Retirement plans are a critically important component of company compensation offerings, particularly in today’s competitive environment.  However, for many companies this highly regulated area involving unforgiving ERISA rules and procedures leaves company leadership and management challenged with which plans to choose and how to design, implement and maintain them once chosen.

Prescott Tax & Wealth Management, with its personnel comprising seasoned CPA and investment advisor personnel, offers a unique blend of capabilities and knowledge to provide comprehensive and best-in-class professional retirement plan services.

Committee Formation Support & Fiduciary Governance Guidance

Prescott Tax & Wealth Management works with clients to help them initially establish or update their retirement plan committee according to industry best practices. We help our clients establish a clearly organized fiduciary governance structure which includes selecting and formally appointing committee members, establishing a committee charter and acknowledging all appointments in writing. We provide fiduciary training for committee members regarding their fiduciary responsibilities and corresponding best practices in effort to improve their decision making and minimize organizational and personal liability.

We offer quarterly plan review meetings to help plan sponsors oversee and monitor all aspects of plan performance including investment returns, fee competitiveness, plan operational issues and team member educational support.  We also produce and archive meeting minutes.

Fiduciary Document Vault

Maintaining a well-documented fiduciary file sits at the heart of retirement plan administration “best practices.” Prescott Tax & Wealth Management establishes a proprietary, fiduciary “vault” for each client to help manage and document the fiduciary oversight process. This vault provides a central location for access to all plan-related information and serves as a central document management repository for Prescott Tax & Wealth Management, the committee, and other service providers who are given access (e.g. auditors, etc.).

Fee Analysis and Annual Benchmarking

ERISA fiduciaries are charged with reviewing and understanding the competitiveness of their plan’s fees and assuring that they are reasonable given the levels of services that are offered by their service providers. Prescott Tax & Wealth Management assists clients in the process of reviewing all plan-related fees and expenses and helps negotiate the most competitive fee structures possible. We utilize independent and objective, third party benchmark services to help our clients’ fee competitiveness.

Vendor Review

Industry “best practices” recommend that a formal vendor review is conducted every three to four years. These reviews help clients make sure that the service arrangement and fee structure currently in place is competitive and that any innovations in technology, educational support, investment options, etc. are made available to the plan.

Plan Operational Assistance & Client Advocacy

Prescott Tax & Wealth Management is our clients’ first contact when administrative or service issues arise, and we support our clients’ team members in resolving issues quickly and efficiently.

Participant Advice & Team Member Educational Support

At the core of Prescott Tax & Wealth Management’s service offerings is the individual approach we take in assisting every client’s team members in striving to maximize their use of their 401(k) plan. We offer group seminars, webinars, and individual meetings to help team members approach their retirement goals with confidence.