As a trusted third-party administrator (TPA), My Benefits partners with financial advisors to navigate the complex world of employer-sponsored retirement plans. Ensuring plan health isn’t just a compliance exercise—it drives real financial outcomes for employers and their teams. Whether you’re new to retirement plan consulting or a seasoned professional, the following SIMPLE tips are essential tools for cultivating strong, healthy retirement plans.
Every business is unique—and so should be its retirement plan design. At My Benefits, we specialize in building plans that align with a client’s goals, workforce demographics, and budget. While we welcome creative, tailored solutions, we also believe administration should be as clear and efficient as possible for the plan sponsor. Thoughtful customization paired with operational simplicity prevents confusion and maximizes value.
Tip: Review plan design annually with the sponsor to ensure it still meets company goals while keeping processes user-friendly. Even small adjustments—such as modifying match structures or eligibility rules—can create significant impact without overcomplicating operations.
Active participation is the backbone of positive retirement outcomes. Plans succeed when advisors deliver regular, clear communications: explain investment choices, highlight the long-term value of saving, and demystify employer contributions. Use group meetings, webinars, and easy-to-access digital resources.
Tip: Work with sponsors on focused, data-driven education campaigns targeting low-participation employee groups. Personalized support is proven to drive engagement.
Excess fees can erode participant returns and create potential compliance issues. Advisors play an important role in helping sponsors understand all plan-related expenses—from administrative to investment fees—and evaluating whether they remain fair and competitive. Fee transparency is essential for both regulatory compliance and sponsor confidence.
Tip: Encourage sponsors to request an annual fee review from each of their providers. Comparing costs with industry norms ensures they remain competitive and supports informed decision-making.
Errors in plan administration—late deposits, overlooked eligibility, missed contributions—are costly and common. Prevention is best: set up periodic administrative checklists and review cycles. Lean on TPA and recordkeepers’ automation tools for reminders.
Tip: Schedule semiannual compliance “check-ups” for each plan. Review participant data, employer contributions, amendments, and regulatory changes. My Benefits can facilitate these sessions to catch issues early.
Strong plan governance starts with leadership—the sponsor and advisor taking ownership of fiduciary responsibilities. This means regularly reviewing the investment lineup, ensuring providers are meeting service standards, and keeping thorough documentation of decisions. By leading in the area of oversight, you help safeguard participants’ best interests and keep the plan aligned with regulatory expectations.
Tip: Help sponsors establish a fiduciary oversight calendar. Consistent meetings to review investments, monitor provider performance, and document key actions not only strengthen governance but also reduce the risk of costly missteps.
Strong retirement plans aren’t just compliant—they deliver measurable results to participants. Advisors should guide sponsors to evaluate plan performance on key outcomes: participation rates, average deferral percentages, loan usage, retirement readiness, and more. Spotting trends enables timely strategic changes in plan design, investment lineups, and education initiatives.
Tip: Encourage sponsors to review available plan reports from their providers at least annually. Looking at participation data, deferral trends, and other key indicators can reveal opportunities for improvement and help ensure the plan is meeting both organizational and participant needs.
Healthy retirement plans are no accident—they’re built through collaboration, continual optimization, and expert support. At My Benefits, we work side-by-side with financial advisors, delivering industry-leading plan administration, compliance, and participant education.
Ready to boost your clients’ retirement plan health? Reach out to your dedicated TPA team at My Benefits today for a complimentary plan review, expert consultation, or answers to your most challenging retirement plan questions. Let us help you simplify and strengthen your approach—together!
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