Outlined in this post are two examples of 401k fraud litigation, followed by steps plan sponsors and employees can take to protect against 401k fraud.
As a 401k investment adviser who is also an Accredited Investment Fiduciary (AIF), I have worked with investment committees for decades. During that time, I have found the following three fiduciary responsibilities to be most important for every 401k investment committee.
As an Accredited Investment Fiduciary (AIF), I am a retirement plan fiduciary compliance expert. Following are answers to the eight fiduciary questions I hear most often from employers.
The difference in returns is huge for investors working with a fiduciary.
Are you working with the right 401k investment adviser? Do you want to find out? Ask your adviser the following eight questions and then see how the answers compare with the generally desired responses outlined below.
Making sure you are paying reasonable 401k fees for your plan is one of your major fiduciary responsibilities as a plan sponsor — especially if you are using plan assets to pay 401k fees. This post shares best practices for managing fees in your 401k plan.
As part of your fiduciary compliance responsibilities as a plan sponsor, you should regularly review the providers that work with your 401k plan.
Although you aren’t required by law to have one, the investment policy statement is one of the primary documents the Internal Revenue Service (IRS) and Department of Labor (DoL) request when they visit employers for plan audits.
I believe that your 401k plan investment committee should focus on reviewing the following at their meetings.