Segal Company

Plan Governance

Benefit plan sponsors and administrators must keep administration procedures up to date in order to comply with regulations. This need is more urgent than ever.

Recent regulations such as the Pension Protection Act of 2006 introduced a series of new requirements in the areas of plan administration, compliance and plan investments. These requirements, as well as the recent focus on Defined Contribution (DC) plan market-related fees and transparency, make now a good time to take a fresh, intensive look at your plan architecture.

DC-Assessment: Helping You Meet Your Fiduciary Responsibilities

DC-Assessment is a combined service offered by Segal and Segal Rogerscasey, our SEC-registered investment consulting affiliate, that addresses the implications of new and emerging plan requirements, helps you develop an action plan for enhancing current processes and procedures, and assists with ongoing plan compliance.

This combined service offering includes a review of the four key aspects of DC plan management: administration, compliance, communication and investment, helping you meet your fiduciary responsibilities now and in the future.

A basic outline of Segal's DC-Assessment offerings is below. For more information, please contact your Segal consultant or click here to request a brief telephone conference to see how DC-Assessment can serve you and your organization.

Compliance

  • Evaluating trust set-up and arrangement
  • Reviewing responsibilities of administrators and delegates
  • Ensuring that processes and procedures comply with regulations

Administration

  • Reviewing effectiveness of technology and systems
  • Reviewing procedure for processing statements
  • Evaluating contract and service guarantees
  • Reviewing reporting functionality
  • Evaluating transactions processing
  • Assessing capability of retirement planning tools to project balances/benefits and combine DB results with DC results
  • Evaluating implementation of new plans/participant groups

Communication

  • Assessing member communications and, if necessary, developing a plan to communicate changes and help plan sponsors meet 404(c) requirements
  • Ensuring that communications to members are clear and compelling
  • Evaluating frequency of plan communications

Investment

  • To learn more about the investment related aspects of DC-Assessment, please click here.