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The ERISA qualified retirement plan environment continues to evolve and become ever more complex. As an independent, fee-for-service, co-fiduciary we have the knowledge base and experience to bring “prudent expert” best practices to all relationships.
Whether its creating an investment policy, evaluating a plan lineup, or benchmarking the costs involved, our process driven advice has withstood the test of time.
In addition, we are client advocates as they manage their vendor relationships – with fee/service negotiations and RFI/RFP searches leading this service offering. This is what it means to be a co-fiduciary to our retirement plan clientele.
For employer-sponsored retirement plans, the ERISA landscape continues to evolve and grow increasingly complex. As an independent, fee-for-service co-fiduciary, Consilium, LLC provides the expertise and insight needed to implement "prudent expert" best practices in every client relationship.
Here, we will outline the following practices performed by Consilium for our Plan Consulting clients. Click on each link to learn more.
Investment Policy Statement
At Consilium, LLC, we understand that managing a Defined Contribution (DC) plan involves balancing compliance, fiduciary responsibilities, and participant needs. A well-structured Investment Policy Statement (IPS) serves as a cornerstone of effective plan management. This formal document outlines the objectives, guidelines, and procedures for managing the investment options within your retirement plan. Its primary purpose is to provide a clear framework that empowers fiduciaries, like your organization, to make prudent decisions that prioritize the best interests of your plan participants while maintaining compliance with ERISA regulations.
The IPS crafted for your plan will define key investment goals, such as offering a diversified menu of options that accommodate participants' unique risk tolerances and retirement timelines. It will specify criteria for selecting, monitoring, and replacing the plan’s investment options, ensuring that each option is evaluated against appropriate benchmarks, fees, and expenses. Our commitment to diversification ensures that participants have access to a robust range of asset classes and strategies, helping them build portfolios that align with their long-term financial goals. If an investment no longer meets established criteria, the IPS provides a structured process for addressing the issue, such as placing the fund on a watchlist or replacing it with a better-suited alternative.
By implementing a custom IPS designed with your plan’s unique needs in mind, Consilium, LLC helps promote consistency, accountability, and transparency in investment oversight. This proactive approach not only strengthens your fiduciary position but also demonstrates your organization’s commitment to providing thoughtful and compliant investment offerings. Ultimately, the IPS serves as a vital tool in helping your employees achieve their retirement goals, ensuring they have the guidance and support they need to secure their financial futures.
Investment Due Diligence
At Consilium, LLC, we understand that selecting and monitoring investments for your defined contribution (DC) plan requires a disciplined and comprehensive approach. To ensure alignment with your plan's goals and fiduciary responsibilities, we utilize the "5 P’s" framework—People, Philosophy, Process, Price, and Performance—as the foundation for our investment due diligence. This approach provides a thorough evaluation of each investment’s quality, sustainability, and fit for your participants’ long-term success.
People form the cornerstone of any investment strategy. The experience, expertise, and integrity of the fund managers and investment professionals overseeing each option are critical to its success. We assess key factors such as management tenure, track record, and alignment with participant interests to ensure the investments we recommend are managed by capable and trustworthy leaders.
Philosophy reflects the core beliefs and principles that drive the investment strategy. Whether focusing on growth, value, or income generation, a clearly defined and consistent philosophy ensures that decision-making is grounded in a solid framework. This clarity allows us to determine how well the strategy aligns with your plan’s objectives and the varying risk tolerances of your participants.
Process encompasses the methodology used to implement the investment philosophy. Security selection, asset allocation, and risk management practices must be disciplined, transparent, and repeatable. By ensuring that each fund follows a documented and consistent process, we help safeguard your plan from emotional or reactionary decisions that could undermine long-term performance.
Price is an equally important consideration, as excessive fees and expenses can erode participant returns. We carefully evaluate investment costs to ensure they are reasonable and transparent, maximizing the value delivered to your participants. This focus on cost efficiency demonstrates our commitment to protecting their retirement outcomes.
Finally, Performance examines the historical results of each investment. While we emphasize long-term performance over short-term fluctuations, we evaluate results relative to benchmarks and peers to ensure consistency and effectiveness. By analyzing performance in the context of philosophy and process, we provide a nuanced perspective that helps avoid undue reliance on past results alone.
By applying the "5 P’s" framework, Consilium, LLC delivers a rigorous and methodical approach to investment due diligence. This ensures that the investments in your plan are thoughtfully chosen to meet fiduciary standards, align with participant needs, and support their journey toward retirement readiness.
Plan Benchmarking
At Consilium, LLC, we recognize that maintaining a competitive and cost-effective defined contribution (DC) plan is critical to meeting your fiduciary responsibilities and supporting the long-term retirement success of your employees. Our benchmarking process evaluates your plan's features, fees, and performance against industry standards, peer plans, and regulatory expectations, ensuring your plan remains aligned with best practices and ERISA requirements.
We take a comprehensive approach to benchmarking, analyzing key elements such as investment fees, administrative costs, plan design features, and participant outcomes. For example, we compare the expense ratios of your investment options against similar funds in the market and assess administrative fees to ensure they are reasonable relative to the services
provided. Additionally, we review plan design features—such as matching contributions, auto- enrollment, and loan provisions—to determine how well they align with both industry best practices and the specific needs of your participants. These insights empower you to make data-driven decisions that enhance plan value and encourage greater employee participation
and savings.
Ultimately, Consilium, LLC’s benchmarking process ensures that your plan remains efficient, competitive, and participant-focused. By regularly engaging in this structured and objective evaluation, we help you demonstrate prudent plan management, enhance transparency, and reduce fiduciary risk, all while fostering better retirement outcomes for your employees.
Vendor Management
At Consilium, LLC, we understand that vendor management is a cornerstone of successfully administering your defined contribution (DC) plan. Ensuring that service providers deliver value, remain cost-effective, and align with the specific needs of your organization and plan participants is vital. Our approach to vendor management helps you navigate these responsibilities while meeting the highest fiduciary standards under ERISA.
We guide you through the vendor selection process using a transparent and competitive methodology, such as conducting Requests for Information (RFI) or Requests for Proposals (RFP). This allows us to evaluate potential service providers—including auditors, record-keepers, and third-party administrators—on critical factors such as fees, service offerings, technology capabilities, and their track record. Our focus is on selecting vendors who can enhance plan operations, improve participant outcomes, and provide robust tools such as educational resources and user-friendly reporting systems tailored to your workforce's needs.
After selecting the right vendors, we assist in the ongoing management and evaluation of their services. This includes regular performance reviews and benchmarking to ensure that fees and services remain competitive and aligned with industry standards. For example, we help assess whether the recordkeeper’s platform is meeting participant engagement goals, ensure fees are reasonable relative to the value provided, and negotiate adjustments where needed. These steps are designed to maximize value for both plan sponsors and participants, ensuring the plan continues to meet its objectives.
With Consilium, LLC’s expertise in vendor management, you can confidently protect participant interests, minimize fiduciary risks, and maintain a retirement plan that operates efficiently and delivers meaningful support to your employees on their journey to achieving financial security in retirement.
Fiduciary Education
At Consilium, LLC, we recognize the critical role fiduciary education plays in empowering defined contribution (DC) plan sponsors and committee members to effectively manage their responsibilities. Fiduciary education ensures compliance with the Employee Retirement Income Security Act (ERISA) and promotes sound, informed decision-making. Our tailored education programs provide fiduciaries with the knowledge and tools to act solely in the best interests of plan participants, adhere to the plan’s governing documents, and prudently oversee investments and plan costs.
Our fiduciary education sessions are designed to address core responsibilities specific to your plan. These include understanding ERISA’s fiduciary standards, ensuring diversification in investment options, evaluating fee reasonableness, and utilizing an Investment Policy Statement (IPS) as a guiding framework. We also cover best practices for selecting and monitoring service providers, documenting key decisions, and identifying and mitigating potential conflicts of interest. By staying informed, your fiduciaries will be equipped to evaluate plan operations more effectively, address areas for improvement, and minimize the risk of regulatory scrutiny or litigation.
Through regular fiduciary education—delivered via workshops, webinars, or one-on-one consultations with Consilium, LLC—we ensure that your team remains current on evolving regulations and industry trends. This ongoing education strengthens fiduciary oversight, demonstrates your organization’s commitment to prudent plan management, and ensures that your DC plan consistently operates in the best interests of participants, helping them achieve their retirement goals.
One-on-One Participant Education and Investment Advice
At Consilium, LLC, we understand that one-on-one participant education and investment advice are essential for the success of your defined contribution (DC) plan. Personalized guidance enables employees to make informed decisions about their retirement savings, empowering them to optimize participation and achieve their long-term financial goals. Our tailored education sessions address key topics such as contribution levels, asset allocation, and retirement income strategies, all while considering each participant's unique financial situation and risk tolerance.
Through these individualized sessions, Consilium, LLC provides professional support in selecting and managing investment options within the plan. Participants gain a clearer understanding of the importance of diversification, risk-return tradeoffs, and how to adjust strategies as their personal or financial circumstances evolve. We also offer personalized retirement projections to help participants determine whether they are on track to meet their goals, identifying actionable steps to improve their outcomes and financial security.
By offering these personalized services, you demonstrate your organization’s commitment to participant success while enhancing overall plan engagement. This approach not only reduces financial stress among employees but also encourages higher contribution rates and improves retirement readiness. Ultimately, Consilium’s focus on individualized education and advice fosters confident, informed decision-making, contributing to the long-term success of your DC plan and helping your employees secure a stronger financial future.