We utilize our disciplined fund selection methodology and open architecture investment platform to provide the investment flexibility that plan sponsors and participants need in order to maximize retirement plan results. In addition to diversification across all primary asset classes, we provide five separate diversified asset-allocation portfolios.
A plan with no secrets
Plan sponsor protection
Participant tools and guidance
Easy Access and Use
Creating Better Participant Outcomes
The OpenPlan™ Value Formula
Service Not Product
OpenPlan™ does not represent any particular mutual fund company, insurance company or bank. We do not have a “product” that fits the needs of every potential client that we meet. We have no proprietary interest in any specific investment funds or bundling of service and products.
What we have is a definite process and commitment to explore, analyze and provide our “best response” to the circumstance of each plan sponsor that we engage. In short, we are “open” to any “plan” that best serves our client and benefits their employees.
Perhaps the most difficult task for a plan sponsor is determining “who gets paid what” in his retirement plan structure. Terms like “sub T/A”, “12(b)-1” and “shareholder servicing” fees can be almost indecipherable for the typical plan sponsor.
OpenPlan™ provides clear and precise disclosure of the responsibilities and compensation for every entity involved in each retirement plan that we provide. We do not solicit revenue sharing or wrap fee arrangements. If specific investment fund companies provide revenue sharing compensation, OpenPlan™ will credit the amounts to plan sponsor or plan participant accounts.
OpenPlan™ employs a highly disciplined investment fund selection process. Our first objective is to provide investment diversification for plan participants across all the primary asset classes. Our second objective is to provide the highest quality of fund choice within each asset class, based on fund investment discipline, management style, financial performance and fees.
We also provide a propriety group of Investment Plan Models made up of the funds in each retirement plan to provide maximum diversification and asset allocation for plan participants. They can select a model that matches their investment temperament and avoid the chore of trying to pick the “winners” from a lengthy list of investment funds.
OpenPlan™ provides technology that actually accomplishes something. We streamline plan administration through payroll integration that eliminates redundancy, ensures timely deposit of contributions and posting to participant accounts. We provide a mobile app that allows participants to monitor their accounts on a 24/7 basis.
As part of the participant self-service online portal, OpenPlan™ provides an extensive array of online tools providing participants with planning guidance and advice. In fact we provide a registered invest advisor function that advises participants regarding investment selection and coordinates with the participant fund portfolio on a real-time basis by executing fund changes and asset-allocation rebalancing.
Effortless Plan Management
OpenPlan™ makes retirement plan administration easy. We integrate with payroll for participant data and contributions on an automated transmittal basis. We provide complete onboarding for new plan participants and we administer the participant loan, distribution and in-service withdrawal process. We can implement an auto enrollment feature to increase participation.
We recognize that the plan sponsor is more interested in managing the company than the retirement plan, so we provide a complete package of plan management functions, including quarterly investment reviews, distribution of required plan documents and disclosures along with signature ready annual compliance documents.
If employees are not interested in or informed about the benefits of every feature of your retirement plan, your plan and your company will not maximize the return on plan expense. Additionally, employees will not achieve best outcomes and enhance their “Retirement Readiness.” In order to fully engage plan participants on your behalf, OpenPlan™ provides interactive participant onboarding, group enrollment sessions, educational webinars and regular participant directed publications.
OpenPlan™ also provides training and guidance in the use of participant resources such as our online “AdvicePlus” planning tool and coordination of retirement plan accounts with other personal assets. We engage your employee to view the retirement plan as a lifestyle enhancement resource.
Plan Sponsor Protection
OpenPlan™ provides several unique resources to help ensure that plan sponsors are in compliance with the myriad of responsibilities faced by retirement plan sponsors. First, we conduct an annual SAFE (Self- Assessment of Fiduciary Excellence) audit documenting that the plan has met fiduciary obligations to collect and distribute essential plan information and disclosures as well as manage plan operations to an acceptable standard.
Second, we provide an annual plan Benchmark report comparing plan expenses and plan operations to a comparable peer group of retirement plans. We also provide quarterly investment monitoring and benchmarking reports utilizing the data and methodology of fi360, an independent fiduciary data and consulting firm.
Third, our proprietary SponsorGuard™ program provides essential fiduciary support functions as well as offering fiduciary liability insulation by assuming the plan sponsor obligations under sections 3(16) and 3(38) of ERISA.