PROJECT ENGAGEMENTS
GOVERNANCE DOCUMENTS DEVELOPMENT
FIDUCIARY EDUCATION AND TRAINING
These are the essential road maps that help fiduciaries successfully
manage their retirement plan. Westminster Consulting evaluates
your Investment Policy Statement, Committee Charter, and Board
Resolutions and offers advice on improving and clarifying your
objectives.
Westminster Consulting assists Boards, trustees, and committees in
understanding and fulfilling their role as fiduciaries. The training
provides an in-depth look at fiduciary governance today and in the
future. This comprehensive review provides executive-level guidance
and solutions for the primary challenges facing investment fiduciaries
under applicable law and ERISA.
FIDUCIARY REVIEW
This comprehensive service benchmarks the plan against twenty-two
best practices jointly developed by the DOL and Fi360™. The review
evaluates how effectively the plan sponsor is operating their plan and
informs the committee of shortfalls or omissions when compared
with the benchmarks.
FEE AND EXPENSE AUDIT
Timely evaluation of plan fees and expenses is a part of a plan
fiduciary’s responsibility. Westminster Consulting examines all
asset-based fees, common cost drivers, and investment expenses.
This evaluation of fees assists fiduciaries with their due diligence
to determine if the fees are fair and reasonable and, therefore in
compliance with the DOL’s Section 408(b)(2) regulations.
VENDOR BENCHMARKING
Benchmarking provides an impartial and objective analysis of plan
vendors such as recordkeepers, actuaries, and managers. Westminster
Consulting evaluates these vendors’ performances and conducts
an analysis of fiduciary compliance for a plan sponsor— all with
the goal of improving performance and minimizing expenses.
This benchmarking process includes reviewing fees, investment
performance, and also evaluating the plan participants’ satisfaction
with vendor service levels.
VENDOR SEARCH
This is intended for plan sponsors that desire an impartial and
objective analysis of their plan vendor, are dissatisfied with their
current recordkeeper’s service, or have grown in asset size and may
require different or additional services. The goal is to document
fiduciary due diligence of the plan sponsor, improve all areas of
plan performance, and minimize expense. Westminster Consulting
provides a comprehensive evaluation of all functional areas of plan
servicing, including:
• Recordkeeping
• Plan sponsor services
• Trustee services
• Conversion
• Communication/participant education
• Compliance services
• Investment services
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PLAN DESIGN
Westminster Consulting will adapt your plan design to best fit
your company’s unique needs. We guide clients through every
step of plan design and administration. We draft and review plan
documents, amendments, notices, summary plan descriptions (SPDs)
and summaries of material modifications (SMMs). We assist with
submitting plans to the Internal Revenue Service (IRS) for favorable
determination letters on their tax-qualified status. If problems arise in
the administration of plans, we assist with correcting the issue.
DOL AUDIT ASSISTANCE
The primary objective of Department of Labor (DOL) and Internal
Revenue Service (IRS) audits are to ensure that plans are following
the applicable laws and regulations established for qualified plans.
We are here to make sure that your company abides by these laws and
regulations and prepare you should your plan be selected for an audit.
Our team works as a liaison between your office and the DOL or IRS
agent, collecting, reviewing and providing requested information to
the agent prior to the audit date. We also are available for all planrelated questions on the day of the audit. Our goal is to ensure a
smooth, concise audit process which works well for the client and
the agent.
RETIREMENT READINESS OUTCOME REVIEW
Westminster Consulting works tirelessly to make sure your company
retirement plan is preparing participants for a secure retirement. We
do this through evaluating how employees are utilizing the plan,
how the plan is funded, and if participants as a whole are meeting
retirement goals and benchmarks.
OUTSOURCED CHIEF INVESTMENT OFFICER SEARCH
We provide a range of services to institutions who are evaluating
Outsourced CIO (OCIO) options. OCIO managers vary widely in
the services and products they offer, and a thorough, planned search
effort is important. Westminster Consulting’s OCIO search service
can help you:
• Assist in the design of your OCIO strategy
• Evaluate and select OCIO managers
• Monitor and report performance of your OCIO managed
investment program