Our advisors will assist with managing administrative tasks and fiduciary responsibilities.
Klaas Financial will help you consider and implement best practices to manage your fiduciary responsibilities and risk, and to further plan knowledge for your employees.
Here are some steps and activities to consider. We can offer support and experience in these areas.
Follow a fiduciary process
- Establish an Investment Committee to oversee:
- The plan’s investment options
- Plan decisions
- Service providers
- Plan fees
- Document processes and procedures
- Conduct a periodic audit of processes and procedures, including a due diligence review
Take advantage of 404(c) protection
- Disclose that you intend to comply with 404(c) and allow for participant direction of all investment options
- Diversify your plan’s investment options
- Monitor your plan’s investment options
- Provide information to participants, and other required disclosures that relate to any investment option:
- Financial information
- Operating expenses
- Plan investment performance
- Participant investment performance
Consider establishing an Investment Policy Statement
- Set up an Investment Committee responsible for:
- Documenting roles and responsibilities
- Creating a statement of intention to comply with ERISA Section 404(c)
Understand and adhere to your written plan document and ERISA
- Maintain a written plan document that complies with the rules and regulations governing retirement plans
- Establish procedures to maintain and follow the plan document
- Satisfy applicable regulatory requirements
Satisfy reporting and disclosure requirements
- Meet ERISA’s government reporting requirements
- Disclose required information to participants and beneficiaries
- Minimize time and resources spent gathering annual audit information