Client:
Large law firm with multiple locations

 

Background: 
The law firm had a partner Defined Benefit Plan as well as a 401(k) Defined Contribution Plan.

 

Concern: 
The committee was faced with the following challenges:

 

• Structure their partner pension plan

    o Reduce volatility and eliminate surprise contributions for partners

 

• Offer a customized series of risk based portfolios

    o Ensure the 401(k) plan sponsors were meeting their fiduciary obligations regarding fee disclosure and investment monitoring

 

Resolution:  
FIA was hired to provide a retainer suite of services which included: 

 

• Overseeing the partner pension plan and the 401(k) plan

• Guiding the law firm through the aforementioned challenges

 

 

Ongoing Success:
The law firm implemented a custom low volatility asset allocation for their pension plan that:

 

• Controlled volatility 

• Made partner contributions more predictable

 

The investment fund lineup in the 401(k) plan was streamlined.  Four custom portfolios were designed specifically for the law firm’s participant demographics with:

 

• Best in class institutional funds

• Low expenses

 

The vast majority of participants utilize these funds.