k) committee is well informed of its responsibilities, all decisions are documented, proper documents are on file, roles and responsibilities are clear and your plan’s administrative process runs smoothly.
- Participant Communication and Education: We develop an annual communication and education plan–including a monthly retirement tips newsletter produced by Thayer Partners–to ensure your employees understand their investment options and how much they need to save for a comfortable and secure retirement. Then, we encourage them to take action during 1:1 meetings.
- One-to-One Investment Advice and Retirement Planning: We proactively offer investment advice or retirement planning to every participant in the retirement plans we manage – from basic portfolio or fund questions to effective retirement strategies.
- Ongoing Vendor Management: We regularly evaluate the performance, cost and effectiveness of every vendor servicing your retirement plan to ensure your participants receive the best service and value in the market.
- Plan Design: We propose different strategies that enable employees to save more money for a comfortable retirement.
- Vendor Search: When a change is in the best interest of the plan participants, we lead searches for new record keepers and third party administrators. Each search is driven by a clearly articulated, written list of key criteria agreed upon by your 401(k) committee.
- Conversion Support: Once a new record keeper or third party administrator is identified, we assist the plan sponsor to ensure the transition to the new vendor goes smoothly.