We partner with employers and coach them through the process of managing their retirement plan.
While our retirement services are customized to each of our clients, all are focused on sound financial principles, risk management, streamlined operations, and effective plan support. We make it a priority to stay up-to-date with retirement issues and new legislation to keep clients informed and to assist them with compliance. At SRPC, we continually focus on improving fiduciary governance, reducing costs and improving participant outcomes.
We charge fixed fees based on the amount of time we spend, the complexity of the situation, and the amount of liability we accept. Our belief is that traditional investment asset based fees are arbitrary and can quickly become very expensive as the asset levels grow. In addition, asset-based fees grow even though no additional services are provided.
We deliver full-service consulting and focus on:
- Plan design
- Vendor selection, management, and contract negotiations
- Investment consulting delivered as an ERISA 3(21) fiduciary advisor
- Implementing, managing, and documenting a fiduciary process
- Employee education
- Fee and service benchmarking
Talk to us today and learn how a well-planned investment fiduciary management process combined with a hands-on, consultative approach can help mitigate your risk as a plan sponsor, and better prepare your workforce for retirement.
FIDUCIARY SERVICES AND FEE ASSESSMENT
CLIENT: CONSULTING FIRM
PLAN ASSETS: $85 MILLION
We work with firms to help them implement and monitor a documented fiduciary process. An example of this is a consulting firm that did not have any fiduciary processes in place and thought their vendor was providing these services. Using the fiduciary compliance services at SRPC, we developed and implemented an investment policy statement, a documented ongoing fiduciary process, and plan fee benchmarking, to help them mitigate their fiduciary liability. As a result we were able to enhance the fund lineup and reduce their total plan costs by 26%.
EDUCATION CURRICULUM AND PLAN DESIGN
CLIENT: TECHNOLOGY FIRM
PLAN ASSETS: $4 MILLION
A large technology firm was having trouble getting employees to enroll in the plan, and as a result they were failing their non-discrimination testing. The Highly Compensated Employees were only able to contribute $8,100 each to the plan. When we started working with the plan sponsor, SRPC reviewed and redesigned their plan provisions, and created an ongoing on-site education curriculum to address the client’s needs. We were able to get almost 95% participation and the HCE's more than doubled their deferral amounts and now contribute $18,500 to the plan every year.
DUE DILIGENCE, PLAN DESIGN, AND LOW-COST INVESTMENTS
CLIENT: SUBSIDIARY OF FOREIGN CORPORATION
PLAN ASSETS: START-UP PLAN
We work with firms to help them design their plan to meet their specific objectives, benchmark and select a vendor, and select the investment options for their platform. An example of this is a U.S. subsidiary of a foreign firm for whom we helped establish a 401(k) plan. Using the due diligence process at SRPC we determined that the Plan Sponsors' goal was to implement a 401k plan with investment options that would help them attract top level talent to their team. We were able to set up a plan with institutionally priced funds that enhanced their overall benefit plan and helped them attract and retain key employees.
Peter A. Klinkmueller
Peter has more than 25 years experience consulting on qualified retirement plans. His specialty is in plan and fee analysis, plan design, developing and implementing fiduciary processes and procedures, assisting with compliance, and participant education. He provides trusted knowledgeable guidance and advice to plan sponsors to help them establish and maintain a valuable benefit for their employees. Prior to founding SRPC, Peter worked at LPL Financial, Commonwealth Financial and ADP Retirement Services.
Peter earned his Bachelor of Science degree in Accountancy from Bentley College and his Masters of Business Administration from Babson College. He holds his FINRA Series 65 and RIA licenses as well as the Accredited Investment Fiduciary (AIF®) designation.
Stephen T. Boudreau
Steve manages client relationships and has experience in all aspects of retirement plans including new business implementation, plan design, plan administration, testing, and compliance. He has more than 20 years experience in the qualified retirement plan industry. Prior to joining SRPC as a partner, Steve worked at Marsh & McLennan Agency, DWS Investments, CitiStreet and Putnam Investments.
Steve earned his Bachelors Degree in International Relations from Stonehill College. He holds his FINRA Series 66 license as well as the CPFA designation.