Qualified Plans
The Baker Companies assists corporations in the design, bidding and analysis, implementation
and ongoing servicing of qualified plans providing plan sponsors with the information they
need to meet their fiduciary responsibilities.
The Baker Companies reviews the plan and prepares a report for the Plan Trustees and
Fiduciaries encompassing:
- Plan Design and Features: Eligibility, matching, profit sharing, vesting schedules, limits
- Testing and Compliance
- Plan Documents, Adoption Agreement
- Funds: performance, risk reward analysis, management tenure, expense ratios, style box analysis, use by employees
The Baker Companies prepares a report detailing recommendations for the design of the benefit
or enhancements and / or changes to the current benefit.
The Baker Companies requests multiple bids from various providers based on plan size, employee
group and demographics. Plan pricing is impacted by:
- Existing Plan assets
- Number of participants and eligible employees
- Annual cash flow
The Baker Companies only solicits bids from providers that have state of the art features for
plan participants, are reputable and established in the market.
The Baker Companies' 401(k) plan proprietary pricing software examines, discloses and explains
all costs / fees within the
401(k) plan for the client to include:
- Set-up fees
- Administrative pricing
- Transfer costs
- Fund expenses
- Document costs
- Additional service fees (loans, hardships, etc.)
In addition to explaining the plan costs / fees, potential alternative providers are modeled
to mirror the client's current plan to evaluate how the plan could have performed over a five-year
historical period.
Once the provider has been selected, The Baker Companies assists with the final plan design and,
if applicable facilitates all paperwork required for the plan conversion. The Baker Companies
supervises the entire implementation process with the provider and client to include:
- Contract paperwork
- Coordinating plan transfer to new provider
- Enrollment meeting coordination and planning
- Fund mapping
- Selection of funds
The Baker Companies coordinates the enrollment meetings, with representatives of the company and
provider. Meetings address the company and participant's questions regarding plan features,
matching formulas and profit sharing design (if applicable), retirement planning and complete
fund analysis for all participants.
The Baker Companies coordinates all aspects of the ongoing administrative servicing of the plan.
As the plan increases in size, The Baker Companies may suggest changes to the plan to better
utilize economies of scale. Periodic re-bidding of the contract also ensures the company and
participants are getting the best retirement plan available.
On a quarterly basis The Baker Companies prepares a report for the plan trustees to include:
- Fund performance
- Manager changes
- Fund volatility (Risk)
- Market Analysis
- Fund expenses
- Recommendations
For each fund the statistical data is provided and compared to the peer group
averages. When fund performance warrants a change of the fund from the plan, a replacement
fund is suggested.
