After our consultants have helped find your company the right recordkeeper and fund lineup, we’ll plug our cloud-based software into your existing HR software, connecting your payroll with your 401(k).
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The Department of Labor requires defined contribution retirement plan sponsors to offer prudent investment options, and regularly assess investment performance and appropriateness for the plan’s participants.
A prudent investment fiduciary establishes an investment policy statement for the plan stating the underlying principles on how the plan investments will be chosen and reviewed. With investment policy statement in hand, the fiduciary would then analyze investments, paying close attention to:
Any investments that no longer seem prudent should be placed on an investment watch list or removed altogether. This should be done regularly to provide appropriate investment selections and reduce legal liability. Since DOL audits happen, the fiduciary needs to regularly review and carefully document the process and decisions related to the investments in the plan.
Unless your company has hired an advisor who is acting as a 3(38) fiduciary, the role of the fiduciary rests on your company’s shoulders.