An employer’s decision to offer a retirement plan is entirely voluntary. Once offered, however, the plan must operate under established fiduciary and tax rules.
Who is a plan fiduciary and what does it mean for a fiduciary to discharge their duties well?
Are you confident in your answers? It can be overwhelming. Retirement plan fiduciaries are held to exceptionally high standards of duty and care under ERISA laws, and their responsibilities must be discharged in the sole interest of the plan’s participants and beneficiaries.
Principal fiduciary best practices center around creation of the plan documents and ensuring that the plan operates as intended, the organization and staffing of a fiduciary committee to oversee the plan, selection and monitoring of investments offered by the plan and ensuring the costs the plan incurs are reasonable.
How does your plan stack up? Do you have an objective way to answer? You owe your plan’s participants the best possible solution; your fiduciary responsibilities are more than simply a checklist. To be effective in today’s ever-changing fiduciary environment, you need a retirement plan provider with deep expertise to offer knowledge, insight and support. We can help.