Retirement Plans for Businesses, Non-Profits, and Government Organizations

Your organization is not just a number to us.

Each entity is unique in terms of their internal culture, workforce demographics, compensation levels, and their long-term goals for their retirement plan. Our approach begins with that premise and the understanding that, first and foremost, we look to build strong, lasting relationships with our clients. We take the time to listen to your needs, concerns, and worries to ensure we fully understand your organizational goals.

We specialize in working with employer retirement plans whether a corporation, non-profit or government organization. As a Retirement Plan Specialist Consultant/Advisor we have the expertise and essential experience to assist by sharing the latest trends in plan design, developing a financial wellness programs, negotiating fees with vendors, conducting the RFP search process, implementing best practices and creating education strategies/programs for employees.

There are some key focus areas that employers should devote their attention toward. These key areas are investment monitoring, fund replacement, quarterly fund discussions and documentation of an investment process. However, there are many less noticeable but important duties associated with compliance. These duties are also necessary, but often fly below the radar. They consist of duties such as running a participant cash level report to avoid regulatory red flags, ensuring a SOC report is requested and reviewed annually, as well as establishing and maintaining a well-documented process for your retirement plan including retaining quarterly meeting minutes.

The role of the Retirement Plan Consultant/Advisor is not to replace the HR/Benefits Manager, Investment Committee or the Recordkeeper. As a Fiduciary our role is to sit on the same side of the table as you, the Plan Sponsor, and be an advocate for you with your Recordkeeper and other providers.

Importantly, we help reduce your fiduciary liability by ensuring a process is complete and the plan is in compliance. This allows your organization to shift some of the fiduciary responsibilities to Omega Investment Management which specializes in this area.

Our role is to support you in navigating the complicated retirement plan landscape. Several vendors are involved in running a retirement plan – Recordkeepers, Third Party Administrators (TPAs), Custodians. We assist you by coordinating with each vendor and holding them accountable. We also serve as your “ombudsman” – a person you can turn to for help. We are here to help you find the answers you need and resolve any issues your plan may encounter.

As a Retirement Plan Consultant/Advisor we will help your plan remain in compliance with the Employee Retirement Income Security Act (ERISA) and other Department of Labor (DOL) and Internal Revenue Service (IRS) rules. Omega Investment brings our expertise to your entity on multiple topics, such as, investment due diligence and documentation, annual compliance testing, and plan design. We also aid your organization to develop and implement procedures to reduce professional and personal liability. We work with a specialized network of ERISA attorneys, CPAs, and auditors for such purposes. We are typically able to utilize these contacts without your organization incurring a fee.

Omega is here to answer the questions, so your organization does not inadvertently cross the line between providing financial education and advice. Awareness on how to distinguish between the difference can significantly reduce any compliance concerns and potential liability that might arise. For example, do your employees often ask how much to save, or how to invest their contributions? Are you answering them with specific recommendations? If so, you could be crossing the line. These conversations should be directed to a licensed advisor such as Omega Investment. We are licensed and better equipped to evaluate a participant’s financial situation, including risk tolerance, diversification of assets outside the plan and retirement goals/objectives.

One of the fundamental objectives for Omega Investment is to serve as a resource that your employees can reach out to. Thus, allowing us to guide and support them as they prepare for retirement while limiting your company’s liability. Remember, Omega Investment is here to be that resource thus freeing your time by allowing your organization to focus on other job duties.