Experts in Personalized Retirement Plan Design & Administration

Fiduciary Health Check

Plan sponsors are required by law to understand and fulfill fiduciary responsibilities owed to their retirement plans. Failure to adopt fundamental practices could result in regulatory intervention and potentially significant personal liability for plan fiduciaries.

Benefit Plans Plus, LLC helps clients take the prudent approach by focusing solely on the interests of plan participants and their beneficiaries. We perform a “snapshot” assessment of current fiduciary compliance structures and processes; our assessment immediately identifies opportunities, improves procedures and systems – saving you time and money.

Fiduciary Health Check includes:

  • Identifying fiduciaries (named & functional)
  • Plan document review (terms of plan, eligibility, distribution options & model amendments)
  • Required employee communications (disclosures, safe harbor, reporting, QDIA notices, salary reduction notices & multiple statements)
  • Vendor-specific review of products, features and tools
  • Compliance testing (ADP, ACP, etc.)
  • 5500 (timely contributions & proper filing)
  • Insurance coverage review (fidelity bond, fiduciary insurance policy)

A la Carte Services

  • Fee analysis (total plan cost including billed fees, investment expenses, asset charges, record keeping)
  • Fiduciary investment process review (investment policy, monitoring, diversification & performance)
  • Plan design (contribution efficiency & after-tax cost)
  • Fiduciary compliance management (corrections assistance, vendor & advisor searches)

Contact us today to check your fiduciary health!

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