MV Financial was introduced to a Washington, DC-based professional services firm with 30 professionals, an additional 25 support staff and total plan assets of $8,000,000. The firm’s plan was set up many years ago using a large national provider’s basic start-up plan platform, and didn’t change as the size of the firm and plan grew. The plan matching formula didn’t allow the primary partners to maximize their contribution due to limited plan design capabilities.
We uncovered the following deficiencies and concerns during the benchmark and subsequent review with the plan’s administrators/sponsors
Based on the benchmark results, MVF offered the following recommendations:
The firm chose MV Financial because of our knowledge of alternative plan designs. As a result of our changes to the plan, the firm’s managing partners were able to begin maximizing their contributions. In addition, MVF’s actively managed risk based portfolios have performed well against their respective benchmarks. MVF also reduced sponsor’s fiduciary liability by serving as a 3(38) Fiduciary Investment Manager. Finally, employees have shown a positive response to the investment education sessions and one-on-one meetings that MVF provides.