Your Compliance To-Do List

Having a 401(k) is a necessity and FiduciaryShield is here to make it simple for you. Below are three of the many services we can handle for you.

Business owners need to know the laws and regulations surrounding their business. Having employees creates another set of regulations to know and follow. Providing a retirement plan benefit is no exception. There are many “to-do’s” that need to get done. That’s why FiduciaryShield is here! We handle your retirement plan “to-do’s.”

A big “to-do” is making sure the required disclosures and notices get sent out to your employees every year. This is often forgotten about… until it becomes a problem.  

One other big “to-do” is reviewing and understanding fee disclosures to determine whether the fees are reasonable.  To verify if a fee is reasonable, there is a slew of data gathering that needs to be done. Plus, the plan needs to be benchmarked (compared) to fees charged by competing 401(k) providers. This should be done (at a minimum) every five years, and the documentation must be kept longer. Here’s a pro tip to streamline this process:  Create an outline of the 401(k) tasks that you consider important. Then search for the appropriate service providers who can fulfill these tasks, document their fees and compare those to at least two others. Finally, every year, document the cost incurred so that it can be referenced in future negotiation of fees. All of the work should be kept and filed.

Another “to-do” is staying in compliance with ERISA §404(c). There are many investments that can be used in the menu and work within a certain framework. Utilizing your advisor is a great way of understanding the investment menu to the appropriate choices. Once the “easy” part is done, providing investment education to participants on a regular basis is necessary. This liability protection is all or nothing.

Your existing financial advisor is still part of your plan. We provide material for giving financial wellness and education to you. A FiduciaryShield 401(k) plan utilizes a 3(38) Investment Manager to create and maintain the investment menu available to plan participants, and we also provide educational material and other resources to your advisor to use for ongoing plan education.

Before having a 3(38), the liability falls on your shoulders. After having a 3(38), the liability falls on our shoulders. One less burden for you and your employees!

Offering a 401(k) plan shouldn’t be a liability or consume your time. Having the right partner in place can go a long way in transforming these “to-do’s” into “dones!” .”  Let’s be honest… if your employees are stressed about finances, they are less productive at work.

Invite FiduciaryShield into your workflow to save you time, money, and headaches. Contact us or have your advisor contact us today!