As an employer and sponsor of a 401(k) plan, your company has a fiduciary duty to its participants. This means you must select the appropriate service provider(s) at a reasonable cost, determine the optimal plan design provisions, choose and monitor investments, keep up with the new legislative changes, ensure your plan is administered properly, and educate and inform plan participants. The goal is to administer a retirement plan that inspires employees to reach their retirement dreams, while helping you recruit and retain valuable team members.
How do you know if your company is meeting these challenges? How do you select service providers or investments – what are the criteria? How do you know if your plan is working? Does your company have the resources to handle these responsibilities alone? How do you know that you are in compliance with the new fee disclosure rules?
Unless your company has dedicated employees with 401(k) expertise who focus solely on managing your employee retirement plan, you should consider hiring a fiduciary retirement plan advisor who specializes in 401(k) plans and is dedicated to helping you and your employees get the most out of their retirement plan.