In this presentation, we’ve taken some of the more common pitfalls and mistakes that plan sponsors make and broken them into three different areas. The plan, the payroll, and the participants. As we go through each of these areas, we’ll talk about the errors, the consequences of making them, and what can be done to avoid them.
Presenters:
- Tom Briggs, Divisional Sales Manager
- Kristyn Martin, QKA, AVP National Accounts -Business Development
In the video above we covered:
- Recruiting and retaining employees
- Importance of retirement plan in attracting and retaining employees (%)
- Job seekers believe a 401(k) plan is important
- Audit risk
- Plan sponsors worry about being audited
- Why running a plan properly is important
- Failure to administer a plan correctly can cause problems
- Fiduciary Outsourcing
- Keeping the plan up to date
- Plan Sponsor must keep their plan documentation up to date
- Remedy
- Benchmarking Fees
- Ensure fees are reasonable relative to services received
- Hiring a quality auditor
- Documenting Changing
- Keep detailed records of all meetings and decisions made
- And much more
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