Certified advisors can assist plan sponsors in selecting reasonable and cost-effective investment options and helping them document the process to satisfy their fiduciary obligations. (Photo: Shutterstock)

With the new year just around the corner, many benefit plan executives will soon be updating and organizing their retirement plan files and looking for better ways to help employees save for the future. Plan sponsors at large companies also will be spending additional time reviewing governance documents, including policies and procedures manuals, investment committee meeting minutes and quarterly reports in preparation for the annual audit as required by the Department of Labor.

Ensuring plan compliance and fiduciary plan governance is no easy feat given the increasingly complex and changing rules and regulations governing retirement plans. One way sponsors can stay ahead of the game is to work with advisors whose companies have passed certification from third parties, such as the Centre for Fiduciary Excellence (CEFEX).

These organizations regularly update their assessment protocols and refine their certification criteria to ensure retirement plan advisors have the expertise, capabilities, policies and procedures in place to help plan sponsors meet their fiduciary obligations.