Business owners who sponsor retirement plans are often distressed when they learn how burdensome the rules and regulations that govern qualified retirement plans are.

Plan fiduciaries are those at the company responsible for the retirement plan and have specific duties under the law, and failure to meet those duties can lead to significant liabilities. The laws governing retirement plan operations and fiduciary responsibilities are extremely complex. However, fiduciary duties can be summed up in five points:

• That the plan exists solely for the benefit of its participants
• That the plan expenses are reasonable
• That the plan is managed with the care, skill, prudence, and diligence of a prudent expert
• That the investments offered by the plan are diversified
• That the plan is administered according to a written document that is in compliance with the law

Selecting and monitoring the investments you provide to your participants is one of the primary responsibilities of plan fiduciaries. The quality of the investment options your participants have access to has a direct impact on their ability to save and earn enough to retire with dignity. Further, as a plan fiduciary you have an obligation to demonstrate that the investments you make available are the result of a documented due diligence process. MRP is here to help you meet that obligation while doing right by your employees. MRP Investment Services include:

• 3(21) Co-Fiduciary and/or 3(38) Investment Manager services
• Investment Policy Statement (IPS) development and maintenance assistance
• Investment due diligence and monitoring reporting
• ERISA 404(c) compliance support
• Conflict of Interest and Parties in Interest monitoring

PARTICIPANT EDUCATION:

Financial education for plan participants is crucial in today's world. The vast majority of American workers are responsible for funding and planning for their own retirement. For many, this can be an overwhelming responsibility. MRP is here to provide guidance and financial education so employees can make informed decisions that positively affect their ability to live well in retirement. Services include:

• Enrollment support
• Financial education through group and one on one meetings
• Financial wellness campaign design and support

FIDUCIARY EDUCATION:

Plan sponsors have many obligations to their plan and its participants. Proper investment management, plan administration and compliance, and plan and service provider monitoring are vital to operating a retirement plan that provides desired participant outcomes. Plan fiduciaries need a true partner in their corner to provide advice on the complex decisions they regularly make on behalf of their plan and participants. Services include:

• Plan design consulting
• Fiduciary education and training
• Regular updates on trends and developments in the ever-changing retirement plan industry

The proper functioning of a retirement plan is dependent on operational and administrative efficiency. The reality is that most plan sponsors aren't aware of all the intricacies involved in administering their plan. This lack of knowledge can lead to simple mistakes and oversights that snowball into significant plan operational failures, sometimes incurring costly fines, penalties, and corrections. MRP is here to help you reduce your liability by helping make sure your plan is being run properly in accordance with the law. Services include:

• Fiduciary Governance review and support
• Plan administration review and support
• Fiduciary audit file support
• Participant eligibility monitoring support
• Plan compliance task monitoring
• Day-to-day operations support
• Plan operational failure resolution support

The quality of the vendors and service providers you choose to service your plan is a key component in the effectiveness of your retirement plan. Vendor selection is a fiduciary activity, but it is often difficult to tell the difference between the various offerings in the marketplace today. Each vendor has its own strengths and limitations, and those strengths and limitations can make all the difference between an effective plan and a plan that leads to poor outcomes and failures. MRP is here to help you sort through your options to make sure you get the best fit for your retirement plan. Services include:

• Vendor search and selection support
• Vendor fee and service negotiation
• Vendor monitoring and benchmarking
• Intermediary services between you and your vendors