How to Oversee 401k Plan Vendors
How to oversee 401k plan vendors can be a confusing task for many plan fiduciaries. At the conclusion of a Fiduciary Education Program held by The Plan Sponsor University (TPSU) at Fordham University, TPSU Founder and CEO, Fred Barstein spoke with Maggie, Director of Human Resources. Maggie oversees the 401k plan at her advertising agency in New York City. She expressed concern over the way the plan recordkeeper and the plan sponsor’s payroll processor communicate. She feels that these two providers fail to communicate as well as they should. This inefficiency requires additional time be spent on the coordination of employee communications and operations for the plan. Watch to learn what the firm’s next steps will likely be and how they plan to address the plan’s needs.