Tools for ERISA Fiduciaries
It is imperative that sponsors of qualified retirement plans understand their fiduciary obligations. Our staff can provide guidance to help navigate complex DOL and IRS regulations and understand their responsibilities under ERISA.
Fiduciary guidebook for plan sponsors
The ultimate goal of a retirement plan is to give participants the opportunity to accumulate enough money to retire. For fiduciaries of the plan, it is important to never take their eyes off that goal. ERISA sets forth the rules that fiduciaries must follow with respect to employee benefit plans. We have created a guide for plan sponsors and fiduciaries to help them understand these responsibilities and develop a decision-making process for a successful retirement plan. Clients who purchase our Retirement Link Pinnacle defined contribution plan product automatically receive this guidebook.
Fiduciary Report Card
We have created a service that can provide a tailored assessment of your plan’s compliance with ERISA and the Internal Revenue Code (IRC.) The Fiduciary Report Card is a flexible process that can be customized to target specific areas of your plan’s operation. We can help you identify these areas and then review them for ERISA and IRC compliance. We provide a report summarizing our findings along with applicable suggestions for corrective actions or improvements.
The Fiduciary Report Card can address the following areas:
- Who is a Fiduciary? Has each received documentation explaining his or her ERISA responsibilities?
- Do internal procedures comply with plan terms?
- Are participant communication materials consistent with plan terms?
- Has the employer determined and documented the total plan expenses, both direct and indirect?
- Does the plan meet the complex compliance rules of ERISA and the IRC, including nondiscrimination testing, annual reporting, timely amended plan documents, etc.?
- If plan fiduciaries have elected to use the protections afforded under ERISA Section 404(c), are there requirements the plan has not addressed?
- If the plan does not comply with 404(c), have the fiduciaries received documentation explaining their level of personal liability for participant investment decisions?
- Does the current plan design meet management’s key objectives, such as maximizing benefits to targeted employees, satisfactory employee participation, etc.?
Employers may elect to have their outside legal counsel engage us to perform these services due to the fact that findings may expose failure to comply with ERISA or IRC rules.
