It’s hard to believe that 2016 is almost over! As the end of of the year approaches, it is time to reflect on some of our accomplishments. And since this is our 401(k) blog, it is natural for us to highlight some of our blog posts that have resonated with the … well, whoever likes to read 401(k) stuff on the internet!
We focused this quarter on providing information about the providers in the 401(k) industry, from advisors and brokers, to recordkeepers and fiduciaries. We also wanted to help companies figure out how to select 401(k) vendors, and published some well received whitepapers on finding good partners.
401(k) Recordkeepers – What They Do. There are lots of different players in the 401(k) industry, and one of the most important is the recordkeeper. As an independent 401(k) advisor, we help you find the right recordkeeper for your plan and negotiate lower fees for you. But you might want to check out this post to stay informed and stay on top of the people managing your retirement plan.
401(k) Recordkeepers: 5 Signs You’re Working with the Wrong Recordkeeper. The recordkeeping business is highly regulated and complicated, which usually suggests you might want to go with someone with more experience and has adequate security practices to protect your plan and your company as plan sponsor. Here are a few things to watch out for when it comes to choosing a recordkeeper.
Did you hire a 401(k) fiduciary or a broker? It’s unfortunate, but there are some retirement plan advisors out there that are actually not investment fiduciaries — this means they take on limited risk and liability for the investments they recommend for your 401(k) plan. It’s worthwhile finding out whether your company’s 401(k) advisor is properly motivated to act in the best interest of your employees, or whether you’ve ended up hiring a broker that will fill your plan with funds that pay the broker commissions. Here’s more on how to identify whether you’ve hired a fiduciary or a broker.
Safe Harbor 401(k): How to avoid this costly option. There’s definitely a lot to keep track of with the IRS nondiscrimination tests. Here’s a handy post to help you determine whether you’re at risk of failing the nondiscrimination tests, how Safe Harbor plans work, and if there’s a more cost-effective alternative to the Safe Harbor 401(k). (Note that as your advisor, and unlike most advisors, ForUsAll takes on your nondiscrimination testing. Visit our Safe Harbor Plan Resource Center to learn more.)
401(k) RFP Template: How to Find the Top 401(k) Providers For Your Plan. This one is pretty self-explanatory. Get a clear, comprehensive overview of running a request for proposal (RFP) process in today’s 401(k) market. And it includes a full template you can send to 401(k) providers.
We hope that your business had a great 2016, and wish you lots of success in the coming year. If you should need any help managing your company’s defined contribution plan, please contact us – we are happy to help!
Give your employees more than just a 401(k), join the movement.