ERISA FIDUCIARY
Did you know, if named as a fiduciary of the company’s 401(k) plan, you are PERSONALLY liable for the plan? According to the U.S. Department of Labor on fiduciary responsibilities, “Fiduciaries who do not follow these principles of conduct may be personally liable to restore any losses to the plan, or to restore any profits made through improper use of plan assets. Courts may take whatever action is appropriate against fiduciaries who breach their duties under ERISA [Employee Retirement Income Security Act] including their removal.“ⁱ
MINIMIZE YOUR LIABILITY, MITIGATE YOUR RISK
We can help determine your current exposure with your existing plan by reviewing the three levels of fiduciary liabilities.
We can also offer a plan that will cover fiduciary support options to help mitigate your risk. We will audit your existing 401(k) plan and offer suggestions for improvement if the structure is not sound. We can assist you in identifying how you can get the most out of your 401(k) retirement plan.
SET GOALS TO GROW
Our Audit Questionnaire will help determine ways we can increase:
- Plan participation
- Average deferral rate
- Employee awareness and perceived value of the plan
IMPROVEMENT TO YOUR CURRENT PLAN
After the audit, improvements to your plan may be possible by assisting you to:
- Simplify Operational Complexity
- Remove terminated participants
- Minimize contribution refunds to highly paid employees
- Improve retirement readiness outcomes for all employees
- Maximize business tax deductions
- Select a QDIA that is right for your workforce
- Recommend a fidelity bond in an amount that meets DOL requirements
KEY OFFERINGS
- Enrollment and educational seminars to provide your participants with key information to help them take action and make retirement savings decisions (not given by you or your Head of Human Resources)
- Offer diversified investments to allow participants to control their investment decisions
- Online web access