Our plan-level consulting approach is extremely valuable for plan design, maintenance and monitoring.

Success begins with a well-designed retirement plan. From feasibility studies to regulatory changes, employers rely on Cannon Financial Strategists for our proactive, educated approach to plan development and review. We consistently ensure your plan features are appropriate for your goals and will evaluate potential enhancements when appropriate.

Support for Investment Fiduciary Responsibility

For some retirement plan sponsors, selecting investments can be an intimidating task they are unequipped to manage. For others, only a little guidance is needed. Cannon gives clients the flexibility to assign us full or limited scope fiduciary responsibility.

As a third-party providing investment advisory service, we will accept either classification:

  •  ERISA 3(38) Fiduciary Investment Manager. As your Registered Investment Advisor, we will accept the responsibility of investment option selection, monitoring and replacement according to the Investment Policy Scope. Working under your Trustee/Investment Committee, our team will make all plan-level investment decisions.
  • ERISA 3(21) Fiduciary Limited Scope. For plan sponsors who prefer to retain responsibility and liability for selecting, monitoring and replacing plan investment options, we can provide support according to the Investment Policy Statement.

Governance Committee Operations

Establishing and operating a Governance (Trust or Investment) Committee is a critical component of a retirement plan. Without one, substantial liability risks come into play. At Cannon, we work with plan sponsors in the creation and operation of the Governance Committee in a variety of ways.

  • Provision of board resolutions for chartering the Governance Committee
  • Educate members about their responsibilities
  • Establish an Investment Policy Statement (IPS) to outline the prudent process for selecting and monitoring plan investment options
  • Review plan assets and investment options in a manner that addresses fiduciary obligations
  • Evaluate plan demographics
  • Give notice of regulatory changes/plan recommendations
  • Ongoing review of employee communication and education plan

Questions for Potential Clients:

  • Is your plan appropriately designed to achieve predetermined objectives?
  • Is your plan compliant with Department of Labor and Internal Revenue Service rules and standards?
  • Are the investment options in your plan appropriate?
  • Are the costs of your plan reasonable?
  • Do you have prudent processes in place to meet fiduciary standards?

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