When hiring your company’s 401(k) advisor, choosing a fiduciary mitigates your plan sponsor liability. But which type is best? Metaphorically, a 3(21) fiduciary acts as your co-pilot making plan asset recommendations, but the liability remains shared if the “plane crashes.” With a 3(38) fiduciary, you instead get out of the cockpit and become a first-class …
Mitigating your fiduciary liability: pilot or co-pilot? Read More »
When selecting mutual funds, whether for an individual or a company’s 401(k) plan, it’s best to strictly adhere to acomprehensive list of criteria. While no one can (or should) guarantee performance, a diversified portfolio of “best in class” high quality funds that are regularly monitored for compliance to that criteria should serve all parties well. Here are …
No matter whom you hire as a retirement plan provider, you will always be on the hook for liability as a plan sponsor. As a plan sponsor, you are a fiduciary, which is the highest duty of care in equity and law because you are responsible for your employees’ assets – even though they make …
Millions of Americans register for a 401(k) through their job, but often discover too late that they are not on track to save enough for their retirement. According to a recent U.S. study, the average 401(k) plan participant only holds $42,000 in their retirement account and unfortunately are not receiving proper guidance from their plan …