Full Service Consulting
Our client's concerns come first. At Omega Pensions we take the time to fully understand a clients position in order propose, implement, and maintain the best retirement plan possible.
Our client consultation can be broken into a 5-step process:
1. Evaluate Objectives
Determine what our client is looking for in their company's retirement plan.
- Specific Plan Design
- Performance
- Reduction in Fiduciary Liability
- Reduced Fees and Expenses
- Participant Education
- Maximum Participant Activity
2. Review Current Plan
Analyze the current plan our client has in place, and find strengths and weaknesses.
- Investment Choices
- Plan Expenses
- Participant Education Opportunities
- Technology Capabilities
- Ease of Administration
3. Analyze Plan Design
Determining the potential plans that can meet our client's needs.
- Safe Harbor, 401(k), Profit Sharing, Cross-Tested, etc.
- Ability to pass plan-testing
- Designed to maximize contributions
- Meets needs of key employees
4. Product Selection
Oversee the product selection process, and determine best potential plan proposals.
- Gather proposals based on plan demographics.
- Evaluate and analyze the proposals
- Narrow the options to top choices
- Create easy to read spreadsheets and comparisons for client review
- Coordinate provider presentations
- Conduct site visits to provider
- Coordinate transfers of assets to new provider
5. Ongoing Support
Continued client support after selection and implementation of plan.
- Thorough Annual Plan Review
- Expenses
- Performance
- Monitor quarterly fund performance
- Present latest plan design and regulatory amendments
- Ensure plan follows Investment Policy Statement
- Ensure plan sponsor's needs met
- Continuously search for reduction in Fiduciary Liability