Industries

MarketSphere’s consultative approach supports fiduciaries addressing issues like unknown decedents, missing participants or beneficiaries, uncashed checks and other data quality issues that could trigger DOL inquiries.

We have 20+ years of experience across several industries:

Corporate

We have worked with retirement plans from the Fortune 10 down to the middle market and they all have the similar challenges.  While corporate retirement plans generally have several vendors they use to record keep, administer, advise or custody the management of their plan(s), there are typically gaps when it comes to managing participant data and the challenges it represents that can lead to unknown risks.  Risks such as missing participants/beneficiaries, unknown decedents & uncashed checks are just a few that the DOL keys in on and regardless of their vendors, the organization is responsible as the Fiduciary for any gaps left unidentified.  

Managing the plan for a Taft-Hartley plan or union fund has unique challenges when it comes to census or participant data, as often times the participants are not the organization’s direct employees.   You are typically at the mercy of the employer, the participant, or even the beneficiary to maintain the current standing of the participant’s life status, account information, or eligible dependents.  Not having accurate information can cost you fund money in overpayments, incorrect funding liability, PBGC premiums, and open you up to regulatory audits should you be carrying any of the DOL’s “red flags”.  MarketSphere works with all sizes of union funds to help them identify, correct, and maintain their census file to avoid or mitigate fiduciary challenges or DOL audits.

As a recordkeeper or TPA, some of your biggest challenges are dealing with problems caused by folks outside of your four walls.  You inherit these with each new client you onboard, and they just add to the growing issues around participant data and the challenges that they represent.  Undeliverable mail, uncashed checks, missing beneficiaries, and paying participants who have died are all related to information that you inherit from your clients.  On top of that, trying to help your clients with any type of projects that involve participant communication, especially when a timely response is critical, can leave your project at risk.  The MarketSphere team offers over 50 years of experience working with recordkeepers and third-party administrators to consult with organizations on mitigating these challenges and come up with a plan to maintain participants records. 

While state, local, and municipal plans are generally not bound by ERISA,  they still suffer from the same challenges as any other retirement plan with a fiduciary responsibility.   Organizations generally manage their entire Plan in-house or use several vendors to record-keep, administer, advise, or have custodial management of the plan(s), but either can lead to gaps when it comes to managing participant data and the challenges it represents that can lead to unknown risks.  Risks such as missing participants/beneficiaries, unknown decedents & uncashed checks are just a few examples, and the fiduciary is responsible for any gaps left unidentified.