We get it. As a business owner, you work hard to grow your company and do not need another thing on your plate. Yet, the reality is your 401k could become a liability instead of an asset if not properly managed.
Here are five reasons you need to review your 401k plan today:
1. The Department of Labor randomly selects plans to audit.
2. Employers are ultimately responsible for everything, including: compliance, investments, administration and advice.
3. Employers must maintain a “Fiduciary File”, which includes: meeting minutes, plan documents, disclosures, fee benchmarks, fund reviews, etc.
4. Employers must ensure that fees are reasonable for the services provided by recordkeepers, TPAs and advisors.
5. Employers are to provide employees access to plan education and advice.
Our 401k check-up is a one-time consulting engagement designed to help you identify issues and opportunities within your 401k plan. We will help you review your fiduciary files, benchmark your service providers, evaluate your fund line-up and assess participant education and advice.
At Six8 Advisors, we not only focus on retirement plans, we focus on small to mid-sized plans just like yours. Ask us our about our one-time 401k Check-up or ongoing Plan Advisory Services.
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