Fiduciary Guidance and Compliance — 401k Advisors & Employee Benefit News

Fiduciary Guidance & Compliance

“As as fiduciary, you have personal liability for assets in your firm’s 401(k) plan. By partnering with an independent firm specializing in fiduciary guidance and compliance, plan sponsors can take steps to reduce exposure to this liability.”

The Fiduciary Fitness Program (FFP) is an independent compliance tool to measure the health of a retirement plan. Our guidance provides plan sponsors with the means to identifying potential weaknesses in your plan and remedy through education, diligence, and process.

Retirement Plans require prudent governance by plan sponsors. The Fiduciary Fitness Program represents a well-designed, decision-making process to confirm and document proper roles and execution of responsibilities in a prudent manner.

Our Program Goals

Identify plan fiduciaries and understand the extent of their specific responsibilities
Attempt to comply with ERISA §404(a) and §404(c)
Document the hiring process for service providers and other vendors
Identify parties in interest to the plan and take steps to monitor transactions
Understand major exemptions under ERISA that permit transactions with parties in interest
Review plan documents in light of current plan operations and make necessary updates
Comply with reporting and disclosure requirements
Ensure that individuals are properly bonded and covered by liability insurance and more

A Best Practices Approach

The Program offers a holistic approach to best practices, and encompasses four key deliverables:

Fiduciary Fiduciary Fitness Reports

Fiduciary Report Card (Deliverable #1)

Demonstrates what plan sponsors need to address and documents plan management responsibilities.

Provides gap analysis
Prioritizes responsibilities
Establishes roadmap for education and completion of outstanding tasks
Documents plan management responsibilities

Fiduciary Plan Review (Deliverable #2)

Educates plan sponsors regarding their responsibilities, examines plan design, and documents prudent processes.

Charts participation, deferral rates and plan performance
Benchmarking of Total Plan Cost
Ongoing Best Practices

Reference Guide (Deliverable #3)

Provides easy-to-understand fiduciary guidance to complete identified action items.

Sample Committee Charter
404(c) Notice and Statement
Compliance Checklist
Fiduciary File Checklist

Meeting Minutes (Deliverable #4)

Provides valuable documentation required during plan audits. After every Committee Meeting we attend, we prepare for you:

Executive Summary detailing results and action-items
Record of Attendees, Votes and Decisions
Delivered and Filed Online

Retirement Plan Sponsors can obtain much-needed peace of mind by working with us. The Fiduciary Fitness Program combines education with proactive guidance to help ensure plan compliance.

Interested in Fiduciary Guidance & Compliance Services?

Contact Us: Your San Francisco Employee Benefit Consultants

Or Continue to Retirement Plan Services Step 4: Participant Education & Communications