Defined Contribution Consulting

Defined contribution (DC) plans have often been viewed as supplemental retirement plans, meant to be an addition or secondary option to the primary pension plan. Many plan sponsors today are recognizing that DC plans can play an important role in retirement income security for participants and they are exploring ways to add options and features that enhance the plan’s value.

Segal has a dedicated team of experienced multiemployer defined contribution professionals with extensive administrative and investment expertise, regulatory and compliance knowledge and experience in plan design, risk mitigation, vendor searches and plan assessment studies.

Segal can help multiemployer funds with their defined contribution consulting needs, tailoring each project to the fund’s specific concerns and objectives.

Plan Design

Careful planning and creativity are needed to ensure that the design of DC programs will meet the goals and needs of plan participants over the long term. Segal offers a multi-disciplinary approach to assisting with the design of new defined contribution programs.

Likewise, we work with multiemployer funds to modify existing DC plans by:

  • Advising on compliance changes mandated by federal laws and regulations
  • Providing information and input on industry trends
  • Proposing changes related to fiduciary and governance structures
  • Reviewing and advising on changes to the plan's investment policy statement, plan document provisions and administrative processes and procedures

Compliance

Segal provides ongoing compliance consulting services for DC plans by periodically reviewing plan documents and operations for compliance with federal legislative and regulatory requirements. We provide specific advice and recommendations for plan changes required to maintain compliance, as well as assist administrators and legal counsel in developing plan amendments. 

Our compliance consulting services include advice on the following:

  • Trust requirements and fiduciary duties
  • Participant eligibility and participation rules
  • Required minimum distributions
  • Internal Revenue Code limits on contributions, benefits and compensation
  • IRS withholding, reporting and notice requirements
  • Administering direct rollovers and transfers
  • Permitted distributions
  • QDROs, loans and hardship distributions
  • IRS income and FICA tax reporting and withholding requirements
  • Federal workplace laws

Investment Consulting

Investment solutions for DC plans are provided by Segal Marco Advisors, our SEC-registered investment consulting affiliate.

As DC plans grow in prominence and asset size, sponsors are continually evaluating their investment options and looking at ways to improve them with the ultimate goal of improving a participant’s retirement offering competitive returns at the most reasonable cost possible. Continual evaluation of options is prudent and Segal Marco Advisors works with funds to ensure they are making optimal investments.

Our investment consulting services include:

  • Ongoing monitoring and performance analysis
  • Creation and ongoing review of Investment Policy Statement
  • Administration monitoring
  • Fiduciary oversight and training
  • Selection of best-in-class investment options
  • Proposing changes related to investment options
  • Benchmarking services (including fees and administrative services)
  • Vendor searches

To learn more about our comprehensive retirement expertise, including defined benefit and hybrid plans, please visit our Retirement Services page.

While Social Security and defined benefit (DB) plan payments will provide some portion of a retiree’s income in retirement, individual retirement savings through an employer’s defined contribution (DC) retirement plan play a significant role. As such, governments and their employees appreciate the benefit that DC plans provide whether as a supplement to a DB plan, a component of a hybrid plan or a standalone primary retirement plan.

Segal has a dedicated team of experienced public sector defined contribution professionals with extensive administrative and investment expertise, regulatory and compliance knowledge and experience in plan design, risk mitigation, vendor searches and plan assessment studies.

Segal can help public sector entities with their defined contribution consulting needs, tailoring each project to the plan’s specific concerns and objectives.

Plan Design

Careful planning and design creativity are needed to ensure that DC programs meet the goals and needs of plan participants over the long term. Segal offers a multi-disciplinary approach to assisting with the design of new defined contribution programs and we work with public sector entities to modify existing DC plans by:

  • Advising on compliance changes mandated by federal laws and regulations
  • Providing information and input on industry trends.
  • Proposing changes related to fiduciary and governance structures
  • Reviewing and advising on changes to the plan's investment policy statement, plan document provisions and administrative processes and procedures

Compliance

Segal provides ongoing compliance consulting services for DC plans by periodically reviewing plan documents and operations for compliance with federal legislative and regulatory requirements. We provide specific advice and recommendations for plan changes required to maintain compliance, as well as assist administrators and legal counsel in developing plan amendments. 

Our compliance consulting services include advice on the following:

  • Trust requirements and fiduciary duties
  • Participant eligibility and participation rules
  • Required minimum distributions
  • Internal Revenue Code limits on contributions, benefits and compensation
  • IRS withholding, reporting and notice requirements
  • Administering direct rollovers and transfers
  • Permitted distributions
  • QDROs, loans and hardship distributions
  • IRS income and FICA tax reporting and withholding requirements
  • Federal workplace laws

Investment Consulting

Investment solutions for DC plans are provided by Segal Marco Advisors, our SEC-registered investment consulting affiliate.

As DC plans grow in prominence and asset size, sponsors are continually re-evaluating their investment options and looking at ways to improve them with the ultimate goal of improving a member’s retirement offering competitive returns at the most reasonable cost possible. Continual evaluation of options is prudent and Segal Marco Advisors works with public sector entities to ensure they are making optimal investments.

Our investment consulting services include:

  • Fiduciary oversight and training
  • Creation and ongoing review of Investment Policy Statement
  • Ongoing monitoring and performance analysis
  • Proposing changes related to investment options
  • Selection of best-in-class investment options
  • Oversight of record-keepers
  • Benchmarking services (including fees and administrative services)
  • Vendor searches

To learn more about our comprehensive retirement expertise, including defined benefit and hybrid plans, please visit our Retirement Services page.

Contact an Expert

Dave Dean

Dave Dean

SVP, Multiemployer Retirement Practice Leader

Richard Reed

Richard Reed

VP, National Multiemployer Defined Contribution Practice Director

Wendy Carter

Wendy Carter

VP, National Public Sector Defined Contribution Practice Director

Cathie Eitelberg

Cathie Eitelberg

SVP, National Public Sector Market Director

Kim Nicholl

Kim Nicholl

SVP, National Public Sector Retirement Practice Leader