You reached a great milestone when your organization became competitive enough to offer your employees a qualified retirement plan under ERISA (Employee Retirement Income and Security Act of 1974). However, success can bring new challenges. As the assets of your Plan grow, so can your fiduciary liability, exposing you to loss and litigation. As a Plan Sponsor, …
Continue reading “Fiduciary checklist for hiring Service Providers”
Under the Employee Retirement Income Security Act of 1974 (ERISA), there are several named classes of Fiduciaries, first and foremost of which is the Plan Sponsor. All qualified retirement plans have at least one named Plan Sponsor. The Plan Sponsor adopts the plan, and only employees (or beneficiaries thereof) of the adopting Plan Sponsor (or …
Qualified retirement plans can be rewarding and beneficial for both employees and employers. However, plan sponsors, administrators and officials who have discretion over a plan must take care to meet the high standards of conduct for fiduciaries under the Employee Retirement Income Security Act of 1974 (ERISA). Non-compliance with ERISA can expose benefit plan sponsors …
Continue reading “Fiduciary responsbilities for Retirement Plans under ERISA”
Fiduciaries of qualified retirement plans are held to the highest of federal standards. Fiduciary violations under the Employee Retirement Income Security Act (ERISA) of 1974 can expose you and your employer to risk and litigation. In some circumstances, fiduciaries can be held personally responsible for losses and restitution. Not all fiduciaries are identified by title. …
Hiring the right advisor for your company’s 401(k) retirement plan is one of the most critical decisions you will ever make as a Plan Sponsor. Contrary to popular view, the main purpose for hiring a retirement Plan Advisor is not to pick stocks and funds or chase the highest rate of returns. It is …
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Most financial advisors are skilled salespeople, but 401(k) advisors require a different sales approach and an entrepreneurial mindset. The buyer isn’t always the end user and sales pitches are aimed at a human resource executive, a CEO or a CFO, rather than plan participants. Most financial advisors are more accustomed to selling to individuals, whereas …
Continue reading “The 7 Step Guide to Growing your 401(k) Business”
Answering the following questions can help quickly and easily determine what’s important for your plan as well as help clarify what business objectives should be considered. Rank items based on current plan description, where 5 ‘Describes the plan completely’ and 1 ‘Does not describe it at all’. PLAN DESIGN Our last plan document review was …
Administrative Solutions For Employers Program “EASE” A fiduciary is anyone who exercises any authority or control over the management or disposition of plan assets. Even if you don’t have a fancy title, you can be deemed a fiduciary under the law. With the passage of the new Department of Labor (DOL) rules that fundamentally changed …
Continue reading “What is the EJReynolds’ Financial Advisor Support Team, – FAST?”
