Helping plan sponsors set up a committee to clearly define and document a process of plan oversight is an effective way to help them limit the liability associated with managing a 401(k) plan.
Section 404(c) of the Employee Retirement Income Security Act (ERISA) provides a safe harbor for fiduciaries related to the investment actions of participants.
Investment Policy Statement (IPS)
As one of the first documents you be asked to provide in a plan audit, we work alongside plan sponsors to create an effective IPS.
Documenting and keeping records of plan activities is a major aspect of plan sponsor protection. “If you don’t document it, you didn’t do it!”