Plan sponsors, employers, owners and other plan fiduciaries all have a primary responsibility to act in the best interest of participants. That regulation is well spelled out in Department of Labor (DOL) and ERISA regulations. That’s a tall order and sometimes can be lost in the need for retirement assets to be built. How do you prove you’re acting in the best interest of participants? What specific documentation does the DOL look for to indicate the fiduciary responsibility of plan sponsors is being fulfilled?
It’s important for plan fiduciaries to hire, supervise and hold accountable the vendors they use to serve participants. Those vendors should be able to document how they will serve participants with regard to fees and function.
The fees and penalties associated with disregarding the responsibility of acting in the best interests of participants either directly or unwittingly can be expensive, burdensome and avoided if the plan sponsor takes the time and energy to get educated and advised properly. We can help. We have the experience to guide and the know how to set up processes that will keep plan fiduciaries on track to avoid DOL fees and fines.
(949) 545-1358
We are a financial advising firm specializing in employer sponsored retirement plans. We can help with 401K's, 403B's, 457's, defined benefits, ESOP's and Non Qualified plans.
We help protect, design and grow your employer sponsored retirement plan. Acting in the best interests of the participants and creating a retirement plan that emphasizes corporate goals and objectives are two sides of the same coin.
Please call us today - we'll be happy to offer you a free initial consultation. Thanks for visiting!
15520 Rockfield Blvd, Suite G, Irvine, CA 92618
Securities and investment advisory services offered through World Equity Group, Inc., member FINRA / SIPC. Jevon Thomas Retirement Plan Consultants and World Equity Group, Inc. are independently owned and operated. World Equity Group, Inc. does not provide tax or legal advice. For tax advice consult with a qualified tax professional. For legal advice consult with an attorney.
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