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Top 7 Retirement Plan Questions That Every Plan Sponsor should ask
- Is adequate education being provided to all participants at least every 4 months?
- Do you have an investment policy statement? Is it being followed?
- Have you designated an "Investment Committee" that meets on a regular basis? Does your committee recieve the guidance of an un-biased qualified professional?
- Do you know all of your plan costs and how they are allocated between the company and participants, including 12(b)-1 fees, revenue sharing, and asset-based fees?
- Do the investment options in your plan continue to represent the asset classes for which they were originally chosen, or should they be changed?
- Is your plan 404(c) compliant? If so, is the plan covered by a Fidelity bond?
- If your plan allows for individually directed accounts, have you taken appropriate measures to ensure you are providing a source of investment guidance to assist participants in making sound investment decisions?
Proposed changes to the Employer Retirement Income Security Act of 1974 intend to increase scrutiny of retirement plans in the following areas:
1) quality and risk of investment options available
2) fees and fee disclosure
3) financial education and
4) plan monitoring
InvestForLess is currently reviewing thousands of retirement plans nationwide with regard to the proposed changes mentioned above. What we have found is that many plans fall short. Employers and their employees simply have not been provided complete information regarding the options available to them.
Most plans can be significantly improved with minor changes to the existing plan platform. These changes can improve the quality of the plan for employees and reduce potential liability for employers. InvestForLess will not take on a plan unless we are able to identify and implement improvements via substantial reductions in fees and/or enhanced education, advice and monitoring. We are so committed to addressing the critical retirement plan questions facing companies and individuals that we provide a detailed action plan free of charge.