Services

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Is the plan evolving with the business planning goals of owners/executives and their employees?  Are all tax deferral strategies being maximized? 

We will take the lead on the design planning and strategy with your business and respective CPA, TPA, etc.  With the enactment of the Secure Acts, current and forthcoming, the landscape for plan design and possibilities is ever-changing.  Shomer consistently seeks alternative and expanded retirement savings opportunities for Employers and Employees.

Does the plan's menu design meet or exceed 404(c) compliance and are the investments continuously screened and updated based on qualitative and quantitative analysis? Does your Investment Menu offer diversified options and is the process for their selection documented in an Investment Policy Statement (IPS)? 

Shomer can operate as your plan's 3(21) Investment Co-Fiduciary to implement prudent investment menu creation, quarterly monitoring, and offer a customized IPS for each client.

Succession planning is critical for a business.  Are your employees on track to retire based on current and projected retirement plan balances?  What about the owner/operators?  

Shomer establishes plan and participant-level goals that are measured annually. We meet with your employees in group and one-on-one settings to educate them on their road to retirement without the conflicts of interest in having to sell any additional products or services. As your Plan's Advisor, education is included.

Thorough annual review of the plan's 404(a)(5) and 408(b)(2) fee disclosures to provide an active, total all-in cost analysis to keep fees/expenses transparent and meeting the 'prudent man' rule in ERISA.

The on-going monitoring of fees for reasonableness will be conducted periodically as a part of our service offering.

We provide a detailed annual Fiduciary Calendar to guide business owners (Plan Trustee) through the documented best practices to meet or exceed their Fiduciary Responsiblities.  

We conduct on-going Education on legislative and compliance-related matters to keep our clients up-to-date and their retirement plans evolving.  We provide a secure, 24/7 online vault for all clients to access plan documents, policies and procedures to simplify administration.

Periodic analysis of vendor costs are critical to keeping total plan fees competitive and services maximized in what is a rapidly-evolving industry.  We review Record keeping, custodial, Third Party Administrator, and Investment Expenses annually and provide a thorough report for prudent practice documentation to meet ERISA's reasonable fee requirement.

If deemed appropriate, we will then assist with the vendor selection, contract negotiation, and conversion processes as a part of our services.