Plan objectives
What is the business trying to accomplish with the retirement program?
Group Retirement Savings
A retirement plan should work for the business and make sense to employees.
A group retirement plan can be difficult to evaluate when the structure, costs and employee experience are considered separately. PLA helps employers review the plan as one connected decision so the business understands how it is structured and employees understand how it works.
Plan objectives
Start with what the plan is meant to do.
The challenge is knowing whether the current plan still supports the business, not simply whether it continues to operate.
Start with the business objective. Then review whether the plan structure, matching, fees and employee experience still support it.
Structure
Does the current arrangement still fit the organization and workforce?
Matching
How is employer matching structured, and does that structure still make sense for the plan objectives?
Fees and investment arrangements
What fees apply, what investment arrangements are available and what should the sponsor understand about them?
Administration
How is the plan being administered, and where are recurring questions or friction showing up?
Employee understanding
Do employees understand how the program works, how to enroll and where to go with questions?
Plan structure and matching
Does the plan structure still support the objective?
Matching is one part of the retirement plan structure. The right approach depends on the organization, the plan objectives and the arrangement in place.
A useful review should consider:
- how the matching structure works today
- what the sponsor is trying to support through the plan
- how the structure is explained to employees
- whether business or workforce changes create a reason to revisit it
There is no single matching structure that is right for every organization.
Fees and investment arrangements
Sponsors should understand the arrangement, not just receive a statement.
A retirement plan can involve fees, investment arrangements and administrative details that deserve periodic review.
PLA helps sponsors understand the fees, investment arrangements and information available so they can ask better questions about the plan.
Questions worth understanding
01
What fees apply and how are they disclosed?
02
What investment arrangements are available within the plan?
03
What should the sponsor monitor over time?
04
Where are employees having difficulty understanding or using the program?
Sponsor and employee perspective
One plan, two perspectives.
For the sponsor
- Plan objectives
- Structure and matching
- Fees and investment arrangements
- Administration and ongoing review
For employees
- Understand how the plan works
- Enrollment and onboarding
- Questions and practical guidance
- Ongoing education where appropriate
The sponsor makes the plan decisions. Employees still need enough explanation to understand how the program works and what support is available.
Employee understanding
Employee understanding supports the plan.
Employees need clear onboarding, explanation and support when questions arise. The format depends on the organization and engagement.
Explore Employee EducationOngoing review
Review the plan as the business changes.
The plan should continue to be reviewed as the organization and workforce change.
Review the plan
Review plan objectives, structure, matching, fees and administration.
Explain the decisions
Help sponsors and employees understand changes and next steps.
Revisit when the business changes
Return to the plan when workforce, administration or plan needs change.
Ongoing
The plan should continue to be reviewed as the organization and workforce change.
See How We Work“
“Cori reviewed our current GRS Plan that hadn't been reviewed by our old advisor for 4 years. She said there was no need to switch Plans. We stayed with our current plan but had Private Lane Advisory take over as AOR. Ended up saving us a ton on Management Fees with our Group Savings Plan Investments!!”Leslie - Owner, Plumbing and Gas Fitting Company, Edmonton
Common questions
Common questions about group retirement plans.
What should a sponsor review in a group retirement plan?
A useful review should consider the plan objectives, structure, matching, fees, investment arrangements, administration and how well employees understand the program.
How should an employer think about matching?
Matching should be considered in the context of the organization's objectives, workforce and plan structure. There is no single approach that is appropriate for every employer.
What fees should a plan sponsor understand?
Sponsors should understand what fees apply, how they are disclosed and how they fit within the overall arrangement. The exact information available depends on the plan and provider.
How can employees be helped to understand the plan?
Clear enrollment communication, plan explanation, Q&A and education can help employees understand how the program works. The format and level of support depend on the engagement.
How often should a group retirement plan be reviewed?
The plan should be revisited when business needs, workforce circumstances, administration, participation questions or the arrangement itself create a reason for review. The appropriate review cadence depends on the organization and plan.
The goal is a retirement plan the sponsor understands, employees can use and the business can revisit as needs change.
Group retirement review
Understand whether the plan still fits the business.
Start with a conversation about the current plan, what the business wants it to accomplish and what deserves review. PLA will follow up with appointment options for a discovery conversation.
01Send your request
02PLA follows up by email
03Receive appointment options
04Discovery conversation
Existing client? Contact PLA directly or use your regular review process.