Employers must manage and administer their retirement plans prudently and in the best interests of plan participants. When they do not have the necessary skills, they are required to engage outside expertise. Working in concert with experienced financial professionals, PRI delivers the training, tools and procedures to comply with technical and ever-changing requirements.
The Department of Labor has vowed to a rigorous enforcement of the law and has implemented a number of reforms that will necessitate changes to existing policies and procedures. Depending upon the needs of the plan, PRI delivers fiduciary training, legislative and regulatory updates, risk assessments and mock audits, etc. to employers and committee members.
Our ERISA Concierge Program provides a broad range of ongoing support to employers, including assistance with committee structure, policies and procedures and ongoing risk management. A sample proposal can be accessed below. Please contact us to discuss how PRI can provide a specific solution to your challenges.
Educational Resources for Plan Sponsors
- Meeting Your Fiduciary Responsibilities – a DOL publication that provides an overview of the basic fiduciary responsibilities applicable to retirement plans under the law and provides answers to the following questions:
- What are the essential elements of a plan?
- Who is a fiduciary under ERISA?
- What is the significance of being an ERISA fiduciary?
- Tips For Selecting And Monitoring Service Providers For Your Employee Benefit Plan – a DOL factsheet designed to assist employers in carrying out their responsibilities under ERISA to prudently select and monitor plan service providers.
- Selecting And Monitoring Pension Consultants – Tips For Plan Fiduciaries – a jointly developed DOL/SEC publication setting forth ten questions for plan sponsors to ask when engaging pension consultants and registered investment advisers regarding potential conflicts of interest.
- Understanding Retirement Plan Fees and Expenses– a DOL publication that is designed to assist plan sponsors better understand and evaluate plan fees and expenses and provides answers to the following questions:
- Why consider fees?
- What are the types of plan fees and who pays for them?
- What fees are associated with the investment choices in the plan?
- 401(k) Plan Fee Disclosure Form – a model disclosure form published by the DOL that is designed to assist plan fiduciaries in making informed cost-benefit decisions and provides templates for organizing fees and services as well as a glossary of commonly-used terms.
- Recurring Deadlines for 401(k) Plans – an ASPPA Government Affairs Committee publication that provides a summary of notable 401(k) deadlines in chart form.
- Reporting and Disclosure Guide for Employee Benefit Plans – a DOL resource that provides an overview of the most common disclosures that plan administrators (both pension and welfare benefit) are required to furnish to participants, beneficiaries, and certain other individuals under Title I of ERISA.
- 401(k) Resource Guide – Plan Sponsors – Filing Requirements – a checklist published by the IRS that may be used as a tool to help plan sponsors meet 401(k) filing requirements.