Every 401k plan needs to comply with the Employee Retirement Income Security Act. Thus, employers, as responsible owners, have the fiduciary responsibility of creating a company plan based on the best interest of each member of the organization. They are at the front line, fortifying the financia...
“It is important to note that the individuals responsible for making decisions for the plan are liable to the plan at a fiduciary level, so it is important for them to understand their responsibilities and for your company to provide levels of risk mitigation for those members.” Cichanski ...
More than 600,000 American companies could be at risk of fines, legal penalties and fiduciary failure for failing to auto-enroll, offer qualified investments or transmit payments on time, according to Abernathy Daley 401k Consultants. Market Insights ...
In our experience, about 85% of admin fees charged by Principal are paid byrevenue sharingorvariable annuity wraps– “hidden” 401(k) fees that lower the investment returns of plan participants. Not only are plan sponsors or participants often unaware that they’re paying them, but they’re ...