Increased Regulatory Requirement for Retirement Plans
Institutions are facing increased regulatory requirements on multiple fronts. One area being targeted with harsh regulatory requirements is retirement plan administration. Plan Sponsors (e.g. HBCUs) face a heightened degree of responsibility. They must continue to manage the institution's retirement plans using comparatively fewer resources in an increasingly challenging regulatory environment. The challenges are even more significant for smaller plans. Despite these disadvantages, institutions must meet their fiduciary obligations under the Employee Retirement Income Security Act of 1974 (ERISA).
- Review of the institution's current plan documents and design,
- Assistance in ongoing monitoring of the proposed investment funds,
- Providing reports to the plan committee on a quarterly basis.