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How to Monitor 401k Plan Vendors: a Confusing Task

How to Monitor 401k Plan Vendors

How to monitor 401k plan vendors has grown to become a very confusing task for many plan fiduciaries.  At the conclusion of a Plan Sponsor University (TPSU) Fiduciary Education Program held at Fordham University, TPSU Founder and CEO, Fred Barstein spoke with Director of Human Resources, Maggie.  She is currently responsible for monitoring the 401k plan at her New York City-based advertising agency.  Maggie expressed some concern over the way plan recordkeepers and a plan sponsor’s payroll processor communicate. Maggie’s experience has been that payroll processors and recordkeepers fail to communicate as they can and should. These communication inefficiencies force plan sponsors to spend additional time coordinating employee communications and plan operations.  Watch this video interview to learn what a plan sponsor’s next steps might be to address the plan sponsor’s communication and operational needs.

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