As a busy retirement plan sponsor, you’ve probably heard a fair amount about fiduciary compliance and are aware that laws and regulations have recently changed, further emphasizing the importance of fiduciary compliance. Here’s a list of five areas to review to ensure you’re meeting your fiduciary responsibilities:
1. Confirm you’re sharing all required information with your plan participants. You are responsible for ensuring that participants receive information about the investment options they have to choose from. This responsibility has been broadened recently to include investment and plan administration costs. Most recordkeepers are modifying their reports and websites to include this information, so it’s not necessary to prepare a set of plan cost reports to distribute. It is, however, your responsibility to monitor your recordkeeper to make sure they intend to share this information.
