The opening of a new year is always a good opportunity to take stock of where you are and set goals for the New Year. At Multnomah Group, we are no different as we take this time to look back at the previous calendar year and assist our clients with strategy for the current year.
Internally, I serve on both the Technical Services Committee and the Vendor Services Committee, and at the start of the New Year we spend time developing our internal objectives for each committee for the coming year. Similarly, in my role as a consultant, we begin the year collaborating with clients to build plan objectives for the upcoming year. Many of you may be familiar with our Annual Fiduciary Program which guides our quarterly client activity, and for those unfamiliar, the program addresses everything from governance to plan operations.
Annually, plan sponsors should take a broad review of the retirement plan(s) held, fiduciary and settlor decisions, and if a Committee is in place review the Charter for roles and responsibilities.
Also, this is a good time to review any new regulations imposed by the IRS or DOL. Recently, we shared the IRS’ update to the 2020 IRS Contributions/Benefits Limits and throughout 2020 we will be monitoring the changes the SECURE Act may impose with our clients.
In closing, we encourage plan sponsors to take this time to review the previous year and update in any processes or procedures that need addressing in 2020.
Multnomah Group is a registered investment adviser, registered with the Securities and Exchange Commission. Any information contained herein or on Multnomah Group’s website is provided for educational purposes only and does not intend to make an offer or solicitation for the sale or purchase of any specific securities, investments, or investment strategies. Investments involve risk and, unless otherwise stated, are not guaranteed. Multnomah Group does not provide legal or tax advice.