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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 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.