1. Retirement Plan Tune Up
Tycor Benefit Administrators, Inc.®
Confidence in your plan ™
Retirement Plan Tune Up
Presented by: Gregory T. Kepner AIF®, CRPS®
Retirement Plan Consultant
July 19, 2018
850 Cassatt Road, Suite Berwyn, PA
Securities offered through Kestra Investment Services, LLC (Kestra IS), member FINRA/SIPC. Kestra IS is not affiliated with Tycor Benefit Administrators, Inc.® or Tycor Asset Management, Inc.® Kestra IS does not provide tax or legal advice. This material has been prepared for informational purposes only, and is not intended to provide, and should not be relied on for, tax, legal or accounting advice. You should consult your own tax, legal and accounting advisors before engaging in any transaction.

2. Agenda Understand your role as a plan fiduciary
Simplifying retirement plan fees
Be prepared for an audit
Get a second opinion

3. Don’t let this happen to your plan!

4. Regular maintenance can do wonders!

5. Why Get a Tune Up? Small plans can be at greater risk
Generally defined as plans with under 100 employees
We find they are prone to more problems
Lack the annual audit checks that large plans have
Large plans need tune ups too
Generally defined as plans with over 100 employees
Annual independent audit requirement may not cover everything
Costs can be high to fix plan mistakes

6. Your role as a plan fiduciary

7. What does being a plan fiduciary mean?
Anyone controlling plan assets or using discretion in managing the plan

8. Who is Generally a Plan Fiduciary?
Owner, CEO, President, Vice President
CFO, Controller, Treasurer
HR Director
Retirement plan committee members
Registered Investment Advisor
Anyone meeting the definition on the last slide

9. Your Role as a Plan Fiduciary
of plan sponsors do NOT consider themselves a fiduciary
49%
AllianceBernstein “Inside the Minds of Plan Sponsors”, 2017

10. Who Generally is NOT a Plan Fiduciary?
Record Keeper (retirement plan platform provider)
Third Party Administrator (TPA)
Broker
Mutual fund companies

11. Plan Fiduciary Responsibilities
Select, monitor, and replace the record keeper, TPA, advisor, and other service providers
Ensure fees are reasonable
Hold and deal with plan assets
Select, monitor, and replace investments
Act in the best interest of employees
Act with prudence
Act in accordance with the plan documents

12. Limit Your Risk Do you have fiduciary insurance?
Is your advisor a fiduciary to your plan?
Delegate fiduciary tasks beyond your expertise.
Develop a process and follow it consistently.
Document, document, document.

13. Simplifying retirement plan fees
"Life is really simple, but we insist on making it complicated.“ - Confucius

14. Car repair cost = parts and labor

15. Components of Retirement Plan Fees
Record Keeper (retirement plan platform provider)
Third Party Administrator (TPA)
Investment Advisor
Investments

16. Do you know how much everyone is getting paid?

17. Example for illustrative purposes only.

18. Retirement Plan Fee Requirements
Fees must be reasonable for value of services provided
No requirement for lowest cost
Regular fee benchmarking
Documentation
Engage an independent third party to help

19. Prepare your audit file

20. Prepare Your Audit File
Current plan document & amendments signed & dated

21. Prepare Your Audit File
Copies of enrollment forms, including those who declined
Beneficiary elections for everyone
Required notices and documentation they were sent
Fee disclosure documents
Investment contract & service agreement
Investment Policy Statement (IPS)
Quarterly investment monitoring report
Retirement plan committee meeting minutes

22. Get a Second Opinion on Your Plan!

23. Medical Second Opinions Matter
of patients go home with a new or refined diagnosis – changing their care plan and potentially their lives
88%
Mayo Clinic “Mayo Clinic researchers demonstrate value of second opinions”, 2017

24. They Matter for Retirement Plans Too!
Independent third party review
Confirm your plan is on track
Provides documentation of your process
Find out if fees are reasonable
Catch & fix plan errors before they get bigger
Take advantage of all services available to you
You become a more educated plan sponsor

25. Questions?

26. Tycor Benefit Administrators, Inc. ®
Confidence in your plan ™
For More Information
Tycor Benefit Administrators, Inc.®
Gregory T. Kepner AIF®, CRPS®
850 Cassatt Road, Suite Berwyn, PA