Most HR professionals treat the annual retirement plan review like a status update. The advisor presents, the team nods, and everyone gets back to the work they actually understand. The plan keeps running. Probably.
Andrew Farrell, Retirement Plan Advisor at North County Wealth, has spent 20 years working with businesses on plan design, compliance, and the advisor relationship. He's watched the same dynamic play out across organizations of every size: HR teams that know everything about their company but defer entirely on the plan.
In this episode, he breaks down:
- Why HR is already a subject matter expert in the room, and how to use that expertise to get more out of every advisor meeting
- How to draw a clear line between what HR should own and what should get handed off the moment it leaves the building
- Why missed payroll contributions are the most common retirement plan compliance failure, and the simple calendar habit that catches them before they become a problem
Timestamps
[00:00:39] Where HR's ownership starts in the retirement plan decision chain, from matching rates to enrollment
[00:02:00] Why getting employees enrolled early is HR's most impactful retirement plan move, and why starting late is the primary headwind in savings
[00:03:32] When auto-enrollment creates more administrative burden than it's worth, and the specific scenario where high turnover changes the math
[00:05:08] The "excess deference" dynamic: why HR professionals hand over authority in advisor meetings they should be keeping
[00:06:17] Why your plan advisor needs your company knowledge as much as you need their 401(k) expertise, and what a conversation of equals actually looks like
[00:07:00] Asking your advisor to teach you something, and why using their availability is part of what you're paying for
[00:08:18] The front door rule: what HR should own in plan administration and what to hand off the moment it leaves the building
[00:11:19] Why missed payroll contributions are the most common compliance failure, and how to build the redundancy and calendar checks that catch them
[00:15:38] Why "no" is a valid answer when your advisor pitches new plan features, and the ongoing operational cost of adding any bell or whistle
[00:18:40] What "fiduciary" actually means, how to know if you're a named one, and the four primary duties that come with it
Brought to You by Paylocity
Paylocity is the fastest growing unified platform for HR, Finance, and IT. Paylocity brings your people, processes, and data together in one place so HR leaders can spend less time managing systems and more time doing the work that actually moves their organizations forward. Learn more at paylocity.com
Keywords: 401k, 403b, retirement plan, fiduciary responsibility, HR compliance, auto-enrollment, plan advisor, payroll contributions, benefit design, retirement savings, plan document, financial wellness, employee benefits, retirement readiness, plan sponsor, benefits administration, excess deference, contribution timing, investment liability, HR strategy
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