It isn\u2019t enough to provide employees with a 401(k) retirement plan. While it can help attract new talent and retention, you, as an employer, must also ensure that you meet your fiduciary responsibilities. This will help protect you and your company from potential liability.<\/p>\n\n\n\n
A fiduciary is a trusted party that acts in the best interest of plan participants and their beneficiaries.. If you\u2019re planning to offer your employees a retirement plan, you, or someone at your organization, will become a fiduciary. Hiring a 401(k) service provider that offers fiduciary services can be a smart way to transfer some of the fiduciary responsibilities.<\/p>\n\n\n\n
The fiduciary is dedicated to ensuring the financial well-being of plan participants and beneficiaries. Additional responsibilities include but are not limited to:<\/p>\n\n\n\n
ERISA (Employment Retirement Income Security Act) lists several fiduciary roles including:<\/p>\n\n\n\n
Hiring a 401(k) service provider can help to ensure that your business\u2019 plan requirements are met. They generally perform some fiduciary duties to benefit the employers and employees. However, as the business owner, you still have some fiduciary responsibility. It will be your decision whether or not to hire a service provider.<\/p>\n\n\n\n
When hiring a provider, be sure to consider your needs as a business owner, and the needs of your employees. You will also want to consider the provider\u2019s experience, fees, support and service.<\/p>\n\n\n\n
We understand that managing a 401(k) retirement plan for your employees may seem daunting. That\u2019s where we come in. If you\u2019re interested in hiring ePlan Services as your 401(k) service provider, contact our sales team today, our knowledgeable professionals will be glad to assist you.<\/p>\n\n\n\n\n