Managing a company retirement plan is complicated. Maintaining compliance with regulations, understanding fee arrangements, deciding whether the current plan design is most appropriate, choosing and monitoring the plan investment choices, gauging the success of participant education efforts, and knowing your role as plan sponsor or trustee can be challenging.
To properly navigate these issues, an unbiased periodic review can assist to avoiding costly mistakes. It is critical to an employer's operational and fiduciary success that a plan sponsor or trustee be thoroughly engaged.
1. Fiduciary responsibility
First, you must understand what it means to be a fiduciary, as well as who is and who specifically is not. You are a fiduciary if you are a plan sponsor, trustee, or investment committee member of an endowment or a retirement plan.
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