Retirement Plan Management
Now that you understand the basics of fiduciary responsibilities,
use the questions below to determine how well you are meeting them.
How do I know if I'm fulfilling my fiduciary
It is easier than you might think to measure how well
you're doing. Consider the checklist below. If you answer no to any of
these questions, you may need help, or it might be time to re-evaluate
your existing retirement plan provider. Your third-party administrator,
retirement plan provider or qualified professional can help guide you
and go through a more detailed checklist with you.
- If you have an existing plan, do you fully understand
your plan document and design?
- Do your plan fiduciaries meet regularly and keep notes
from these meetings?
- Does your plan have a written investment policy statement?
- Does your plan offer diversified investments?
- Have you reviewed the investments available in your plan
in the last 12 months?
- Do you understand the investment costs within your plan?
- Do you understand the services provided by the various
people and companies who service your plan?
- Do you understand the costs associated with these services?
- Can you select investment funds without provider restrictions
on the number of outside funds that can be included in the plan?
- Does your plan provide employee-enrollment programs that
explain the importance of participation?
- Does your plan provide asset-allocation funds or models
for employees who lack investment knowledge?
- Do you understand ERISA Section 404(c) requirements?
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