The Power of a Specialized Team in Retirement Plan Management

The Power of a Specialized Team in Retirement Plan Management

Did you know that nearly half of employers struggle to manage their retirement plans effectively without specialized support?  In today’s intricate retirement planning landscape, assembling a team of experts is not just beneficial—it’s essential for success.

A specialized team includes advisors, record keepers, third-party administrators (TPAs), auditors, payroll providers, and money managers.  Each member plays a vital role in ensuring compliance, seamless integration, and optimal outcomes.  Advisors act as “quarterbacks,” guiding plan sponsors in building and overseeing the team, ensuring every element of the plan runs smoothly.

For instance, a South Florida employer recently revamped their retirement plan management by engaging a dedicated advisor who streamlined communication between payroll and benefits providers.  This change not only improved operational efficiency but also enhanced employee satisfaction with the plan.

Programs like The Plan Sponsor University (TPSU) equip employers with the knowledge and tools needed to build such teams.  Through expert-led discussions and peer-to-peer networking, plan sponsors gain actionable insights to implement immediately in their organizations.

Fred Barstein, CEO of TPSU, TRAU, and 401kTV, interviewed Shir McGettigan, a retirement plan specialist and part of Hub International’s South Florida team, following a TPSU program held on the campus of Florida Atlantic University.  Shir highlighted the importance of employers building a specialized team to manage retirement plans, with advisors acting as quarterbacks overseeing roles such as record keepers, TPAs, auditors, and payroll providers.  She emphasized the critical role of integration in managing benefits and payroll deductions effectively.

Read the Full Transcript Here:

Fred Barstein:

Greetings. This is Fred Barstein, CEO and founder of TPSU, TRAU, and 401kTV. Just completed a TPSU program here at Florida Atlantic University in Boca. I’m here with our adjunct lecturer, Shir McGettigan. Welcome, Shir. Okay if we ask you a few questions?

Shir McGettigan:

Of course.

Fred Barstein:

Before we do, tell us a little bit about yourself and your firm.

Shir McGettigan:

I am a retirement plan specialist. We’re here in South Florida. We’re part of Hub International. We’re the Hub South Florida team. Hub has different hubs, no pun intended or pun intended, actually, all around the country, which specialize in retirement plan and private wealth, employee benefits, and risk insurance as well.

Fred Barstein:

Great. One of the things you talked about today in your presentation was about the different roles that the providers can play because the plan sponsor can’t understand everything and really has to rely. Who are some of the team members and the role they play to help a plan sponsor do their plan to help their employees?

Shir McGettigan:

To your point, the employer is going to want to put together a team that can help them manage the plan because the employer wears many, many hats. They have different roles, so having a specialized team is key. The advisor is seen as that quarterback that can help them make decisions on who should be a part of that team and overseeing the team, making sure they’re doing a good job. The team includes the record keeper, potentially a third-party administrator, unless the record keeper is bundled where they’re doing the administration as well. There would also be an auditor potentially if you’re a larger size plan.

Fred Barstein:

All right. You have payroll, too. That’s important.

Shir McGettigan:

Payroll is another party, and all of the benefits that you may be offering, having that integration and having the deductions coming out and correctly going into the right benefits that you’re offering.

Fred Barstein:

The money managers, too… They’re a huge part of it. Plan sponsors don’t want to manage their own money on that. Well, great. I think it’s important to understand the roles. The job of the advisor is to make sure that the advisors doing… The plan sponsor makes sure the advisor is doing their job to oversee everybody else. That’s great. Final question for you. I know it’s a lot of work to do, TPSU. What do you think the greatest benefit for a plan sponsor to attend a TPSU program?

Shir McGettigan:

When you come to a TPSU program, you get to learn from subject matter experts. There’s a lot of specialists in the room, but I think what I’ve seen employers really benefit the most from is the peer-to-peer discussion. You sit on a table, smaller group, with your peers, and you get to talk about what’s working, what’s not working, share ideas and solutions with one another, which tends to have the best result. People usually leave here feeling like they got some good information that they can take back and implement.

Fred Barstein:

Great. Well, thanks for your time today. Thanks for being an adjunct lecturer. We do programs here twice a year in South Florida. Thank you for watching 401kTV. Please stay tuned.

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