Nobodyâs perfect. Itâs unfair to expect recordkeepers to be. Everyone makes mistakesâeven recordkeepers. The problem is what happens when a mistake occurs.
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How do you solve, for example, the problem of integration between the payroll software and the 401k recordkeeperâs website?
How do we design and administer retirement plans?
In theory, 401k plans were always intended to be highly portable, but thatâs not what happened. âPortabilityâ only evolved to the extent that the most-attractive balances were picked off and rolled over to IRAs, and everyone else was left holding the bag.
Despite this, 401k plan sponsors can better protect their employees, even when it comes to personal data, because that data is only acquired within the context of the service providerâs relationship to the plan.
Nonetheless, there is a way to short-circuit this time-frame. You can do it, but youâve got to really want to do it.
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 â and how the relevant parties contribute to that draft.
Itâs safer to assume you donât know everything â and hereâs a list that begins to define that everything.
FiduciaryNews.com Trending Topics for ERISA Plan Sponsors: Week Ending 4/20/18
SEC punts fiduciary, fees aren’t everything, and old time investing.