What’s the biggest challenge for those responsible for administrating their company’s 401k plan while working from home? How is that challenge best overcome?
Search Results for "child ira"
When doing what’s in the best interests of the employees takes on an entirely new meaning.
With the large influx of employees working from home, telecommuting may be here to stay. Companies need to rethink how they’ve addressed 401k communications in the past. One never knows when the “new” normal will appear.
Now is the time for 401k plan sponsors to seize their fiduciary mantle and provide the guidance and tools plan participants need to dodge emotional decisions that could ruin their chance for a comfortable retirement.
An IPS must be thoroughly documented and clearly written and understood by all interested parties. Here’s what to include.
401k plan sponsors can’t afford to fall victim to the lure of heuristics. Index funds can generate just as much fiduciary headaches as actively managed funds.
Since the plan sponsor tends to rely on third party service providers (usually the recordkeeper) to maintain and operate these web-based gateways, this should be a significant factor when deciding which vendor to select.
The Investment Policy Statement is a legal plan document. It needs to be treated accordingly. This means to deliberate it with diligence before adopting it. Even when it is adopted, it must be regularly inspected and revised as needed.
There are many different types of plans, particularly when plan sponsors pick a 3(21) or 3(38) adviser. Which service provider arrangement a plan sponsor chooses impacts how the IPS will be constructed – and how the relevant parties contribute to that draft.
Including these will make 401k plans safer for plan sponsors and more successful for plan participants.
