Welcome Plan Sponsor
Simplicity PlanScope360™ is built on six core principles that help your district’s retirement plan remain resilient and effective
The Six Pillars of Plan Management
Plan Design
Developed to meet district goals and objectives.
Plan design begins with the Plan Document – a document and processes that protect the employer while best serving the plan participants. The Plan document defines the benefits, eligibility provisions, features, and available providers for plan participants. Oversight of the Plan Document is managed by the governance committee.
Operational Compliance
Technology-driven administration for ease of use.
Operational compliance installs processes for collecting, maintaining, and retrieving all relevant documents, and keeping them current. This protects the plan sponsor from regulatory and industry scrutiny and provides the tools for an employer to successfully defend an audit.
Provider Management
Institutional oversight with local impact.
Provider management ensures that the plan’s investment providers offer products and services that help participants save for, and retire, successfully. Initial and ongoing provider reviews are completed by the plan’s governance committee. Goals of provider management include ensuring that all service providers are effectively performing key processes, including reviews of investment products, measuring participation rates, and overseeing local representation responsible for educating, enrolling and performing ongoing services to plan participants. Through the Provider Management process, a Complaint Resolution Policy and Provider Representative Code of Conduct will be implemented.
Participant Engagement
Programs and support tailored to plan participants.
Participant engagement processes deliver education and communication support to help employees understand and effectively use their plan. The participant engagement framework encourages open communications to address questions, concerns, and complaints, while also delivering quality educational content and tools to meet employees where they are in their financial journey and facilitate ongoing improvements toward financial security. The governance committee will develop and implement an Education Policy Statement (EPS) that includes and adheres to best-practice standards in plan design, compliance, provider management and overall governance.
Plan Economics
Transparency for district leaders, school administrators, and educators.
Plan Economics begins with a review of various costs of the services delivered to the plan and its participants, with the goal of fee transparency, accountability and understanding for all stakeholders, across all plan providers. Once costs are documented and understood, the governance committee works with plan providers on maximizing the plan benefits to both the plan and its participants.
Governance
Institutional-grade fiduciary support.
Governance establishes routines and processes that guide how the plan is to operate and be administered. Governance begins with creating a governance committee led by a Plan Governance Officer (PGO). The PGO should be familiar with industry best practices, including adhering to legal and compliance regulations. The committee creates goals and objectives, conduct reviews of current operations and plan performance, and works to improve the plans outcomes.
Simplicity PlanScope360™ is built on six core principles that help your district’s retirement plan remain resilient and effective
The Six Pillars of Plan Management
Plan Design
Developed to meet district goals and objectives.
Plan design begins with the Plan Document – a document and processes that protect the employer while best serving the plan participants. The Plan document defines the benefits, eligibility provisions, features, and available providers for plan participants. Oversight of the Plan Document is managed by the governance committee.
Operational Compliance
Technology-driven administration for ease of use.
Operational compliance installs processes for collecting, maintaining, and retrieving all relevant documents, and keeping them current. This protects the plan sponsor from regulatory and industry scrutiny and provides the tools for an employer to successfully defend an audit.
Provider Management
Institutional oversight with local impact.
Provider management ensures that the plan’s investment providers offer products and services that help participants save for, and retire, successfully. Initial and ongoing provider reviews are completed by the plan’s governance committee. Goals of provider management include ensuring that all service providers are effectively performing key processes, including reviews of investment products, measuring participation rates, and overseeing local representation responsible for educating, enrolling and performing ongoing services to plan participants. Through the Provider Management process, a Complaint Resolution Policy and Provider Representative Code of Conduct will be implemented.
Participant Engagement
Programs and support tailored to plan participants.
Participant engagement processes deliver education and communication support to help employees understand and effectively use their plan. The participant engagement framework encourages open communications to address questions, concerns, and complaints, while also delivering quality educational content and tools to meet employees where they are in their financial journey and facilitate ongoing improvements toward financial security. The governance committee will develop and implement an Education Policy Statement (EPS) that includes and adheres to best-practice standards in plan design, compliance, provider management and overall governance.
Plan Economics
Transparency for district leaders, school administrators, and educators.
Plan Economics begins with a review of various costs of the services delivered to the plan and its participants, with the goal of fee transparency, accountability and understanding for all stakeholders, across all plan providers. Once costs are documented and understood, the governance committee works with plan providers on maximizing the plan benefits to both the plan and its participants.
Governance
Institutional-grade fiduciary support.
Governance establishes routines and processes that guide how the plan is to operate and be administered. Governance begins with creating a governance committee led by a Plan Governance Officer (PGO). The PGO should be familiar with industry best practices, including adhering to legal and compliance regulations. The committee creates goals and objectives, conduct reviews of current operations and plan performance, and works to improve the plans outcomes.
