Plan Goals

Plan Participant Goals

 

  • Provide each participant with the information necessary for her/him to become “a knowledgeable investor” in their retirement plan
  • Enhance participant education/interaction
  • Create excitement about the plan
  • Year at a Glance
    • Plan participant activities for the year ahead
  • Webinar/Workshop Series
    • Quarterly, one hour
    • Selected from topics designed to enhance participant education and interaction
  • Newsletters
    • BayNotes (Quarterly)
    • Company newsletter participation
  • Individual Counseling
    • Phone calls, BMF initiated
    • New participants
    • Those nearing retirement
    • Those with asset allocation issues
    • Phone calls, participant initiated
    • E-mails
    • BMF Retirement Service Center
  • Individualized Retirement Portfolios
    • Investments At A Glance
    • Your Retirement Plan Guide
    • Asset Allocation
    • Why 401(k) Plans Are A Smart Idea
    • Borrowing From Your 401(k) Plan
  • Retirement Plan Bulletin Boards
    • Visual reminder to participants as well as to non-
      participants
    • Timely information and announcements
  • Payroll Stuffers
    • Educational topics
    • Informational items
  • CORE Electronic Bulletin Boards
    • Educational topics
    • Market news
    • Daily fund reports
    • Link to personal investments
  • BMF Retirement Service Center
    • Available for phone or email 0700-1600 PT, M-F
  • Continuous Quality Assurance
    • Complaints/issues incorporated into improvements
    • Participant involvement in service enhancements

Plan Fiduciary Goals

 

  • Fulfill all regulatory mandates
  • Assure investment selection/monitoring
  • Ensure plan documentation
  • Assist with fiduciary compliance
  • Lessen administrative burden
  • Provide exceptional value
  • Legal Compliance Audit Report
    • Review plan document for essential terms
    • Review summary plan description for consistency with the plan and compliance with the plan and compliance with applicable rules
    • Review schedules for verifying participation and vesting
    • Review discrimination test for consistency with plan terms
    • Review all service agreements
    • Review plan committee minutes and back-up materials to verify compliance with prudent process requirements.
  • Plan Fund Independent Analysis
    • Due Diligence study (every other year)
    • FiRM, S&P, Morningstar (quarterly)
  • BMF Investment Monitoring and Investment Committee Assistance
    • Continuous investment monitoring with quarterly summary
    • Fund analysis, reports and recommendations
    • Minute taking and draft dissemination
  • Total Fee Transparency
    • Coordinate complete provider disclosure
    • Provide complete fee disclosure for BMF
  • Fiduciary Enhancements
    • Revenue Recapture Program
    • Fiduciary Documentation and Tutoring
    • Fiduciary Self Monitoring Program
    • The Retirement Plan BayNotes (quarterly)
    • Current Events Alerts (on a p.r.n. basis)
  • Enhancing Audit File
    • Continual Department of Labor audit readiness
  • Annual Review of Best Practices
    • Integrate committee and administrative “Best Practices” to the Retirement Plan
  • Other Company, Plan and Administrative Assistance
    • The Lost Participant/Rollover Program
    • Year at a Glance Schedule of Activities
    • Quality Assurance Reports
    • Negotiations with retirement provider(s)
    • Maintenance of duplicate records