Practical Guidance for Plan Sponsors
BeManaged provides retirement plan consulting and educational resources for employers in Grand Rapids and across West Michigan who want clearer guidance when evaluating retirement plan decisions.
This resource section is designed to help plan sponsors understand common retirement plan responsibilities and evaluate service providers with greater confidence.
Are You an Employee Looking for Guidance?
If you’re an employee of an organization that works with BeManaged and you’re looking to schedule a one-on-one financial conversation, visit our employee resource page to access scheduling options and program details.
Understanding Common Fiduciary Roles
Retirement plan sponsors frequently encounter fiduciary terms such as 3(21) and 3(38) when evaluating retirement plan advisors.
3(21) Fiduciary Advisor
A 3(21) advisor provides investment recommendations and guidance, while the plan sponsor retains final decision-making authority.
3(38) Investment Manager
A 3(38) fiduciary has discretionary authority to select and manage plan investments, assuming greater responsibility for those decisions.
Understanding these roles helps plan sponsors determine the level of oversight and delegation appropriate for their organization.
Questions Plan Sponsors Often Ask When Evaluating Advisors
When reviewing retirement plan service providers, organizations often ask:
- What fiduciary role does the advisor serve?
- How are advisors compensated?
- What participant services are provided?
- How are plan fees evaluated and benchmarked?
- What educational resources are available to employees?
These questions help plan sponsors compare service providers more effectively and document their evaluation process.
Supporting Participant Outcomes
Strong retirement plans depend not only on plan design but also on participant engagement.
Many organizations improve retirement readiness through employee-focused programs such as
employee financial education workshops and
401(k) participant advisory services that help employees understand their plan and make informed financial decisions.
Retirement Plan RFP Support
Organizations periodically review their retirement plan providers through a formal request-for-proposal (RFP) process.
BeManaged can participate in these evaluations by providing information about our participant advisory services, financial education programs, and approach to supporting employee financial wellness.
Serving Employers Across West Michigan
BeManaged is headquartered in Grand Rapids and works with organizations throughout West Michigan, including Ada, Holland, Kalamazoo and nationwide.
Retirement Plan Consulting FAQs
What should a plan sponsor ask a retirement plan advisor?
Sponsors often review fiduciary roles, service scope, compensation structure, and participant support when evaluating advisors.
What is the difference between a 3(21) and 3(38) fiduciary?
A 3(21) advisor provides recommendations while the sponsor retains decision authority. A 3(38) investment manager has discretionary authority over investment selection.
Can you respond to a retirement plan RFP?
Yes. Organizations evaluating service providers can request information about BeManaged’s services and approach.
How do we evaluate participant services?
Employers often review engagement levels, education programs, and availability of one-on-one consultations for employees.
Start the Conversation
If your organization is reviewing retirement plan resources, evaluating participant services, or exploring financial wellness initiatives, the first step is a conversation about your goals and plan structure.