The 401(k) X-Ray service will provide:
- Consulting and guidance;
- An evaluation of all elements of a plan;
- Suggestions to fit a company’s objectives; and
- A detailed report with a recommendation for any changes.
The service presents a technical review of a plan prepared by an American Society of Pension Professionals & Actuaries (ASPPA) Qualified 401(k) Administrator. According to BCG, it also breaks down the various components in a retirement plan and creates a step-by-step approach to help present the best retirement plan.
“We created 401(k) X-Ray to assist business owners and advisers in optimizing their plan’s performance and to minimize their fiduciary liability,” said Beau Adams, executive vice president of Business Development at BCG. “The 401(k) X-Ray shows a transparent view of the various components in a retirement plan. We’ll show you what your plan is doing well, but most importantly, where it could perform better. We will provide a thorough examination of your plan and identify areas for improvement. We will also identify areas to reduce your fiduciary liability.”