Looking to Reduce Your Fiduciary Liability? Benchmark Your Retirement Plan.

As a Plan Sponsor, you have a duty to perform ongoing monitoring of your company’s retirement plan. Since ERISA is complicated, navigating this landscape is oftentimes confusing and challenging. You might be wondering, “What do I need to do to avoid fiduciary liability for my 401(k) plan?”

Fred Reisch, noted ERISA Attorney, offers his insights on what type of benchmarking is needed here: No. 1 Tip To Avoid Fiduciary Liability.

As noted in the article, not just any benchmark will do. The company retirement plan should be benchmarked against plans with a similar number of employees and a similar amount of assets to gather the most accurate information about plan expenses.

At KerberRose, we assist local businesses by reviewing their Fiduciary Liability, as well as the Operation Duties under ERISA and the Department of Labor, with respect to their 401(k) retirement plans. One of the most successful ways to manage risk is to perform a benchmark of your retirement plan.

When it comes to fees, it’s important that fees remain reasonable in light of the services received and benchmarking is helpful to determine what this “range of reasonableness” is.

Interested in reducing your fiduciary liability? Find out how your plan compares to others in the market with a free retirement plan benchmark from KerberRose Retirement Plan Services.