Corporations and institutions that offer retirement plans to their employees have a special responsibility to ensure fiduciary care and compliance with federally-mandated regulations. Ronald Blue Trust's Retirement Plan Consulting offering assists clients with the fiduciary responsibility for retirement plans in which participants direct their investments, plans that are complex and require plan fiduciaries to act as prudent experts under ERISA.
Fiduciaries are held to a high standard of care with respect to plan‐related decisions on investments offered, service providers, plan administration, and general ERISA compliance issues. Most prudent plan sponsors hire a plan consultant to assist them in adhering to ERISA’s rigorous standards and to meet their objective of offering best practices 401(k) or 403(b) plans to their employees. Because of our relationships with external retirement plan specialists, we are able to introduce our retirement plan clients to these experienced specialists, who help clients with their fiduciary responsibilities for these plans.
The role of the retirement plan consulting specialist includes Investment Policy Statement (IPS) construction, “open architecture” provider selection, investment monitoring and selection, and plan reporting, among other things.
Ronald Blue Trust advisors continue to work with the client and the specialist to ensure that clients are being served well. Our role is to set up and attend meetings, review and assist the client in understanding the materials and services of specialists, and provide information to the client to help decision-makers evaluate the proposed advisory services.
In addition to our typical Retirement Plan Consulting Services, we have specific offerings available for faith-based sponsors, including faith-based investments and financial planning educational materials and websites. We also make available custom designed model portfolios for clients reflecting our Principles-Based Investing philosophy.