ERISA litigation has been around almost as long as the law itself. Every year, some company is facing an excessive fees case or company stock litigation. However, a new trend emerged last year, which many plan sponsors find alarming.
Pop Quiz: Can You Spot the Common Retirement Plan Misconceptions?
The laws and regulations surrounding retirement plans are complex and confusing. It isn’t any wonder, then, that there are a lot of misconceptions floating around. From fiduciary liability to required disclosures, there are a lot of common beliefs that aren’t necessarily true. Are the following statements fact or fiction? Read on to find out how much (or little) you really know about retirement plans.
The Power of Effective Plan Governance
In a previous post, we discussed the importance of plan governance and how it works to make your retirement plan more efficient. Plan governance involves a myriad of details that must not be overlooked. How do you organize the responsibilities, policies, procedures to create an effective strategy?
The Importance of Plan Governance
A 401(k) or other qualified retirement plan is a necessity for many companies who wish to remain competitive and improve employee satisfaction and retirement readiness. Yet because of a business owner’s many other needs and tasks, managing and improving a plan is often pushed off. However, as the plan sponsor, their fiduciary responsibility demands authority and a high level of responsibility that can’t be neglected. This is where the help of a retirement plan consulting firm comes in, providing plan governance to consistently manage the retirement plan to keep it running efficiently and effectively.
Retirement Plan Consultant Checklist
As a plan sponsor, you know the importance of providing a well-managed retirement plan for your employees. You are also aware of how much time and energy it takes to organize and administrate such a plan, not to mention the fiduciary responsibility that goes along with it. As a result, you may turn to a retirement plan consultant to provide expertise, objective guidance, and service. Your business and your employees are a high priority, so you don’t want to choose just any consultant. How do you know if your consultant is the best fit for your business? Is there a way to ensure they are doing their job and improving your plan? Use our retirement plan consultant checklist below.