Defined contribution plan consulting
In recent years, many employers have moved from making most benefit-related decisions on behalf of employees toward providing employees with tools and information that empower them to take a more active and informed role in their career, health, and financial decisions. Defined contribution (DC) plans have played a pivotal role in this strategy as employers have moved away from defined benefit plan sponsorship.
Building on more than 95 years of retirement plan experience and more than 40 years of DC plan experience, Buck offers comprehensive consulting and technology services encompassing legal, investment, communication, and administration for all types of DC plans — 401(k), 403(b), and 457 plans — as well as non-qualified DC plans and supplemental executive retirement plans. We can help with:
Plan strategy and design: Factoring in and understanding of macro-economic trends, the role of a DC plan in your total rewards strategy, and tactics to improve plan accumulations and manage retirement income.
Plan investment consulting: Formulating an overall strategy and then selecting and monitoring specific options.
Vendor selection and monitoring: Benchmarking the investment and administrative fees and conducting reviews to ensure the outsourcing vendor is operating the plan in compliance with its terms and conditions.
Governance: Developing governance programs and a suite of governance documentation.
Retirement program operations and administration review: Helping ensure regulatory compliance and minimizing the potential that a problem will surface and result in costly corrective actions.
Plan communication and education: Communicating the value of DC plans to employees and preparing and motivating them to save adequately for retirement and working with you to customize messages to meet the specific needs of your organization or employee population.