401k Plan Benchmarking
In an effort to keep clients and business partners up to date on 401k plan benchmarking services and best practices in the 401k plan marketplace, Lawton Retirement Plan Consultants, LLC suggests the following resources.
401k Best Practices: Decision-Making And Documentation. Are you making plan decisions using a prudent process? Do you always put the interests of plan participants ahead of the company’s when considering plan issues? This post contains the best practices related to decision-making and documentation.
401k Best Practices: Fees. Are your plan fees market competitive? Do you meet your fiduciary obligations regarding 401k fees? Consider these 401k best practices relating to fees.
401k Best Practices: Investments. Interested in how your investment menu stacks up versus this marketplace? Take a look at this post which outlines current best practices for 401k plan investment menus.
401k Financial Wellness/Education Best Practices. Have you started planning your annual 401k employee education sessions? Generally, most plan sponsors conduct employee education sessions during the early part of the new year to explain changes that went into effect on January 1. As you think about your annual education sessions, keep the 401k education best practices in this post in mind.
401k Plan Design Best Practices. Are you questioning whether your plan design is still market competitive? A leading-edge 401k plan has the plan design features outlined in this post.
Best 401k Plans Have These Six Features. Each year Brightscope, an independent financial information company that aggregates retirement plan data, releases a list of what it believes are the best large 401k plans. This post shares the six plan features that Brightscope says result in a 401k plan receiving a high ranking, along with my comments on each feature.
Does Your 401k Investment Adviser Measure Up? Each year retirement plan sponsors should take time to evaluate their providers. Included in this group is your 401k investment adviser. Most plan sponsors use an investment adviser to help them with their 401k plans. This is a smart decision since many advisers are able to save plan sponsors at least as much as they charge. This post will help you learn if you are working with the right 401k investment adviser.
Five Reasons To Benchmark Your 401k Plan This Year. Are you in the practice of benchmarking your retirement plan on a regular basis? Have you ever benchmarked your 401k plan? This post explains why you should benchmark your plan this year.
Review Your 401k Providers Regularly — Here’s How. On a regular basis the Department of Labor (DoL) would like you, as the plan sponsor, to review the providers that work with your retirement plan. As a fiduciary to your plan, you have an obligation to ensure that the providers you are working with are appropriate and that their fees are reasonable. This post shares some suggestions for managing a provider review process.
Services To Expect From Your 401k Investment Adviser. Use the criteria in this post to evaluate the services you should be receiving from your investment adviser.
Seven Signs Of A Successful 401k. Over the 30 years that I have spent consulting with plan sponsors about their 401k retirement plans, I have noticed that the best plans have the seven attributes outlined in this post.
Ten Key Features Of A Retirement-Ready 401k. Is your 401k plan retirement-ready? Take a look at this checklist to make sure.
Unsure if the fees you’re paying your 401k providers are reasonable?
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12 Low-Cost Ways to Improve Your 401k Plan
After working with hundreds of 401k plans for more than 30 years, I have compiled a list of low-cost quick fixes that can make a big difference in your 401k plan. Click the button below and complete the form to download the list.