FROM GREG OLIVER
FAST NOTE : Do your employees have a company retirement plan? If they do, then you have a fiduciary responsibility to them.
> You have to provide plan participants with a detailed breakdown of plan fees and expenses pertaining to their accounts, and disseminate investment instructions to them per updated Department of Labor regulations.
> You must document the plan’s investment processes and see that they follow the procedures and the Investment Policy Statement (IPS) in the plan document.
> You must develop an employee education program to meet fiduciary requirements and help your employees adequately utilize the plan.
> In addition, most plan administrators are required to file a Form 5500 Annual Return/Report with the federal government.
Don’t risk lawsuits or five- or six-figure settlements. Don’t open the door to liability. Do the right thing, do the smart thing – turn to an experienced, professional third-party fiduciary for assistance.