|
| |
Michael J. Olah & Associates, LLC. provides a broad range of retirement plan
consulting services. By using a combination of internal resources and a
network of industry professionals, we can effectively and efficiently address
issues ranging from plan design to fiduciary responsibilities to controversy
resolution on audit or in litigation.
Key Benefits
- Cost effective solutions - we help our clients make the most of their
retirement plan budget
- Best of breed - by using the right resource at the right time
- Creative solutions that address each client uniquely
Key Capabilities
- Vendor Search, Selection, and Management
- Evaluating your current service providers and exploring alternatives
will ensure that you are receiving those services necessary for achieving
corporate objectives and facilitating retirement success for employees.
We can review your current offerings, help determine what additional
capabilities are needed, negotiate with your vendors, and if necessary,
search for new providers that will more closely match services with goals,
at competitive pricing.
- Plan Design or Redesign and Document Drafting
- Starting from an examination of what a plan sponsor really wants to
accomplish with their plan, we will create a design that maximizes the
ability of the employer to accomplish their goals, eliminating barriers, and
strives to maximize the return on their benefits dollars budgeted. We
then will monitor the plan and it's design to ensure it stays on track and
recommending changes when desirable.
- Fiduciary Review & Recommendations/Education
- Operating a retirement plan entails undertaking risk. Managing
that risk requires a thorough understanding of each fiduciary's role and
responsibility, and ensuring that all parties are operating consistent with
ERISA. We will help your organization identify potential problems,
offer solutions, and implement a decision making process to ensure risks are
mitigated consistent with ERISA.
- Operational & Compliance Audits
- Operational accuracy is essential for ensuring that a plan remains in
compliance with the various regulatory pronouncements. Vendors don't
always operate the plan with all of the nuances that make the plan unique to
an employer, and errors can, and do creep in. Understanding where the
differences are between your plan design and a vendor's capabilities, and
what the root cause of errors is, can help you increase the efficiency of
running your plan, decrease friction between you and your service providers,
and maximize the ability to actually achieve goals.
- Fee and Service Review and Benchmarking
- Understanding how and how much a service provider is being paid for
operating your plan is not only a fiduciary obligation, but one that can
reduce the risk of litigation from opportunist class action lawyers!
Nothing in ERISA mandates that you go with the lowest cost provider, but
ERISA does mandate that your plan only pay for those services that are
"necessary." To determine what is "necessary" you need to benchmark
services against your documents objectives for running the plan, and ensure
that your plan only pays a fair price for those services. As former
"insiders" with service providers, we have a thorough understanding of where
the money comes from, where the money is spent, and what "unnecessary"
services can be unbundled to reduce costs.
Reference Accounts
We respect our clients desire to remain anonymous - especially when dealing
with regulatory issues and financial matters. We will provide selected
client references on request concerning our professionalism, consultative
approach, and ability to manage client matters efficiently.
|
