Successful retirement plans are well designed and achieve the intended results for participants. EBS works with clients to design plans with features that encourage not only participation but also sufficient savings levels – improving outcomes for plan participants. EBS also supports plan sponsors and committees in fulfilling their fiduciary obligations with respect to compliance and plan management.
The EBS Retirement Practice has extensive experience with 401(k), profit sharing, money purchase, defined benefit and nonqualified plans, and provides the following services to clients:
Retained Retirement Consulting
EBS’s consulting team provides ongoing advice, guidance and support to clients in the following areas:
- Plan design – reflective of developing practices in the retirement industry as well as in the client’s specific business industry
- Administration – introducing best practices and documenting prudent processes
- Compliance – taking into account reporting and disclosure and testing requirements as well as assistance with corrective measures, if required
- Employee education – reviewing materials for consistency, compliance and value
Vendor Evaluation and Procurement
EBS believes plan sponsors should evaluate the vendor market every three to five years to ensure the incumbent or selected provider is delivering services that are up to date and aligned with the plan’s objectives at an appropriate cost. EBS’s request for proposal (RFP) / request for information (RFI) process begins with identification of the client’s needs and objectives for a service provider and the development of a customized request that is released to a qualified group of vendors. The consulting team meets with the client to review an analysis of proposed services and fees and facilitates the selection of a limited number of finalists for presentations. EBS works with the client and selected vendor to negotiate and document agreed upon terms.
New Vendor Change Management
Clients selecting new vendors engage EBS to act as the implementation project manager, holding all parties accountable to execute a successful transition. During the project, EBS collaborates regularly with the client, the new vendor and the incumbent to develop and follow a detailed plan of action, ensuring there are no unexpected challenges that could delay the effective date or impact costs. EBS’s oversight results in an accurate, timely and compliant transition of accounts, services and procedures.
For more information regarding retirement consulting solutions from EBS, please contact Rob Massa at (832) 629-9666 or rmassa@ebenefitsolutions.com.