Forward-Thinking Solutions That Put Your Plan’s Future First
The demands of a plan’s day-to-day operations can often shift the focus away from the long-term management and governance of the plan. While tackling daily tasks is a vital part of comprehensive plan management, LAMCO believes that a prudent oversight and governance process is critical to the success of a plan and the reduction of liability.
We focus on helping sponsors establish properly formed plan committees and then empowering those committees with the tools and information they need to make strategic decisions about their plans.
Strategic Plan Design
The design of your retirement plan is not just an operational function. The features and provisions in your plan can have a direct impact on your organization’s finances and employee satisfaction. LAMCO will help you manage the design of your plan to ensure that its features are consistent with your organization’s needs.
Fiduciary Liability Mitigation
Plan sponsors often don’t understand the extent of the fiduciary liability associated with their retirement plan. The industry has turned the word fiduciary into a marketing buzzword, while carefully crafting contracts that limit their exposure. LAMCO’s approach is different — we embrace our role as a fiduciary to your plan and believe it underscores our commitment to the success of your plan and its participants. We take the time to educate you on your liability rather than use it as a scare tactic and we offer practical solutions to help you eliminate your liability where possible and reduce it where its not.
The most successful committees are those who have informed members. We often find that committee members don’t fully understand their responsibilities. Therefore, we have created a committee member training program designed to quickly educate your committee members on the importance of their role and responsibilities.
Participant Success Measures
How does your plan compare to similar plans? Is the education program working? LAMCO can monitor specific measurements of your plan’s effectiveness and compare those to similar plans to provide clear, accurate answers on how you can improve or maintain your plan’s efficiency.
Vendor Search and Fee Benchmarking
Plans can outgrow their platforms. As the demographics and needs of a plan change, it is imperative that a committee review the vendor structure of their plan. LAMCO can facilitate this process by providing insight from our database of providers or by overseeing an RFP process. We can also provide third-party fee benchmarking reports to help your committee understand how your plan’s costs compare to plans of similar demographics.