Frequently Asked Questions

01. Comprehensive Plan Consulting

What is Fiduciary U™?

Fiduciary U™ is an online learning community for ERISA fiduciaries and those work work with, or support, ERISA plans. It combines expert instruction with an online learning platform to teach and train learners through fiduciary education and knowledge sharing with other members of the Fiduciary U™ community.

What is the mission of Fiduciary U™?

A: Fiduciary U™ is an online learning community for ERISA fiduciaries and those work work with, or support, ERISA plans. It combines expert instruction with an online learning platform to teach and train learners through fiduciary education and knowledge sharing with other members of the Fiduciary U™ community.

How do I learn more about working Greenspring Advisors?

Please click here and select "I'd like to work with you" from the dropdown. Someone will be in touch with you schedule a short discovery call.

My organization is conducting a search for a new plan advisor. How do I submit our request for proposal (RFP)?

Greenspring would be interested in participating in your RFP process. Please click here and select "Submit an RFP" from the dropdown. Someone will be in touch with you to discuss your process.

02. Fee Benchmarking, Monitoring & Negotiation

What is Fee Benchmarking, Monitoring & Negotiation?

Using the methodologies described in The Fiduciary Formula, combined with our proprietary web-based solution FeeMetri(k)s™, we'll help your company meet your fiduciary obligations and renegotiate your fees with your existing recordkeeper and/or advisor to ensure you aren't being taken advantage. We'll get you the fairest deal for your employees.

Why does my company need to be concerned about the fees in our retirement plan?

Three reasons.
  1. 401(k) and 403(b) litigation is exploding and more companies are being sued by participants claiming fiduciaries have breached their duties under ERISA by failing to make prudent fee decisions resulting in participants paying excessive fees.
  2. Fees have been shown to be the most reliable predictor of future investment returns. In fact, in a 2010 study entitled “How Expense Ratios & Star Ratings Predict Success”, Morningstar concluded that “investors should make expense ratios a primary test in fund selection. They are still the most dependable predictor of performance.”
  3. 401(k) fees can have a dramatic impact on participants’ account balances and retirement income over time. For instance, in the publication “A Look At 401(k) Plan Fees”, the DOL has estimated that a 1 percent difference in fees and expenses would reduce your account balance at retirement by 28 percent.

What are some examples of 401(k) and 403(b) fee lawsuits?

Companies like Lockheed Martin ($62m settlement), Boeing ($57m settlement), Caterpillar ($16.5m settlement), Walmart ($13.5m settlement), Mass Mutual ($31m settlement), International Paper ($30m settlement), Ameriprise Financial ($27.5m settlement), Fidelity ($12m settlement), Anthem ($23.7m settlement), Oracle ($12m settlement), and many others have either settled or are currently engaged in lawsuits related to excessive fees. St. Louis law firm Schlichter, Bogard & Denton has won over $300m in settlements against plan sponsors over the past decade by itself. More recently, colleges and universities like the University of Chicago ($6.5m million settlement), Duke University ($10.7m settlement), Brown University ($3.5m settlement), Vanderbilt University ($14.5m settlement) and Johns Hopkins University ($14m settlement) have been targeted.

Why are 401(k) and 403(b) fees difficult to benchmark and why should my company consider using you to help?

ERISA (the law that governs qualified retirement plans) has always required that plan fiduciaries ensure that 401(k) fees are reasonable in light of the services being provided. Unfortunately, plan fiduciaries have often had trouble fulfilling this requirement for three reasons.
  1. The retirement industry has done a terrific job of making fees hard to decipher and understand.
  2. There is an overall lack of accessibility, accuracy and meaningful context in regards to 401(k) fees. Form 5500 data is typically outdated and incomplete, fee disclosures (commonly known as 408(b)(2) statements) are too often confusing and complex, indirect compensation such as revenue sharing can misrepresent who is receiving compensation and to what extent, and the process of finding meaningful comparisons is difficult and time-intensive.
  3. Without the right data and insider knowledge of the industry, most companies struggle to negotiation the best deal possible for their employees.
We solve these problems for you in three ways.
  1. We analyze your fees and use FeeMetri(k)s™ to visualize them in a simple, easy-to-understand format so you know exactly who is getting paid, how much and from what sources.  The tool also puts the information in context with 8 key comparison metrics that show how your fees compare to other similarly sized plans.
  2. FeeMetri(k)s™ takes periodic snapshots to see how your fees trend over time and demonstrate a documented process that helps you fulfill your fiduciary duties under ERISA.
  3. When there opportunities for potential savings, we use the information to negotiate a better deal on your behalf.

Why are 401(k) and 403(b) fees difficult to benchmark and why should my company consider using you to help?

ERISA (the law that governs qualified retirement plans) has always required that plan fiduciaries ensure that 401(k) fees are reasonable in light of the services being provided. Unfortunately, plan fiduciaries have often had trouble fulfilling this requirement for three reasons.
  1. The retirement industry has done a terrific job of making fees hard to decipher and understand.
  2. There is an overall lack of accessibility, accuracy and meaningful context in regards to 401(k) fees. Form 5500 data is typically outdated and incomplete, fee disclosures (commonly known as 408(b)(2) statements) are too often confusing and complex, indirect compensation such as revenue sharing can misrepresent who is receiving compensation and to what extent, and the process of finding meaningful comparisons is difficult and time-intensive.
  3. Without the right data and insider knowledge of the industry, most companies struggle to negotiation the best deal possible for their employees.
We solve these problems for you in three ways.
  1. We analyze your fees and use FeeMetri(k)s™ to visualize them in a simple, easy-to-understand format so you know exactly who is getting paid, how much and from what sources.  The tool also puts the information in context with 8 key comparison metrics that show how your fees compare to other similarly sized plans.
  2. FeeMetri(k)s™ takes periodic snapshots to see how your fees trend over time and demonstrate a documented process that helps you fulfill your fiduciary duties under ERISA.
  3. When there opportunities for potential savings, we use the information to negotiate a better deal on your behalf.

How do I learn more about Greenspring's fee consulting services?

Please click here and select "I'd like to learn about fee consulting services" from the dropdown. Someone will be in touch with you schedule a short discovery call.

03. Employee Financial Wellness

What is Employee Financial Wellness?

It has become abundantly clear that employees today are not saving enough and are not invested appropriately. Without an increase in engagement and awareness, most participants will likely fall financially short at retirement. While education and communication can be helpful, we believe that providing personalized 1:1 financial advice as a fiduciary to plan participants is far more effective and engaging. Employees have access to a team of CERTIFIED FINANCIAL PLANNER™ professionals (including access to Spanish services). Employees access all these resources using our participant advice portal, (k)larity @ Work™.

What services are provided?

Services include:
  • On-demand access to a CERTIFIED FINANCIAL PLANNER™ professional
  • Online scheudling system for 1:1 meetings
  • Access to digital financial planning tools for retirement, budgeting, and debt repayment using RightCapital
  • Comprehensive knowledge base with 250+ articles, videos, and webinars
  • Online help desk and ticketing system
  • 1-800 participant advice hotline

How do I learn more about Greenspring's employee financial wellness services?

Please click here and select "I'd like to learn about your financial wellness services" from the dropdown. Someone will be in touch with you schedule a short discovery call.

We make ERISA fiduciaries smarter.

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