construction; government contractor and technology; not-for-profit; real estate; emerging growth companies
business advisory
Abstract:
If your company sponsors a retirement or welfare benefit plan such as a 401(k) plan, it is important to be aware of the fiduciary responsibilities involved with the administration of your plan. As a fiduciary, understanding the compliance requirements is critical to ensure employees participating in your company’s plan are protected. You should also be aware of steps you can take to limit fiduciary responsibility with respect to diminishing returns.
The plan sponsor’s fiduciary responsibility begins with selecting an investment provider and investment options. Along with this, the plan fiduciary should keep a due diligence file for fiduciary decisions, appoint others within the company to help carry out fiduciary tasks, evaluate plan needs, and develop an investment policy.
As a 401(k) plan sponsor, your fiduciary responsibility begins with selecting an investment provider and investment options.
However, those are not the only requirements for a 401(k) plan sponsor. To learn more about your other fiduciary responsibilities and how you can start fulfilling them, download the full article below.