By THOM RICHARDSON JR. In the normal course of my practice, I often ask business owners about the retirement plans they have in place. Usually I’m inquiring about the condition of their plan in hopes of securing their 401(k) or other retirement plan business. The response I get is “We’re fine.” I could be wrong, but given the tone of this obviously out of hand response, I suspect most businesses haven’t the slightest idea of whether their plan is serving their needs or not. I offer this observation primarily for altruistic reasons, because with some 8,000 baby boomers retiring each day (many of them naively unprepared to do so), there are serious ramifications for our society as a whole. Why? Because as a society we will live longer than any generation before us. In fact, many can expect to spend as long as 30 years in retirement! Given this and the fact that by most estimates we will need anywhere from 75 percent to 90 percent of our current income for that length of time, it is critical that we prepare today for this eventuality. The thought of hundreds of thousands, even millions of indigent elderly citizens is a thought that’s just plain scary, (if only 10 percent end up this way, it means 3-million such souls in 10 years). One might say that for you, the business owner, this is a consideration that hardly demands your time and attention. After all, by providing employment and the opportunity to save for retirement, haven’t you done your part, all that can be expected? Perhaps, but the issue goes further than that. In an increasingly competitive world you must attract and retain the best employees and work toward being the “Best of Class” simply to survive, let alone thrive. I suggest that a solid retirement plan is at least a significant part of any business model that has this as its goal and mission. Your problem For sure, as those retiring today meet a fate that is less than desirable, those behind them will pay more attention, look more closely, and be more attentive to their own situation. For you, the business owner that employs them, their issue will then become your issue. Are you ready? Can you sit at that initial interview and honestly boast about the plan you have in place, especially to an astute prospective employee? Do you even really know? If so then good for you. You can skip the rest of this article and move on with your day. If, however, you cannot unequivocally answer “Yes,” read on. For her own good, Hamlet suggested to Ophelia “Get thee to a nunnery.” It is with like concern I would suggest “Get thee to a retirement plan reviewer.” In other words, have a third party review your current plan, today. Ask them: Am I paying 12(b)(1) fees that I should have stopped paying long ago? Since my plan has grown over the years, are there considerations that I should look at? Who is the fiduciary of my plan? Are they doing things properly? Am I meeting my 404-C obligation to make sure the fiduciary of the plan is doing things right? Is my pension plan under funded? How can I tell? Are rumors of increased IRS scrutiny fact or fiction? How do I avoid a retirement plan audit? Is the Share Class of the plans investment right, or am I looking at an increased fee structure? What are the pros and cons of bundled retirement plan services? Can I save my company and plan participants money? If so, how? This exercise is painless and often free of charge (or should be). And even if neither of these is true, it’s still well worth any real or imagined trouble. After all, you strive every day to make your company’s product a better product, to provide a better service; you work tirelessly to make your company “Best of Class.” Ask yourself, would a better butcher, baker or candlestick maker give your company a better edge? If so, how do you attract them? This is certainly one way, one part of the “best of class” equation.