Look, we know you get countless phone calls from advisors asking disturbing questions about what you are or aren’t doing in regards to your retirement plan. Despite all of these ominous questions, you can do this job on your own. It will take some organizing on your part and the commitment of your management team, but the Department of Labor provides a great document to get you started:
You must do it!
You can put a sound, do-it-yourself (DIY) fiduciary process in place. The problem we see over and over is that only a few employers are actually doing it. The DIY fiduciary model requires you and your key managers and owners to prudently spend time managing the plan. It’s not a one-time, once-a-year review; it is an ongoing process. It requires making sure business decisions are evaluated based on the potential impact to the plan and that the ongoing administration of the plan is in accordance with the provisions of the plan. Below is a brief white paper outlining some of the problems we have encountered with other plans:
If this is a job you would like someone else to do, then we may be your solution. Talk to your plan’s advisor and have them contact us to discuss if our fiduciary services could be a fit for you. If you don’t have an advisor servicing your plan or you just want to learn a little more, fill out the form below and we’ll contact you.