Qualified Retirement Plan Risk and Compliance Support
Every qualified retirement plan is subject to fiduciary and compliance responsibilities and risks. To the inexperienced plan sponsor, these can form a daunting shadow over an otherwise beneficial retirement plan program.
The Employee Retirement Income Security Act of 1974 (ERISA) is a federal law that sets minimum standards for retirement and health benefit plans in private industry. Under ERISA if you choose to create a retirement plan, it must meet certain standards of conduct, provide specific reporting and disclosures, and take specific measures to protect plan funds.
According to the U.S. Department of Labor, plan fiduciary responsibilities include:
- Acting solely in the interest of plan participants and their beneficiaries and with the exclusive purpose of providing benefits to them
- Carrying out their duties in a prudent manner
- Following the plan documents (unless inconsistent with ERISA)
- Diversifying plan investments
- Paying only reasonable plan expenses
Failure to demonstrate compliance with the ERISA can result in significant risks.
Keeping your qualified retirement plan in line:
Our experts are here to assist you in carrying out the fiduciary functions and responsibilities of your plan, helping you remain in compliance and keeping your plan running smoothly. Our risk and compliance support services include:
- Development of plan documents
- Plan audit support (Form 5500)
- Ongoing monitoring of fiduciary risks
- Assessment and management of plan expenses
- Evaluation of plan diversification
- And more
With our help, you can keep your focus on the ongoing operation and strategy of your business while we keep our focus on your retirement plan.
Does your plan meet its fiduciary duties? Learn about the 7 key responsibilities and find out if you’re in compliance by requesting a free plan review.
Request a Plan Review
