The good news is 401k plan sponsors don’t need to treat this as a solo act. They’ve already got a team of hired hands to help them.
Tag "fiduciary"
Plan sponsors – or, more specifically, the companies plan participants work for – may be placing employees in a far greater cyber-vulnerable position than they realize.
Many see the quarantine as a test run for retirement. There are those who view this “test run” and say they never want to retire. How do you dissuade them of this notion that they’re practicing retirement right now?
Much, if not all, of the Zoom hacking could have been prevented if the meeting hosts had just followed a few common sense rules. They start with before you even set up the meeting.
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.
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.
He also reveals the greatest misconception regarding MEPs, what the SECURE Act really did, and when we might begin to see the mass media start paying attention.
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.
