PGI Survey Results PDF

# PGIT™ Survey Results ## Presented By: Todd Harlow HERO7 # PLAN GOVERNANCE INDEX™ The PGI™ is a survey providing a holistic assessment of a Defined Contribution retirement plan. The PGI™ comprises three distinct modules: - PROCESS OF INVESTING - PLAN ADMINISTRATION - PARTICIPANT OUTCOMES Ea...

# PGIT™ Survey Results ## Presented By: Todd Harlow HERO7 # PLAN GOVERNANCE INDEX™ The PGI™ is a survey providing a holistic assessment of a Defined Contribution retirement plan. The PGI™ comprises three distinct modules: - PROCESS OF INVESTING - PLAN ADMINISTRATION - PARTICIPANT OUTCOMES Each section is scored separately on a 100-point scale and averaged together for a comprehensive PGIT™ score. The PGIT™ Survey is designed to identify Plan governance breaches and provide clear remedies for the Plan Fiduciaries to fix the gaps and follow the roadmap provided toward improving the PGIT™ score. | Risk | Score | |---|---| | Low Risk | 91-100 | | Medium Risk | 66-80 | | High Risk | 0-65 | # PGI SURVEY RESULTS ## COMPREHENSIVE SCORE The PGIT is a survey providing a holistic assessment of a Defined Contribution retirement plan. The PGIT comprises three distinct modules and score respectively: | Module | Score | |---|---| | Participant Outcomes | 75 | | Plan Administration | 77 | | Process of Investing | 100 | **Overall PGI Score: 84** Each section is scored separately on a 100-point scale and averaged together for a comprehensive PGI score. - LOW RISK - MEDIUM RISK - HIGH RISK ## PARTICIPANT OUTCOMES **Low Risk (75)** 1. Does the Plan Record Keeper provide statements for participants with retirement income measures listed prominently and clearly? - **Answered:** Yes - **Certified:** Nov 26, 1:09 PM - **Documents List:** - 2621_486918.pdf - 2621_096789.pdf 2. Engage Plan Record Keeping solutions that prioritize reporting to participants with retirement income projections and measures clearly defined and displayed - **Answered:** Yes - **Certified:** Nov 18, 9:10 PM - **Documents List:** - 2622_965665.pdf - 2622_731056.pdf 3. Create Plan amendment to add this provision - **Answered:** No - **Remedy:** ERISA counsel engaged for full plan document review 4. Does the Plan allow for Roth contributions? - **Answered:** Yes - **Certified:** Nov 18, 9:10 PM - **Documents List:** 5. Add this Plan provision - **Answered:** Yes - **Certified:** Nov 18, 9:10 PM - **Documents List:** 6. Does the Plan allow for True Up calculations or other methods to ensure Employer match dollars are maximized for employees? - **Answered:** Yes - **Certified:** Nov 18, 9:10 PM - **Documents List:** 7. Add Plan provisions eliminating any gaps that exist preventing employees from gaining maximum match dollars from the Employer - **Answered:** Yes - **Certified:** Nov 18, 9:10 PM - **Documents List:** 8. Remedy is to adopt some techniques that raise Plan participation - **Answered:** Yes - **Certified:** Nov 18, 9:10 PM - **Documents List:** ## PLAN ADMINISTRATION **Low Risk (77)** 1. Verify testing and coverage is being done correctly - **Answered:** Yes - **Certified:** Nov 18, 9:10 PM - **Documents List:** 2. Update Plan documents and/or adjust procedures to comply with governing Plan documents - **Answered:** No - **Remedy:** ERISA counsel engaged for full plan document review - **To be answered by Third Party:** Wellness provider These questions will be answered by third party, If a third party say eg. Wellness provider is assigned to the survey or the organization as Actuary. Then all the actuary questions will be answered as perWellness provider has answered previously for other clients. 3. Is the Summary Plan Description (SPD) current and does it contain all the necessary content required under ERISA? - **Answered:** No - **Remedy:** ERISA counsel engaged for full plan document review - **To be answered by Third Party:** Wellness provider These questions will be answered by third party, If a third party say eg. Wellness provider is assigned to the survey or the organization as Actuary. Then all the actuary questions will be answered as perWellness provider has answered previously for other clients. - **Certified:** Nov 18, 9:10 PM - **Documents List:** - 10_043483.pdf 4. Update SPD and document the current standards are being met - **Answered:** No - **Remedy:** ERISA counsel engaged for full plan document review 5. Are SMMs (Summary Material Modifications) created as required? - **Answered:** Yes - **Certified:** Nov 18, 9:10 PM - **Documents List:** 6. Verify SMMs were completed correctly - **Answered:** Yes - **Certified:** Nov 18, 9:10 PM - **Documents List:** 7. Is there a process to resolve uncashed distribution checks? - **Answered:** Yes - **Certified:** Nov 18, 9:10 PM - **Documents List:** 8. Identify and resolve any uncashed distribution checks with a documented process in place - **Answered:** No - **Remedy:** ERISA counsel engaged for full plan document review 9. Does the Plan have QDRO procedures and a Model QDRO if desired? - **Answered:** Yes - **Certified:** Nov 18, 9:10 PM - **Documents List:** ## PROCESS OF INVESTING **Low Risk (100)** 1. If the Plan is using a proprietary Stable Value, Guaranteed Fund or Fixed Account from the Plan Record Keeper, is there documentation of the selection process to support the decision? - **Answered:** Yes - **Certified:** Nov 18, 9:10 PM - **Documents List:** 2. Does the plan offer professionally designed Asset Allocation solutions for plan participants (i.e. Target Date funds, Lifestyle Funds, Asset Allocation models?) - **Answered:** Yes - **Certified:** Nov 18, 9:10 PM - **To be answered by Third Party:** Wellness provider These questions will be answered by third party, If a third party say eg. Wellness provider is assigned to the survey or the organization as Actuary. Then all the actuary questions will be answered as perWellness provider has answered previously for other clients. - **Documents List:** - 10_043483.pdf 3. If the Plan is using proprietary Target Date funds from the Record Keeper is there documentation regarding the appropriate fit relating to investment design, asset categories, withdrawal patterns and alignment with employee demographics? - **Answered:** Yes - **Certified:** Nov 18, 9:10 PM - **Documents List:** 4. Adust the share classes being used to offer the lowest net price for Plan participants - **Answered:** Yes - **Certified:** Nov 18, 9:10 PM - **Documents List:** 5. Document the reasoning to support not having lowest net share classes, i.e. reasoning for using zero revenue for example - **Answered:** Yes - **Certified:** Nov 18, 9:10 PM - **Documents List:** 6. Create folder or online vault and organize all invesmtent monitoring documentation - **Answered:** Yes - **Certified:** Nov 18, 9:10 PM - **Documents List:** 7. If the Plan Record Keeper is also providing Target Date funds for the plan participants, is there clarity and documentation regarding the different record keeping fees for using the proprietary Target Date funds? - **Answered:** Yes - **Certified:** Nov 18, 9:10 PM - **To be answered by Third Party:** Wellness provider These questions will be answered by third party, If a third party say eg. Wellness provider is assigned to the survey or the organization as Actuary. Then all the actuary questions will be answered as perWellness provider has answered previously for other clients. - **Documents List:** - 10_043483.pdf # DISCLAIMERS **DISCLAIMER:** The purpose of these questions is to assist the consultant/advisor to gain an understanding of your retirement plan. The answers to the questions do not indicate that plan fiduciaries meet or fail to met their fiduciary obligations under ERISA, and only indicate that further examination of plan processes with legal counsel may be needed or may be helpful.