THE NEXT 10 WEEKS WILL TELL YOU IF YOUR EMPLOYER 401(K) PLAN IS IN GOOD ORDER “FINI”
So the 10 weeks are up. 10 Blogs, ten reminders and tens suggestions and strategies for 401k Plan Sponsor Wellness. There are no secrets and it takes a little effort, but more importantly it takes the right provider and an advisor that understands your employees, your business and more importantly, you.
The compliant world, the ever encompassing litigious society and the D.O.L., all present an ever changing and therefore, an ever proactive environment for you the employer with which to deal. I have said it numerous times these past ten weeks that you have enough to do with having to worry about your 401k plan.
Make sure you have an investment policy statement on file, make sure you have at least two documented meeting a year reviewing the plan documents and amendments. Make sure you have at least one employee meeting a year discussing the plan and their options. Have an advisor and a provider that provides periodic educational materials and that they are accessible to both you and your employees.
You should review your plan expenses yearly and shop your plan every three years. You should check on your filings and contributions to make sure you are compliant with ERISA and the department of labor. Know how much your TPA cost and even if you need one.
More importantly, have a relationship with your advisor that promotes proactivity and communication. Also, be comfortable in knowing that he/she has your best interests at heart. If you don’t, let that advisor be me.
Hope to hear from you.