Broker Check

10 Questions every Plan Sponsor should know

1. Who are your plan fiduciaries?

2. Do you provide regular participant enrollment meetings?

3. With IRC Section 404(c), who will verify that you are compliant?

4. When naming your Qualified Default Investment Alternative (QDIA), who verifies that it is an acceptable QDIA option under Department of Labor (DOL) rules?

5. Who is responsible for creating your Investment Policy Statement (IPS)? Do you prefer to review it on a semi-annual or annual basis?

6. Please list your plan vendors: Record keeper, Third Party Administrator, Investment Advisor, Other (ERISA attorney, benefits coordinator, etc.)

7. Who is on your committee to ensure that you comply with the new fee disclosure rules?

8. Who is responsible for verifying that your schedule for depositing participant contributions complies with DOL rules?

9. Are all your plan amendments and restatements up to date?

10. Who verifies that your plan is compliant with the prohibited transaction and conflict of interest rules under ERISA?