Paul Sommerstad & Ty Parrish: Measuring Plan Success

Be More Than A Fiduciary

About Paul Sommerstad: Paul is a Partner in the firm’s Retirement Plan Services Group. He has more than fifteen years of experience in the retirement plan industry and specializes in helping organizations understand how plan design can dramatically improve their employees’ ability to successfully retire and how proper governance can limit personal fiduciary liability. Paul has worked with a variety of public, private, and nonprofit organizations providing them with proven strategies that have resulted in improved outcomes for thousands of retirement plan participants. He is an ardent researcher of behavioral economics and prides himself in using plain language to help plan committees and participants accomplish their goals and objectives.

About Ty Parrish: Ty is a Partner and Practice Leader of Cerity Partners’ Retirement Plan Services Group where he specializes in helping public, private, and nonprofit organizations design “blue ribbon” retirement plans. His areas of expertise include plan design, fiduciary governance, vendor management, and Fiduciary Based Investment Consulting™.

In this episode, Eric, Paul Sommerstad, and Ty Parrish discuss:

• The role of plan committees
• Using metrics and more to create tailor-fit plans
• The unique position that advisors have in the industry
• The end result of great stewardship

Key Takeaways:

• ERISA Plan committees need to not only mitigate risk but also to creatively tailor retirement plans to both attract and retain employees. In the competitive market for talent, retirement plan offerings are tantamount to a chess game where each move must be strategic and well-planned.
• Financial wellness expands beyond immediate indicators and deeply considers the individual's balance of present and potential future financial needs.
• Advisors have the power to transcend jargon, encourage effective communication, and hold stakeholders accountable. This proactive stance not only promotes improvements but also potentially curtails turnover, enhancing tangible KPIs.
• With great stewardship, adaptability, and the right guidance, the road to retirement readiness can indeed become less arduous and more achievable for employees across the board.

“It's great to have a website and tools but at the end of the day, people want to talk to people about their personal situations. We try to cater to that, and not try to fit everybody into a box. You have to be flexible and work with individuals where they're at in their in their life cycles.” - Ty Parrish

Connect with Paul Sommerstad:

Email: [e-mail]

LinkedIn: https://www.linkedin.com/in/paulsommerstad/

Connect with Ty Parrish:

Email: [e-mail]

LinkedIn: https://www.linkedin.com/in/typarrish/

Connect with Eric Dyson:

Website: https://90northllc.com/

Phone: [phone]

Email: [e-mail]

LinkedIn: https://www.linkedin.com/in/401kguy/

The information contained herein is general in nature and is provided solely for educational and informational purposes.

It is not intended to provide a specific recommendation of any type of product or service discussed in this presentation or to provide any warranties, financial advice or legal advice.

The specific facts and circumstances of all qualified plans can vary and the information contained in this podcast may or may not apply to your individual circumstances or to your plan or client plan specific circumstances.