It is not hyperbole to suggest that you as a retirement plan sponsor must take seriously your fiduciary responsibility. This includes plan governance, such as a review of the risks that threaten the plan’s compliance with ERISA requirements, an analysis of portfolio performance vis-à-vis benchmarks and peers, and a determination of whether plan participants will have the resources necessary to meet their expected retirement income needs.
For decades, small businesses and their employees have been disadvantaged by the limited availability of high-quality, low-cost retirement plans. But this is all set to change by the end of third quarter this year, when a new rule from the U.S. Department of Labor (DOL) takes effect, seeking to expand the access of Multiple Employer Plans (MEPs). Learn more about the DOL MEP rule and some of the advantages businesses and their employees can realize from participating in a MEP.
As financial regulations and global markets become increasingly complex, more organizations have decided to conserve their in-house resources by outsourcing the role of the Chief Investment Officer. Organizations that partner with an outsourced CIO (OCIO) find it to be an effective solution for dedicated expertise, sophisticated research and analytics, and faster investment decision making. However, finding the right OCIO provider is becoming more difficult given the growth in the number of firms providing OCIO services and the complexity of their solutions. Managing the assets of an organization is mission-critical so it’s important not to rush into choosing an OCIO provider that may not be the right fit for your business.
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.
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.