DC Manager
DC Manager (DCM) helps plan sponsors navigate plan management and fiduciary responsibilities with the support of our DC plan consultants. DCM brings together key aspects of DC plan management into one comprehensive solution with a single point of contact to coordinate all services for you. This does not include investment consulting or recordkeeping.
Complete Plan Management
As a plan sponsor, you’re challenged to provide sufficient benefits to participants, while trying to keep pace with an evolving, regulated marketplace. Along with your recordkeeper and investment advisor, DCM guides you through day-to-day fiduciary oversight and provides periodic reviews of plan design, compliance, and governance structure.
Fiduciary Oversight
At the core of smart DC plan management is daily fiduciary oversight. We follow best practices of establishing and following meeting agendas, recording minutes and managing ongoing compliance activities. DCM’s vendor management services help ensure that third parties are delivering the most value to your plan and its participants. Additionally, plan management should include periodic reviews of other plan aspects, from strategy to operations.
Plan Design Review
To gain greater insight into how your plan attracts/retains talent and helps ensure employee financial security, you need to take a strategic look at the plan. DCM’s plan design review compares the program’s value to that of a select group of peers, including a cost comparison. In addition, the review examines the retirement income adequacy implications of the program.
Proactive Compliance
Your DC program must meet qualification standards and maintain compliance. Also, plan operations must accurately implement the terms of the plan within other areas like payroll and trustee systems. DCM periodically assesses both plan documentation and operations, giving you the opportunity to address potential compliance issues in a cost-effective manner—before they can be identified on audit.
Governance Assessment
A good governance structure is critical to fulfilling fiduciary duties, as it provides security to plan fiduciaries, the plan sponsor, and ultimately to plan participants. Aon’s DC Manager provides periodic reviews of a plan’s governance framework to help ensure best practices are followed, committee members are well trained and the market is monitored for opportunities to add value.
Fee Benchmarking and Negotiation
Aon’s live fee benchmarking helps fiduciaries thoroughly evaluate and document plan fees, as well as negotiate fee reductions and service improvements.
Note: Are you looking for assistance with your personal 401(k) or pension plan? If so, visit our help page.
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