MHK Retirement Partners Team Spirit and Fiduciary Services
MHK Retirement Partners offers a team-based approach to servicing our clients, from the boardroom to the break room in a proactive, data-driven process that goes far beyond the basics of funds, fees, and fiduciary responsibilities. Our structure allows for personal and individual interaction with every participant to help them achieve retirement readiness.
What sets MHK apart is our unwavering commitment to retirement plan participants. MHK is a team that truly cares about participants’ ability to attain their retirement goals by driving conversations towards retirement readiness and focusing on steps participants can take today.
Through the creation and utilization of our proprietary CEFEX-certified retirement plan management software solution and Standard of (k)are™, we not only help participants build and implement an action plan but also use the information from those employee meetings to facilitate decisions in the boardroom to enhance and customize the plan to each participant's needs.
Beyond our persistent commitment to plan participants, we have a large focus on educating plan sponsors and helping them to understand their fiduciary responsibilities and associated liabilities. In addition to providing education to fiduciaries at regularly scheduled plan reviews, we host fiduciary training focus groups for our plan sponsor clients throughout the year. Coupled with a Fiduciary Training Program and implementation of industry best practices, we are able to educate and empower plan sponsors with knowledge to be better fiduciaries to their plan.
We believe that our comprehensive way of servicing clients enables them to recognize their responsibilities and be better equipped to understand how to implement a prudent process and ultimately serve their fiduciary duties more effectively.
FROM THE BOARDROOM TO THE BREAK ROOM, MHK DELIVERS.
IN THE BOARDROOM...
Through Standard of (k)are™ we are able to measure, track and monitor whether the goals and objectives outlined in the Education Policy Statement are being met, and more importantly, improve the retirement readiness of the employees.
While MHK does monitor the traditional plan success metrics such as participation and deferral rates, we have elevated beyond these simple metrics to measuring and tracking the Retirement Readiness of each individual employee. We feel that the old metrics are often used because the industry views those as the only way to approximate whether an employee population is “on track” for retirement. Through Standard of (k)are’s™ Avatar feature, we are also able to “personify the plan” to the sponsor by presenting the average age, target retirement age, deferral, outside savings, retirement income needs, plan dependency, risk tolerance, investment allocation, and the age at which retirement savings would run out. It is this level of data that helps us truly define the benchmarks to measure plan and client success.
We take great pride in exceeding the expectations of plan sponsors and participants. We know our hard work is paying off when we see plan sponsors embracing their fiduciary duties and considering participants’ best interests in every decision that is made. We celebrate participants setting themselves on the path to retirement readiness with concrete goals and subsequent action.
Too often, we find the largest issue facing plan sponsors is a lack of knowledge and understanding of their roles and responsibilities as a plan fiduciary. There is an assumption that simply having a plan, provider, and advisor is enough. To use the words of Fred Reish, “fiduciaries are not sued for what they do, instead they are sued for what they do not do.” Our Boardroom services begin with a fiduciary overview and introduction on investment committee basics including fiduciary requirements, committee formalization, and documentation practices.
Each committee member is required to complete a fiduciary appointment and acknowledgement letter vowing to act only in the best interest of participants, avoid conflicts of interest, act prudently, follow plan documents, follow a documented and ongoing process for investment decisions, and to pay only reasonable expenses. This is all efficiently fulfilled and documented through Standard of (k)are™ where each committee member is provided a login.
At each quarterly plan review we further assist clients in following and documenting a prudent process for all plan decisions. We understand that fiduciary liability extends far beyond investment monitoring and selection. In addition to prudently following an investment policy statement with each of our clients, we follow a review schedule for:
- Monitor, evaluate and document plan demographics and participant retirement readiness
- Policy statement
- Plan fees
- Provider benchmarking
- Plan design
- QDIA compliance
- Target date suitability
- 404(c) compliance
- Model portfolio allocation
- Stable value due diligence
- Key dates and deadlines for plan administration, giving our clients easy to follow action steps to understand, meet and document the management of their fiduciary responsibilities
Plan sponsors are able to document the management of these responsibilities, efficiency in a centralized location, while adhering to these industries best practices, while using Standard of (K)are.
MHK’s commitment to educating plan fiduciaries extends beyond our practice. Retirement readiness is our mission, that mission begins with educating and making better plan fiduciaries. To execute our mission we host an online fiduciary training program with the goal of enhancing the knowledge level of plan sponsor across the country to help them better understand their fiduciary roles and responsibilities.
Many employers engage MHK as a fiduciary in relation to plan investments under ERISA Section 3(21). We also have the ability to act as a 3(38) investment manager in select advisory relationships.
Our Boardroom Services Include:
- Standard of (k)are™
- Hosting committee minutes
- Facilitating fiduciary action
- Holistic plan fee analysis and negotiation
- Participant education strategy and implementation
- Systematic provider bench-marking
- Investment Policy Statement assistance and review
- Terminated participant maintenance program
- Secure online fiduciary file
Read more about our Boardroom Services.
“Plan sponsors have liabilities associated with their retirement plan. A wise fiduciary will recognize their limitations and seek out expert advice to help mitigate those liabilities while seeking to improve plan results.”
— Chris Krueger, Founder, Managing Partner
On the surface, it may not seem important how your advisor gets paid. With appropriate benchmarking you may find that it can make a big difference to you, as a plan sponsor, and to participants in your plan.
“A plan sponsor can offer a well-designed plan with the best features, investments and benefits, but the plan is not successful until the very last employee understands how to utilize the plan to their best advantage.”
— Chris Krueger, Founder, Managing Partner
IN THE BREAK ROOM...
Retirement Readiness is our Mission. As a part of our standard process we implement design options including auto enrollment and automatic increase features, but feel that these items fall short of achieving retirement readiness.
At MHK Retirement Partners we have moved beyond only focusing on increasing participation and deferral rates to focusing on the necessity of retirement plans to provide income replacement in retirement. Through Standard of (k)are™ we are able to not only measure, but track the retirement readiness of every single participant with whom we meet.
With Standard of (k)are™, MHK has been able to define and standardize a process around retirement readiness that has resulted in efficiencies allowing us to reach even more individuals. We have increased participant retirement readiness in our plans through regularly scheduled onsite group education meetings, one-on-one meetings between advisors and participants and MHK’s virtual Participant Outreach Program.
After seeing a glimpse of the retirement readiness for their employee population, sponsors become more committed to understanding the goals required to improve retirement readiness. Drawing upon these goals outlined in an Education Policy Statement, we develop a custom education program driven toward our clients’ goals and education objectives. We also focus on showing the participant, through the calculator, the benefit of a company match and the added years of income replacement in retirement because of the company’s contribution to their account. This stresses the importance of taking full advantage of the match, and it helps cultivate an appreciation for the company contribution.
Read more about about our Break Room Services.