Posts Tagged ‘401k Fiduciary’

Should We Have a Retirement Plan Committee?

May 21st, 2018 by Jonathan Leidy

RPM Q2 2018_Blog Article_Should We Have a Retirement Plan Committee_ Pulse Image

For the vast majority of plans, the short answer is most emphatically “yes.”

If you are an employer, or employee who has decision-making authority over your company’s retirement plan, there is a strong chance that you are a 401(k) plan fiduciary.  You have a legal obligation to operate the plan solely in the interests of the plan participants (people with retirement account balances) and their beneficiaries (people who may inherit those retirement account balances).  Two additional primary responsibilities are to manage the plan for the exclusive purpose of providing benefits, and paying reasonable plan expenses.[1]

Many HR professionals, Controllers, CEOs, CFOs, and Presidents are unfamiliar with the significant amount of liability to which they are exposed with their duties as a 401(k) plan fiduciary. Establishing a retirement plan committee might be a useful component when it comes to effective oversight of your company’s retirement plan. Read the rest of this entry »