Fiduciary Alert – In the song, The Gambler, Kenny Rogers professed the benefits of: Knowing when to hold ’em, Know when to fold ’em, Know when to walk away, and, Know when to run.
Retirement Plan Fiduciaries should take those lyrics to-heart when implementing or overseeing their company’s tax qualified retirement plan.
Your Fiduciary Alert is really that simple.
Since The U.S. Department of Labor (DOL) oversees the regulation of qualified retirement plans, a plan fiduciary – and even the entire Retirement Plan Committee – should always adhere to DOL requirements. This duty to properly oversee the plan exists whether the plan is large or small! According to a recent article in WealthManagement.com, Fred Barstein, CEO of TRAU, TPSU, and 401kTV, makes the case that lawsuits are inevitable within the small plan market!
It makes sense for all plan fiduciaries to be fully aware of retirement plan prudent practices. Large and small plans – and all plans in-between – must monitor and evaluate plan processes and service providers.
Plan sponsors should not be shy in seeking assistance from a fiduciary plan advisor. A plan fiduciary normally needs direction when attempting to satisfy the labyrinth of fiduciary requirements. Assistance from an impartial third-party expert can serve as a valuable resource to a Retirement Plan Committee!
Lawsuits under the Employee Retirement Income Security Act (ERISA) are now more than just an idle-threat! And plan sponsors should no longer assume the threat of lawsuits in 401(k) plans is just for the Mega-market.
One final Fiduciary Alert reference to The Gambler is appropriate here –
“If you’re gon’na play the game, boy
You got’ta learn to play it right.”