“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:
- Provides gap analysis
- Prioritizes responsibilities
- Establishes roadmap for education and completion of outstanding tasks
- Documents plan management responsibilities
- Charts participation, deferral rates and plan performance
- Benchmarking of Total Plan Cost
- Ongoing Best Practices
Sample Committee Charter
404(c) Notice and Statement
Fiduciary File Checklist
- 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