Like most businesses, market conditions and economic unrest have affected the retirement plan sponsors and service providers we work with every day.

Mark Sweatman, President of RCP Retirement Services, was recently asked by PLANSPONSOR magazine how we have been advising our clients during these tough economic times. The article, published June 11, addresses how market turbulence has increased awareness and sensitivity to fiduciary risk.

Here at RCP Solutions, we have seen a rise in the number of plan sponsors seeking help in identifying and managing areas of risk that they’ve never addressed before, including defined benefit plan termination. Now, more than ever, clients want to safeguard themselves from potential participant lawsuits by addressing preventable risk.

For instance, former employees may be improperly informed about a plan they are still participating in, or may not have received timely distributions due to inaccurate address information. Whatever the situation, as a risk and compliance company, we assess the nuances of each situation, develop the appropriate solutions to reduce costs, minimize risk, and provide a clear audit trail as evidence of proper due diligence.
The bottom line: it’s been a tough couple of years for retirement plan sponsors and service providers in an economic climate filled with layoffs and plan terminations. It’s more important than ever to effectively manage risk and eliminate unnecessary costs. Wouldn’t you agree?

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