The Impact of Proactive Plan Cost Management
Hear directly from Tom Hunsberger, Director of Human Resources for Olmsted Medical Center, as we discuss how a proactive approach helped lower retirement plan costs and improve fee transparency for plan participants. More specifically, we cover:
- Why improving fee transparency mattered to Olmsted (5:10)
- How to better match retirement plan recordkeepers’ responsibilities with their compensation (11:45)
- What impact investment share class selection has on fees (16:03)
- The trust employees place in their employers (21:21)
- Strategies that work best for equitable cost allocation (22:40)
“…[T]he average participant doesn’t look at [plan fees] very closely. They’re trusting you as their employer to do so for them… [I]t’s a big deal to have that kind of trust placed in you as an employer and a plan sponsor, and that’s what really drove us down the road we went.”
– Tom Hunsberger
Director of Human Resources
Olmsted Medical Center
The information presented is from sources believed to be reliable but Francis Investment Counsel cannot guarantee its accuracy or completeness. Olmsted Medical Center retains Francis Investment Counsel as its 3(21) investment adviser for investment consulting and employee financial wellness services. Neither Olmsted, nor any of its representatives, were compensated for participation in this podcast, and there are no conflicts of interest to be disclosed. The information and experience described by Olmsted is not necessarily representative of all Francis Investment Counsel clients. MoneyAdvice@Work® is offered through Francis Investment Counsel, a Registered Investment Adviser with the SEC. Francis Investment Counsel is not a registered broker/dealer. Neither the firm nor any employee is licensed to sell or be compensated for the recommendation of any financial products or product providers.
