Business owners know the value of offering a 401k plan to their employees, but not all employers know the importance of an annual review of their company 401k plan. The amount of time and effort that is required of the employer to conduct a review depends on how much of the fiduciary responsibility they carry themselves versus offloading to a service provider.
Hiring service providers that offer fiduciary protection (3(16), 3(21), and 3(38)) is an important decision all by itself and employers need to spend the time to understand how much help and support their current provider lends to them to see if it is the ideal fit.
Aside from fiduciary coverage, there are two main categories that should be reviewed: compliance and performance. As situations and guidelines change in the industry or your specific plan, it’s important to make changes when needed. Let’s explore these important items.
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