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Plan Sponsor GuideGuide For 401(K)
Plan Sponsors

I. Fiduciary Responsibilities

  • Have you identified and documented all Plan fiduciaries?
  • Does the Plan Sponsor have all fiduciaries’ acknowledgments in writing?
  • Does the Plan have a 3(21) and/or a 3(38) fiduciary advisor?
  • Have all fees associated with the Plan been disclosed and deemed “reasonable”?
  • Do you hold quarterly/annual fiduciary meetings with recorded minutes and documented plan review?
  • Does your Plan offer prudent and diversified investment options?

II. Investment Review

  • Does the Plan intend to comply with ERISA 404(c) regulation to protect the Sponsor from participant losses?
  • Have the participants received a written explanation from a plan fiduciary that the plan intends to comply with ERISA 404(c)?
  • Has the plan adopted a written Investment Policy Statement (IPS) establishing and documenting prudent investment processes?
  • Does the Plan Sponsor have a quarterly/annual investment due diligence report on file, showing you are fulfilling your fiduciary responsibility to monitor investment performance in accordance with the IPS?

III. Plan Administration

  • Does the Plan operate in strict accordance with all Plan documents?
  • Are the Investment Policy Committee and Plan fiduciaries reviewing and documenting, at least annually, the following items:
  1. The process of collecting and depositing employee contributions in a timely manner;
  2. Updating the Summary Plan Description (SPD) for all Plan design changes and notices distributed to all participants;
  3. Fidelity bond for the appropriate amounts and that it covers Plan fiduciaries;
  4. All outside experts and service provider fees and fulfillment of duties in accordance of ERISA 408(b)(2) regulation;
  5. Comprehensive Report of vital Plan statistics.

IV. Participant Communication

  • Are quarterly/annual group educational meetings available?
  • Is a Fiduciary Investment Advisor available to participants?
  • Is the Qualified Default Investment Account (Q.D.I.A.) appropriate for the Plan and disclosed to participants?
  • Is the Plan in compliance with all ERISA 404(a)(5) participants’ fee disclosure requirements?

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