Shaun Clearwater with Full Focus Financial, Interviewed on the Influential Entrepreneurs Podcast Discussing Company Retirement Plan Maintenance

Shaun Clearwater discusses strategies for properly managing company retirement plans. 

Listen to the interview on the Business Innovators Radio Network: 

 Regular maintenance and review of company retirement plans are crucial to ensure proper management and compliance with regulations. As discussed in the podcast episode with Shaun Clearwater from Full Focus Financial, neglecting to maintain and review company retirement plans can lead to various consequences.

One key aspect highlighted in the episode is the importance of conducting annual reviews of retirement plans. The Department of Labor and ERISA recommend at least an annual review to fulfill fiduciary responsibilities. Failure to do so can result in legal issues, as employees may become disgruntled if they discover flaws or issues in the plan management. This negligence can lead to employees not being able to retire at their desired age, impacting their financial well-being and potentially causing retention and attraction issues for the company.

Furthermore, regular maintenance and review of retirement plans can help identify areas for improvement, such as participation rates, administrative fees, and rate of return comparisons. By analyzing these key metrics, companies can ensure that their retirement plans are competitive, attractive to employees, and aligned with industry benchmarks.

Another critical point raised in the episode is the risk of having former employees still listed on the retirement plan rolls. This can skew participation numbers and pose a legal risk for the plan sponsor. By conducting regular reviews, companies can identify and address issues like this, ensuring that the plan is up-to-date and accurately reflects current employees.

In conclusion, the podcast episode emphasizes that regular maintenance and review of company retirement plans are essential for proper management and compliance with regulations. By staying proactive and conducting annual reviews, companies can mitigate legal risks, improve plan performance, and enhance employee satisfaction and retention. Employers must prioritize the ongoing maintenance of their retirement plans to ensure the financial well-being of their employees and the overall success of the company. Participation, administrative fees, and rate of return are crucial areas to focus on when reviewing a company retirement plan. These key areas provide valuable insights into the effectiveness and health of the retirement plan.

Shaun explained: “The key areas of focus are on participation. How many employees do they have versus how many are participating in the plan? The higher that is, the better. It’s typically an indication of how good of a plan it is. And then administrative fee-wise, I’m able to see how much is being charged. And so, I’m looking at a comparison between how the fees are rated for that particular company in comparison to the benchmark of other similarly sized companies.”


About Shaun Clearwater

Shaun’s start in the financial services industry came from his desire to share both standard and advanced financial strategies with middle America across the kitchen table.  Since his start in 2004, he’s shifted his focus to the 401(k) space where it can have a greater impact as he can impart knowledge broadly and efficiently.  Shaun is fortunate to be surrounded by his 3 amazing daughters and loves to enjoy a glass of red wine with his beautiful wife.

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