401(k) Retirement Plans
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Building a Successful Investment Committee
The standards plan fiduciaries are held to seem to be rising. A critical step in meeting your fiduciary responsibility is to start an investment committee or strengthen your current one. These high-level investment committee basics break down what a successful committee looks like. Committee Structure Size: Typical committee size ranges from 3 to 9 members. The…
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Could your hands-off approach be harmful to your retirement plan?
A laissez-faire approach can make your retirement plan even harder to reclaim if you let things go too long. Remember that employees actually expect to retire someday One of the problems with some 401(k) plans is the sponsor started the program just to meet their competition, or because they felt they had to offer “something”…
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401(k) recordkeeping RFPs | 4 Questions to ask your future provider
According to research performed by the Callan Institute, 1 in 5 plan sponsors intend to conduct a recordkeeping search in 2019. So maybe you’re one of those plan sponsors that are thinking about a search this year? Maybe you see a search coming later down the road? Whatever the case may be, if you are…
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How Do You Measure Up to the Competition? Plan Benchmarking.
Why should I benchmark my plan? As an organization that must compete for employees in today’s marketplace, you want to know how your benefits measure up to the competition. You want to ensure that it gives participants a chance of successfully achieving a good retirement. And as a fiduciary, you want to confirm that your…
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How Successful Plan Sponsors Address Basic Responsibilities and Standards
Basic Fiduciary Responsibilities and Standards Prudence and Process – the Two Pr’s The ERISA application of fiduciary duty and prudence is much more stringent than the common law understanding. An ERISA fiduciary must act as a prudent expert in his or her applicable area of discretion over the plan – using the care, skill, prudence,…
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How Successful Plan Sponsors Identify Plan’s Fiduciaries
Identifying Your Plan’s Fiduciaries The Employee Retirement Income Security Act of 1974 (ERISA) has a clear set of responsibilities and duties for those individuals and entities who act as plan fiduciaries. It is important that plan sponsors and fiduciaries take these requirements seriously and understand their own responsibilities as well as those of the other…
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Fee Benchmarking for Retirement Plans Made Easy
A topic that we get asked about a lot is how to understand the true cost of a retirement plan, and then how to compare that cost to the market. This is not just a “nice to know” kind of thing; it is fundamental to the role of a plan fiduciary under ERISA. Why should…
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Retirement Plan Investment Committee Basics
Your retirement plan’s Investment Committee is most likely composed of individuals with extremely busy schedules and a small amount of time dedicated to discussions surrounding your plans investments. So how do you make the most of their limited availability? We’ve put together a list of some tips, tricks, and best practices to make sure your…
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Know Your Fiduciary Role!
Those who oversee qualified plans are either very familiar with the role they play for their employee retirement plan, or do not clearly understand the significance of their fiduciary duties. It is important to know your job within a qualified plan. Plan fiduciaries should understand the instrumental part they play and take the responsibilities afforded…
