Plan Advisory & Fiduciary Services
SkyOak Capital provides ongoing investment oversight and fiduciary support for employers that sponsor 401(k) and other retirement plans.
We help employers evaluate and monitor their plan’s investment lineup, costs and service providers while helping them fulfill their ongoing investment fiduciary responsibilities. SkyOak works alongside the plan’s recordkeeper, third-party administrator and other retirement plan professionals.
Depending on the engagement, SkyOak may serve as a 3(21) investment fiduciary or 3(38) investment manager.
Plan Advisory Services
Depending on the needs of the employer and the scope of the engagement, services may include:
- Investment Selection & Monitoring — Reviewing the plan’s investment lineup and conducting ongoing investment monitoring and due diligence.
- Investment Policy — Assisting with the development and ongoing review of the plan’s Investment Policy Statement.
- Plan Cost Review — Reviewing plan and investment expenses and helping employers evaluate the services being received for those costs.
- Provider Evaluation — Helping employers evaluate recordkeepers, third-party administrators and other retirement plan service providers.
- Fiduciary Investment Services — Serving in a 3(21) or 3(38) investment fiduciary capacity when included in the engagement.
- Employee Education — Providing general investment and retirement education to help employees better understand and use their retirement plan.
3(21) or 3(38) Fiduciary Services
Under a 3(21) investment fiduciary arrangement, SkyOak provides investment advice and recommendations, while the employer or other plan fiduciary makes the final investment decisions.
Under a 3(38) investment management arrangement, SkyOak has discretionary authority to select, monitor and make changes to the plan’s investment lineup within the scope of its appointment and assumes fiduciary responsibility for those delegated investment decisions.
In both arrangements, the employer retains certain fiduciary responsibilities, including responsibility for selecting and monitoring SkyOak and for other fiduciary duties not delegated to us.
Reviewing an Existing Retirement Plan
Employers do not need to be establishing a new retirement plan to work with SkyOak. We can review an existing plan and help evaluate its investment lineup, costs, service providers and overall structure.
If changes are appropriate, SkyOak can work with the employer and its existing recordkeeper, TPA and other providers or assist in evaluating alternatives.
Fees
Plan advisory fees depend on plan assets and the services provided. Fees are disclosed in writing before an engagement begins.
Recordkeeping, administration, investment and other third-party expenses may be separate. Complete information about SkyOak Capital’s retirement plan advisory fees is available on our Fees page and in the firm’s Form ADV.
Your Advisor
SkyOak Capital’s Employer Retirement Plans practice is led by Damien Rennie, Senior Wealth Advisor & Director of Employer Retirement Plans and Self-Directed IRA Services, from our Medford, Oregon office.
Damien works with business owners, plan sponsors, recordkeepers, third-party administrators and other retirement plan professionals to provide ongoing investment and fiduciary support for employer retirement plans.
FAQs
Questions About Plan Advisory & Fiduciary Services
We already have a 401(k). Why would we need an advisor?
Employers that sponsor retirement plans have ongoing fiduciary responsibilities, including the prudent selection and monitoring of plan investments and evaluation of plan fees and services. SkyOak helps employers with this ongoing oversight and
provides a documented investment review process.
Under a 3(38) engagement, SkyOak assumes discretionary responsibility for selecting, monitoring and making changes to the plan’s investment lineup within the scope of its appointment.
What is fee benchmarking?
Fee benchmarking compares the plan’s costs—including recordkeeping, administration, investment and advisory expenses—with comparable retirement plans and services.
This can help employers evaluate whether plan fees remain reasonable for the services being provided and identify areas that may warrant further review.
Can SkyOak replace our current advisor or broker without changing our
recordkeeper?
In many cases, yes. An employer may be able to change its retirement plan advisor while continuing to use its existing recordkeeper and third-party administrator.
If the employer also wants to evaluate its current service providers, SkyOak can assist with that review separately.
Does SkyOak provide education to our employees?
Yes. SkyOak provides employee education to help participants better understand their retirement plan, investment options and the importance of saving for retirement. We can also provide educational classes on retirement planning, investing and other financial topics designed to help employees make more informed financial decisions.
What is the difference between a 3(21) and 3(38) fiduciary?
Under a 3(21) arrangement, SkyOak provides investment advice and recommendations while the employer or other plan fiduciary makes the final investment decisions.
Under a 3(38) arrangement, SkyOak has discretionary authority over the plan’s investment lineup within the scope of its appointment and assumes fiduciary responsibility for those delegated investment decisions.