Fee Policy Statements

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The Committee will periodically review disclosures and/or charges provided by a covered service provider (CSP) to ensure that:

• The services are necessary for the operation of the Plan;

• The arrangements are reasonable;

• All fees paid from Plan assets are reasonable, appropriate (paid only for non-settlor services), and are permitted by the Plan documents;

• To the extent possible, fees are equitable charged across all account balances within the Plan.

Fiduciary Training and Committee Member Orientation

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• Training modules for all retirement plan committee members

• Fiduciary appointment letters of invitation and acceptance

• New committee member orientation and fiduciary training

• Administrative fiduciary letters of invitation and acceptance

• By-laws for retirement committee and its members

• Education on the roles of fiduciaries -

  • Committee members

  • Advisor/consultant

• Act in the best interest of plan participants

• Be free of conflict and prohibited transactions

• Consequences of fiduciary breach and how to avoid

• ERISA fiduciary bonds and E&O coverage

Plan Design Benchmarking

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Measuring your plan against similar size peer groups to guage the success of your plan's design features, such as;

• Participation rates

• Eligibility requirements

• Contribution and withdrawal features

• Automatic default rates

• Employer contributions

• Investment diversification

• Financial wellness programs

Plan Fee Analysis and Benchmarking

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ERISA REQUIRES plan sponsor fiduciaries to verify they pay only reasonable expenses to all service providers.

• Customized peer-based benchmark group

• Provider quality

• Current service levels vs. peers service experience

• Examine the value you're receiving

• Detailed evaluation of fees being paid vs. peers

Investment Manager Search, Selection, and Oversight

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• Investment manager search, selection and oversight process is tied directly to our client's Investment Policy Statement and Fee Policy Statement criteria

• For research and reporting we rely on the databases of Morningstar, Markov Processes International (MPI) and fi360. These platforms allow us to prepare custom reports and review all conceivable data points. We also initiate ongoing direct communication with investment managers in the selection and replacement processes.

• Investment managers are actively monitored and scored quarterly based on qualitative and quantitative factors and compared relative to their benchmark index and peer group.

Qualified Default INvestment Alternative (QDIA) Portfolio Selection Framework

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Great Lakes Retirement Plan Consultants' QDIA questionnaire and evaluation framework is designed to support plan fiduciaries in their decision making process. Suitability factors include:

• Determine the type of portfolio – discuss key design criteria affecting plan and portfolio outcomes, such as time horizon, participant behavior, risk management and asset class diversification.

• Identify appropriate funds – compare fund family portfolio suites which meet the plan sponsor's criteria type and then conduct due diligence.

• Document recommendations and rationale – ensure the fund evaluation and selection process is documented and that the end choice is consistent with the plan's Investment Policy Statement (IPS), which should include the philosophy of the fiduciaries, and the needs and abilities of the participants and beneficiaries.

• Implement portfolio suite selection – provide mapping recommendations from existing funds, if necessary, and assist in the preparation of participant communications articulating choices and benefits.

Custom Target Date and Model Portfolios

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• Utilizing the Plan's investment menu, Great Lakes Retirement Plan Consultants can prepare customized target date and/or risk based models. Our model portfolios can qualify as a Qualified Default Investment Alternative

• Great Lakes Retirement Plan Consultants utilizes various analytics and capital projection toolsets to create and monitor portfolios. Our investment philosophy and process is affected by combining an assessment of our clients' investment goals and objectives with the Nobel Prize-Winning Capital Markets Theory, "Modern Portfolio Theory".

• Acceptance of 3(38) investment advisory and/or 3(21) fiduciary status

Stable Value Analyzer

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• Great Lakes Retirement Plan Consultants' Stable Value Analyzer supports committees with understanding how the various forms of stable value funds are structured and how those mechanics can affect plan participant returns.

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