Archive for October, 2013

Internal Controls for Your Retirement Plan

Christine Gurney Discusses US Pensions

One of the best ways to maintain a problem-free retirement plan is strong internal controls. It is likely that your business already has internal controls in place to prevent errors and other problems that also aid in retirement plan administration. For example, balancing financial statements periodically to confirm deposits are made.

Procedures and assigned responsibilities regarding payroll, enrollment, disclosures, and investments need to be maintained. Records regarding participants and plan documents need to be retained. Documentation and review of plan design, service providers, and investment objectives are critical. Retirement plans are required to be administered in the best interest of participants and factors affecting selection, changes, performance, fees, and contracts should be preserved. These guidelines extend to ensuring you understand who and what your service providers are handling for your plan.

Thanks for reading and have a wonderful day! Please sign up for my blog and follow me on twitter…

View original post 34 more words

October 25, 2013 at 4:28 pm Leave a comment

Do You Measure the Service Quality of Your Plan Providers?

No client is the same, and no retirement plan provider is the same.  Do you have a method for ensuring your expectations are met?  Do you discuss your goals with your provider during the hiring process?  Do you have at least an annual review of their performance?

Have you ensured they follow through on their word?  Are they timely?  Do they balance great customer service with high quality results?  Do they listen to you?  Do they understand your needs?  If not and the situation cannot be salvaged with a frank discussion with your provider, it may be time to move on.

Please consider buying my book, A Short Guide to Finding a High Value, Low Fee Third Party Administrator (TPA) for Your Retirement Plan, available at amazon.com and directly from the publisher at https://www.createspace.com/3964647. My goal is to help plan sponsors make the best decision they can when selecting a TPA.

Thanks for reading and have a wonderful day! Please be sure to sign up for my blog and follow me on twitter @ChristineGurney, follow me on Pinterest at http://www.pinterest.com/chrisgurneyerpa/, and like my Facebook page at https://www.facebook.com/ChristineGurneyHsiung.

October 18, 2013 at 12:33 pm Leave a comment

Keeping Your Word for Financial Service Professionals

Whatever happened to the days when your word meant something?  Likely, those days never truly existed, but times certainly have changed.  Ethics are something that are given lip service like the executive who claims that since he attended many sexual harassment seminars, the hostile work environment simply must not exist.  On the other hand, are ethics just scorned now as an inconvenience where workers roll their eyes and complain when that inconvenient, right thing to do is ever brought up?  Trust and honesty are vital to a successful business.  If you do not follow through on your word or simply lie, there will be no trust or honesty.

Everyone’s word does matter. It does not matter what they do, but the whole organization needs to take what they say seriously and follow through. I would never recommend contracting with any service provider who does not agree. They will not be there to return your call when something goes wrong. I have seen it repeatedly. The client is smitten with that jovial voice or pretty face, but when the person never follows through, off goes the business!

Check out the culture of the business environment. Make sure that everyone is credentialed and subject to strong ethical standards. And if they don’t follow through on their word, take your business and run!

Please consider buying my book, A Short Guide to Finding a High Value, Low Fee Third Party Administrator (TPA) for Your Retirement Plan, available at amazon.com and directly from the publisher at https://www.createspace.com/3964647. My goal is to help plan sponsors make the best decision they can when selecting a TPA.

Thanks for reading and have a wonderful day! Please be sure to sign up for my blog and follow me on twitter @ChristineGurney, follow me on Pinterest at http://www.pinterest.com/chrisgurneyerpa/, and like my Facebook page at https://www.facebook.com/ChristineGurneyHsiung.

October 10, 2013 at 1:44 pm Leave a comment

Thanks to Influenster and Colgate for this great box!!!

Thanks to Influenster and Colgate for this great box!!!

Complimentary Colgate box for Influensters

October 3, 2013 at 10:30 am Leave a comment

Blog Feedback Request

Thanks for reading my blog.  When you have a moment, please kindly complete my blog survey at http://christinegurney.polldaddy.com/s/blog-feedback-survey.  The survey will close October 22, 2013, and I will review the results to better cater my blog to my readers.

Thanks again for reading my blog!

October 1, 2013 at 4:45 pm Leave a comment


Christine Gurney

A pension professional who shares her thoughts and ideas about the pension world for industry members and anyone else interested.

@ChristineGurney

Error: Twitter did not respond. Please wait a few minutes and refresh this page.

Enter your email address to follow this blog and receive notifications of new posts by email.

Vote in Today’s US Midterm Elections

I Voted

%d bloggers like this: