Ongoing Plan Sponsor Concerns

Ongoing Plan Sponsor Concerns

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Managing a thoughtful retirement plan while trying to keep up with the ever-changing legal and regulatory environment can be challenging. Often, concerns over managing a retirement plan can vary, and plan sponsors are unsure of what needs to be addressed. Below, we review five ongoing plan sponsor concerns that sponsors should keep in mind to guarantee they have an effective retirement plan in place not only to ensure the retirement readiness of their employees, but to avoid liability should an audit occur.

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Breaking Down 3(21) vs. 3(38) Fiduciary

Breaking Down 3(21) vs. 3(38) Fiduciary

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While most are familiar with the term, many plan sponsors are uncertain of what it actually means to be a fiduciary. In fact, a recent JP Morgan survey stated 43% of company fiduciaries do not identify themselves as fiduciaries. This reflects the fact that many plan sponsors are uncertain about what a fiduciary exactly is.

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Building an Ideal Investment Fund Lineup

Building an Ideal Investment Fund Lineup

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Plan sponsors know that offering a retirement plan is important not only to attract and retain loyal employees, but to ensure they are retirement ready. There are many moving parts to the retirement plan, including enrollment, plan education efforts, building the investment fund lineup, staying compliant with the DOL and ERISA, and making distributions. Particularly, building an ideal investment fund lineup is a multi-stage process, and for many sponsors, the prospect of selecting the investments to be offered in a plan can seem overwhelming. With thousands of investment funds available to choose from, creating the right mix for your employees can be difficult.

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