Broker Check

For 401(k) Fiduciaries

Evaulating 401(k) Service Providers

Every 3 to 5 years is a reasonable timeframe to pose questions to and review disclosures provided by your 401(k) service providers, including your financial professional(s), third-party administrators, participant recordkeepers, and investment manager(s).  Consider addressing these questions and many others during your due diligence process:  

Should you or a 3(38) investment fiduciary be reviewing plan investments options at least quarterly? 

How does the scope of services in 3(16) administrative fiduciary agreements vary among service providers? 

What are the advantages and disadvantages of adopting a Pooled Employer Plan (PEP), in terms of employer and participant costs, conflicts of interests, and staff time devoted to mailing disclosures, processing distributions and loans, notifying eligible participants, and answering requests related to filing the plan's Form 5500?