At BPG, our goal to help our clients achieve “Blue Ribbon” status. This means the plan sponsor has provided their employees with a low-cost, well-engineered retirement plan that puts them on a clear path to achieving retirement success. It also means the organization has taken steps to fulfill their responsibilities related to sponsoring an ERISA retirement plan. Ultimately, it symbolizes that the organization’s retirement plan ranks among the very best in the country regardless of industry or plan size.
Utilizing our proprietary Plan Health SmartCard™, we measures the critical dimensions of plan success on a scale of 0 to 100. To put things in perspective, an “average” plan based on national benchmarking data will score in the low- to mid-50s given our methodology. See the graphic below for some of the criteria that make up a Blue Ribbon Plan.
By scoring each component of plan success individually and then rolling it up into a single, easy-to-understand score, we can identify opportunities for improvement as well as actionable steps to improve the plan’s overall score. On average, Blue Prairie Group clients score in the mid-70s, or about 43% higher than the national average. Our objective, however, is to help a plan achieve “Blue Ribbon” status, which means the plan has achieved a score of 85 or higher.
To request your complimentary BPG Plan Health assessment, please click here.