The market is going to ebb and flow, like it’s always done. We’ve seen it all. We believe that the best way to stay ahead of the weather is with the people who’ve been through every kind of condition. When your business works with Lakeside, you receive the collective experience of our entire team, not the limitations of a single person.

Lakeside-Hero-Confidence1

The market is going to ebb and flow, like it’s always done. We’ve seen it all. We believe that the best way to stay ahead of the weather is with the people who’ve been through every kind of condition. When your business works with Lakeside, you receive the collective experience of our entire team, not the limitations of a single person.

OUR CORPORATE FOCUS

Helping Your Business Achieve Full Potential

Plan Design Consulting

Plan Design Consulting

What is plan design? It is simply how all the pieces of the retirement plan puzzle – plan type, investment structure, funding mechanism, operations, plan eligibility and entry, all fit together. Design is a critical part of the setup and ongoing operations of a plan. It can ultimately determine whether a plan is successful or not, both for the employer and for the employees.

Lakeside takes a structured approach to this process, looking at employee trends, such as age, tenure and wages to determine an ideal plan approach from the employee perspective. We then look at the employer’s business, including plan goals, the competitive landscape, ownership values, and, of course, budget. We then line up those metrics and look for the ‘sweet spot’, where both employer and employee are able to be confident about the ability to achieve great outcomes for participants, recruit and retain top talent for employers, and do it all within a budget that makes sense for everyone.

Much of plan design revolves around options that may not have a direct hard dollar cost. For example, how are employees going to enroll in the plan? Using paper? Online? Are they going to sit in a group meeting or enroll on their own? Will they meet with an advisor to help guide them? Should we change the choice architecture and default everyone to be in the plan (after all, everyone wants to retire)? Some seemingly simple questions can become complicated quickly. With a deep bench of advisors and decades of experience, we will guide you through the pros and cons of this critical process.

We view the plan design as important (if not more important) than the investment selection. Say what? It’s simple – the design of your plan has a big impact on whether employees will participate in the plan, and if they will contribute the right amount to achieve their goals. You can have the best investments in the market in your plan but if your employees aren’t in the plan, it does them no good.

Plan design is not a ‘One and Done’ type of event. If structured properly it should be reviewed and analyzed on an ongoing basis to ensure that the plan evolves as the needs of the business and its employees evolve.

Supported Plan Types
Investment Selection & Ongoing Monitoring
Vendor Search & Selection
Fiduciary Audit File Maintenance
Participant Education & Support Services
Financial Wellness
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