Case Study
quickening the transition to a more efficient risk cultureOn this page: Background | Challenge | Solution | Implementation | Results
Background
How we helped a new leadership team achieve the board of directors mandate for transparency, teamwork, and accountability.
For many years, a bundled recordkeeper serviced the hospital’s retirement plans. Concerned about the increasingly negative implications of this situation, the board appointed a leadership team to implement a new management framework and success metrics.
Details
Transforming the process end-to-end
Challenge
The hospital eventually became overly dependent on the retirement plan’s recordkeeper. The lack of an oversight committee exacerbated the vendor’s control and handicapped goal setting, the development of process objectives, and the tracking of outcomes. The cost structures of all the plan’s vendors were unclear, success metrics were nonexistent, and there were no accountability processes for evaluating the plan’s vendors.
Solution
Together with Roland|Criss, the hospital’s leadership team carried out a thorough provider search, assessed the plan design in light of the hospital’s strategic objectives, and transferred substantial fiduciary exposure to Roland|Criss’ ERISA Section 3(16) Plan Administrator program.
IMPLEMENTATION
Provider Search
We performed a comprehensive evaluation of vendors that specialize in serving 403(b) plans, comparing their offerings, highlighting strengths and challenges, and guiding the leadership team through an informed decision-making process that fully aligned with its needs.
Fiduciary Governance
We implemented fiduciary governance policies and processes that ensure cohesiveness throughout the fiduciary supply chain.
Risk Management
We installed our automated governance, risk management, and compliance (“GRC”) workflow and onboarded the hospital’s guiding plan documents to Roland|Criss’ Fiduciary GRCTM management framework, providing mutual accountability among all parties.
Controls
Roland|Criss ensured that all aspects of the retirement plans complied with the latest regulations and best practices.
RESULTS
Enhanced Features
The hospital was able to offer more competitive and higher-quality retirement plan features to its team members and ensure they pay only reasonable fees.
Cost Savings
By optimizing vendor monitoring, service selection, and critical oversight functions, the hospital reduced its plan expenses by 72% annually.
Greater Satisfaction
The improvements in the retirement plans led to higher satisfaction and better retirement outcomes for the hospital’s participants.
TESTIMONIAL
“Having your firm as our independent administrator fiduciary makes me feel assured that I’m seeing everything I need for decision-making.”
Retirement Plan Committee Member
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