Case Study

ESI is a PEO providing payroll, benefits, and risk management services to small businesses. As CFO, Jenny Smith oversees the legal, compliance, and risk management aspects of employee benefits, ensuring the company meets its fiduciary responsibilities.

When evaluating options for fiduciary oversight of their retirement and benefit plans, ESI faced several key challenges:

• Ensuring full compliance with fiduciary responsibilities under ERISA.
• Selecting a trustee with expertise in both retirement and health benefit plans.
• Establishing structured processes for investment meetings, plan reviews, and regulatory compliance.
• Finding an independent fiduciary to provide unbiased guidance and reduce internal burden.

ESI selected ERISA Advisory Group, led by Bill, based on strong referrals and his extensive experience in managing both retirement and health benefit plans. Key factors in their decision included:

• A strong reputation and industry referrals.
• Expertise in both 401(k) and health benefit plan compliance.
• Ability to provide clear guidance on regulatory requirements and best practices.
• Flexibility to engage as needed without the overhead of an in-house fiduciary.

The engagement with ERISA Advisory Group began with a structured plan:

• Compliance Review: An in-depth assessment of ESI’s fiduciary responsibilities, ensuring all processes aligned with regulatory expectations.
• Process Structuring: Establishing a schedule for investment meetings and regular RFPs to maintain competitive plan fees.
• Ongoing Support: Providing on-demand advice and proactive updates on regulatory changes that could impact ESI’s plans.

The partnership with ERISA Advisory Group led to several measurable benefits for ESI:

• Increased Compliance Confidence: ESI now operates with greater assurance that their retirement and health benefit plans are managed in full compliance with ERISA regulations.
• Improved Efficiency: With a structured approach to fiduciary responsibilities, ESI has streamlined its investment reviews and compliance checks.
• Strategic Decision-Making: Access to expert advice allows ESI to make informed decisions, reducing risk and optimizing plan performance.
• Support for Senior Leadership: Jenny Smith has found the external fiduciary support invaluable in advocating for best practices within the company’s leadership team.

“Working with ERISA Advisory Group has given us confidence in our fiduciary processes. Bill’s expertise in both retirement and health benefits has been invaluable, ensuring we operate efficiently and in full compliance. The structured approach to investment meetings and RFPs has made a significant impact, and having a trusted advisor on hand for complex questions is a major advantage.”

– Jenny Smith, CFO, ESI

ESI’s partnership with ERISA Advisory Group has strengthened its fiduciary oversight, improved operational efficiency, and provided the compliance confidence needed to manage employee benefits effectively. By leveraging an independent fiduciary, ESI ensures its plans are managed with expertise and due diligence, supporting both business objectives and employee well-being.

ERISA Advisory Group provides expert fiduciary services to businesses seeking to ensure compliance, reduce risk, and optimize their employee benefit plans. With deep expertise in ERISA regulations, our team helps companies navigate the complexities of plan management with confidence.