Governance Documents Development

These are the essential road maps that help fiduciaries successfully manage their retirement plan. Westminster Consulting evaluates your Investment Policy Statement, Committee Charter, and Board Resolutions and offers advice on improving and clarifying your objectives.

Fiduciary Review

This comprehensive service benchmarks the plan against twenty-two best practices jointly developed by the DOL and Fi360^TM. The review evaluates how effectively the investment fiduciary is operating their plan and informs the committee of shortfalls or omissions when compared with the benchmarks.

Fee and Expense Audit

Timely evaluation of plan fees and expenses is a part of a plan fiduciary's responsibility. Westminster Consulting examines all asset-based fees, common cost drivers, and investment expenses. This evaluation of fees assists fiduciaries with their due diligence to determine if the fees are fair and reasonable and, therefore in compliance with the DOL's Section 408(b)(2) regulations.

Vendor Benchmarking

Benchmarking provides an impartial and objective analysis of plan vendors such as recordkeepers, actuaries, and managers. Westminster Consulting evaluates these vendors' performances and conducts an analysis of fiduciary compliance for an investment fiduciary-- all with the goal of improving performance and minimizing expenses. This benchmarking process includes reviewing fees, investment performance, and also evaluating the plan participants' satisfaction with vendor service levels.

Vendor Search

This is intended for investment fiduciaries that desire an impartial and objective analysis of their plan vendor, are dissatisfied with their current recordkeeper's service, or have grown in asset size and may require different or additional services. The goal is to document fiduciary due diligence of the fiduciary, improve all areas of plan performance, and minimize expense. Westminster Consulting provides a comprehensive evaluation of all functional areas of plan servicing, including:

• Recordkeeping
• Plan sponsor services
• Trustee services
• Conversion
• Communication/participant education
• Compliance services
• Investment services

Fiduciary Education and Training

Westminster Consulting assists Boards, trustees, and committees in understanding and fulfilling their role as fiduciaries. The training provides an in-depth look at fiduciary governance today and in the future. This comprehensive review provides executive-level guidance and solutions for the primary challenges facing investment fiduciaries under applicable law and ERISA.

Plan Design

Westminster Consulting will adapt your plan design to best fit your company's unique needs. We guide clients through every step of plan design and administration. We draft and review plan documents, amendments, notices, summary plan descriptions (SPDs) and summaries of material modifications (SMMs). We assist with submitting plans to the Internal Revenue Service (IRS) for favorable determination letters on their tax-qualified status. If problems arise in the administration of plans, we assist with correcting the issue.

DOL and IRS Audit Assistance

The primary objective of Department of Labor (DOL) and Internal Revenue Service (IRS) audits are to ensure that plans are following the applicable laws and regulations established for qualified plans. We are here to ensure your company abides by these laws and regulations and prepare you should your plan be selected for an audit.

Our team works as a liaison between your office and the DOL or IRS agent, collecting, reviewing and providing requested information to the agent prior to the audit date. We also are available for all plan-related questions on the day of the audit. Our goal is to ensure a smooth, concise audit process that works well for the client and the agent.

Retirement Readiness Outcome Review

Westminster Consulting works tirelessly to make sure your company retirement plan is preparing participants for a secure retirement. We do this through evaluating how employees are utilizing the plan, how the plan is funded, and if participants as a whole are meeting retirement goals and benchmarks.

Outsourced Chief Investment Officer Search

We provide a range of services to institutions who are evaluating Outsourced CIO (OCIO) options. OCIO managers vary widely in the services and products they offer, and a thorough, planned search effort is important. Westminster Consulting's OCIO search service can help you:

• Assist in the design of your OCIO strategy
• Evaluate and select OCIO managers
• Monitor and report performance of your OCIO managed investment program

Westminster Workplace Solutions^℠

Westminster Workplace Solutions^℠ is a fiduciary-based service that provides education and advice to participants of retirement plans. Westminster developed this program to comply with the newly enacted “Fiduciary Rule” and in response to clients’ request for independent and unconflicted advice for participants. Mathew Barber, AIF^®, Senior Consultant has been appointed to lead this business unit and promote these fiduciary services.

The solution is designed to improve employees’ financial behavior and outcomes. The Westminster program can be customized to the companies’ and employees’ specific needs. For more information click here.

Special Projects

Westminster Consulting provides unique solutions for clients including corporate cash management planning and unitized stock program assessment. Every project is custom tailored to each of our clients. Please contact us to discuss your project today.