Until recently retirement plans employed a department or team of individuals to work with outside firms in managing the plan and helping participants. Today typically a single person or investment committee is held responsible along with other responsibilities of managing the retirement plan. In essence this person is held liable for ensuring the recordkeeper, administrator, and employees are performing as expected while keeping up to date with new regulations. A near impossible job. We act as your quarterback working with you to help ensure your plan runs smoothly, is compliant and has the appropriate plan design that fits your organization.
Fiduciary Standard – At Omega we act solely in the best interests of our clients and participants and for the exclusive benefit of plan participants and beneficiaries. We act with care, skill and diligence that would be exercised by a reasonably prudent person who is familiar with financial advisory services.
Our reputation is built on the highest Fiduciary standard. Omega treats every item on the meeting minutes and each fund recommendation as though we were explaining to a regulator. Even though many clients do not expect a rigorous review of the Investment Policy Statement (IPS), we complete an annual review. The IPS is the first document regulators typically request in an audit. During the year, we incorporate regulatory changes into our basic IPS, then an ERISA attorney reviews the document. Finally, in the fourth quarter we send the template IPS to our clients for review.
Responsiveness – We respond to a client email or call typically within one hour, with a 12-hour deadline. This includes both Committee members and participants. We pride ourselves on our availability.
Our knowledge – We have extensive investment experience. We understand simply looking at data or historical performance is not a complete picture. Speaking regularly with fund managers is an important part of our differentiated service. As an example, we understand the compensation structure of firms and explain this structure to the committee. We believe the client needs to understand these nuances to determine if a fund should be included, maintained, or replaced.
Employee meetings – as often as needed. In the past we have found a group meeting followed by one-on-one meetings are well received. Our conference calls with employees are typically one hour and can be scheduled at the employees convenience. Again, our goal is to ensure participants have accessibility to us. Participants have often told me our Omega 401(k) and 403b meetings were the first time they truly understood their retirement
plan, which to me, is one of the highest compliments we can receive and the one we value most.
Our Process. We provide comprehensive retirement planning services and solutions in a simple, process-oriented approach. Our quarterly meeting is continually improved to ensure Committee members are meeting their Fiduciary responsibilities.