2020 – 02/26 – Give your 401(k) plan a checkup at least once a year

Posted by Kim Chen on March 8th, 2020

Just as you presumably visit your doctor annually for a checkup, you should review the administrative processes and fiduciary procedures of your 401(k) plan at least once a year. Study your plan’s investment choices to determine whether the selection available to participants is appropriate. Calculate the amount of current participant fees associated with your plan’s investments and benchmark them against industry standards. Document how your plan selects and monitors investment managers and solicit participants’ feedback on the plan administrator’s performance. Last, but certainly not least, ensure your plan is fully in compliance with current regulations. Contact us for more info.