Giving Your Company's Retirement Plan a Tune-Up
Gil Castillo Jr, CRPC? CPFA?
I help companies with their 401(k) plans so their employees can retire with dignity.
As a corporate retirement plan sponsor, you have a fiduciary responsibility to ensure that your company's retirement plan complies with the Department of Labor (DOL) and Employee Retirement Income Security Act (ERISA) guidelines. One way to do this is by giving your existing 401(k) plan a much-needed tune-up.
?Regularly reviewing and updating your 401(k) plan can help you stay in compliance with regulations and provide your employees with a valuable retirement benefit. Here are some steps you can take to give your plan a tune-up:
?Review your plan document: Make sure your plan document reflects any recent changes in regulations or company policies. It should clearly outline the rights and responsibilities of both the employer and employees.
?Evaluate your investment options: Review the performance and fees of the investment options in your plan. Make sure they are well-diversified and suitable for your employees' retirement goals.
?Communicate with participants: Keep your employees informed about the benefits of the 401(k) plan and encourage them to take full advantage of it. Provide educational resources and tools to help them make informed decisions about their retirement savings.
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?Conduct a compliance review: Regularly review your plan's operations to ensure that contributions are being made accurately and on time. This will help you avoid costly penalties and maintain the trust of your employees.
?By giving your company's 401(k) plan a tune-up, you can demonstrate your commitment to providing a valuable retirement benefit for your employees while staying in compliance with DOL and ERISA guidelines. Take the time to review and update your plan regularly to ensure its success in the long run.
If you feel that your retirement plan is not running as smoothly as it should and would like a professional to look under the hood, give us a call at 210-998-5008 or email us at [email protected].
Gil is the Director of Retirement Plans at Platinum Wealth Solutions of Texas specializing in retirement plans for companies, executive benefits programs and retirement planning for business owners, and individuals. He is chartered retirement plan counselor CRPC? and a certified plan fiduciary advisor CPFA?.
Securities offered through Osaic Wealth, Inc. member FINRA/SIPC. Osaic Wealth is separately owned and other entities and/or marketing names, products or services referenced here are independent of Osaic Wealth.