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.
Take a look at this post to learn more about your fiduciary responsibilities.
I believe the best policy to follow to ensure you don’t receive a visit from a DoL representative is to do everything possible to avoid encouraging such a visit. Here are some suggestions that may help you avoid a DoL 401k audit.
A few changes can make your good 401k plan into a great one. To help your 401k plan achieve greatness, consider making the following 401k plan improvements this year.
Following are some universal, common sense criteria that plan sponsors can apply when hiring a 401k investment adviser along with important investment adviser credentials to evaluate. The information is divided into what I would consider the three major categories plan sponsors should evaluate: Fiduciary Responsibility, Firm and Background.
Are target risk funds appropriate for 401k plans? I don’t think so. Here’s why.
Plan sponsors should expect help from their investment adviser with the items outlined in this post.
How can you tell if you are working with a top 401k investment advisor? Check out this post to find out.