401k Advisors & Employee Benefit News
Benefit News by San Francisco 401(k) Advisors
As a reminder to all 401k plan sponsors, among the many items contained in the Pension Protection Act of 2006, one section allows for three new optional amendments. While these optional amendments have not gotten as much coverage as other features, many 401k plan sponsors are finding them attractive. Three Pension Protection Act Optional Amendments are [...]
As a 401k plan sponsor, you’ve heard of ERISA section 404(c) and have probably wondered if adhering to it can help keep your plan out of trouble. To understand how ERISA 404(c) can help protect plan sponsors / fiduciaries from litigation, let’s examine a series of 401k fee and expense class action lawsuits spearheaded by a St. Louis [...]
Fiduciary Liability Insurance is an optional insurance to provide protection for the plan from losses due to breaches related to investment decisions or plan operation. This type of insurance needs to be very specific to 401k fiduciaries and is typically not included in… Employee Benefits Liability (excludes ERISA plans), General Liability (excludes ERISA plans), or [...]
In many cases, your Company’s Board of Directors is not aware that they are considered 401k plan fiduciaries under ERISA. The Board is, however, able to mitigate their exposure somewhat by designating a person(s) or entity with certain specific responsibilities. The specifics contained within the Charter will reflect the purpose of this new oversight group. Charters fall into three [...]
As a plan sponsor and fiduciary of your company’s retirement plan, keeping an up-to-date fiduciary file is critical. To begin, we recommend preparing your file in four key sections; contents of each section could include the following: Documents:Plan Document, IRS Determination Letter, Summary Plan Description, Investment Policy Statement, 404(c) Policy Statement and Notice, Form 5500s; [...]
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