Vice President, Client Relationship Management and Consulting, Honored for Leadership in "Plan Design & Administration Innovation" HANYS Benefit Services (HBS) is pleased to announce that Carol A. Idone, CFP®, AIF®, Vice President, Client Relationship Management and Consulting, is the recipient of the 2017 SPARK Advisor Award: Plan Design & Administration Innovation.  This award is presented annually by The SPARK Institute, Inc., to a retirement plan advisor in the United States who "demonstrates leadership in designing plans and administrative processes that improve participant outcomes while managing plan costs." The SPARK Institute helps to shape national retirement policy by providing research, education, testimony, and comments on pending legislative and regulatory issues to members of Congress and relevant government agency officials. Its members serve approximately 85 million participants in 401(k) and other defined contribution plans.  Ms. Idone brin

1. Document all decisions— Appoint a secretary to take notes on all actions and decisions. 2. Hold retirement plan committee meetings regularly— Quarterly is the best practice; make sure your people get there and have a good attendance record. 3. Appoint qualified committee members— If you want to bring in people from different departments within the hospital to have them more involved in the retirement plan process, be sure that people are chosen who understand how the retirement plan and investments work. You also need to have an odd number of people on the committee to avoid votes that end in a tie. 4. Periodically review plan operations and providers— Review the scope of services in the service agreements with all plan providers to ensure these services are still needed and are of high quality. Make sure the plan administrator and service providers are administering the plan in accordance with the plan document. 5. Ensure ERISA compliance— ERISA Sec. 404(c) protects plan sponsors