As a 401(k) plan sponsor, you must be proactive while maintaining benefits for you and your employees. Why? When you are proactive in dealing with a plan, you are less likely to have plan errors and threats of litigations. Think of it as getting a vaccination. By being proactive, you are protecting yourself from failure.
Review Fee Disclosures
Because of the fee disclosure regulations that were implemented in 2012, you are now told how much your plan providers are charging. Before these fee disclosure regulations, you may not have known exactly what the fees were, and that’s a problem since you have a fiduciary duty to pay only reasonable plan expenses. Many fee disclosures can be hard to understand too. Here at FiduciaryShield, we document the expenses a plan sponsor pays. Which makes it easier… a huge perk of working with FiducairyShield! FiduciaryShield also gladly provides a fee benchmark.
Enrollment/Plan Education Meetings
Before we get into this…. yes, we know that these meetings can be…boring, to say the least. Plan Sponsors tend to avoid these meetings, which is not exactly a good thing. As a plan sponsor, you need to ensure participants are engaged during these meetings.
Why? Higher engagement = higher participation in the plan, and reduces liability because you can demonstrate compliance with ERISA §404(c). FiduciaryShield provides advisors with ongoing education material so you can still be engaged without leaving the office. Better yet, FiduciaryShield can run those meetings for you!
Receive Input From Your Employees
It’s very rare to see plan sponsors actually engage with participants and gather feedback on the 401(k) plan. Sometimes, plan sponsors forget that a 401(k) plan is an employee benefit, just like the coffee machine, or a gym reimbursement. Offering a 401(k) plan is very effective when recruiting and/or maintaining employees. FiduciaryShield provides a better 401(k), so you can offer a better benefit.
Get your “vaccination” when you let us review the 408(b)(2) fee disclosure. Plus, utilize our plan participant educational material and let us make that enrollment/plan education meeting as exciting as Christmas morning. Well, maybe not that exciting.
Help us help you design a better 401(k) so your employees are stuck like a magnet!
Contact us today and let’s talk! No obligations.
FiduciaryShield, the BETTER 401(k).