Hiring A CEO for your 401(k) or ERISA 403(b) Plan

ERISA requires a retirement plan Sponsor to be legally, and personally, liable for making “prudent” decisions regarding every aspect of his or her Plan.

As an Employer, you know how to make your business grow; that is your passion. However, do you know, or do you WANT to know, how to make “prudent” day-to-day decisions for your Plan participants?

Savvy entrepreneurs have learned the efficiencies of outsourcing such daily tasks such as payroll, HR services, and printing. Technology now allows firms to seamlessly outsource these, and many other services. Generally, outsourcing saves owners’ headaches; and many times, saves them money!

In recent years, Plan Sponsors have heard of a plethora of fiduciary outsourcing; 3(21) investment co-fiduciaries, 3(38) investment managers, and 3(16) Plan Administrators. All these outside fiduciaries are useful, but do not equate to a “CEO” like the 402(a) “Named Fiduciary”

Every day, laws change, Regulations are issued, and Court decisions are made. Few Employers/Plan Sponsors have neither the time, nor the inclination, to keep up. Do you?

Fiduciary oversight is ALL we do; we have no conflicts with other retirement plan-related service providers. Thus, you can be assured that we “work for you” and not for our own financial interests. We give Plan Sponsors the most protection allowed under law; and the most comfort to Plan Participants.

We host, and lead, semi-annual Plan Administrative Committee meetings with the Plan Sponsor and all Plan vendors. A formal Agenda is followed, and detailed Minutes maintained – thus satisfying ERISA’s “process and procedure” requirements. We also benchmark and ensure all Plan vendor fees are “reasonable” under ERISA.

If you would like to learn more, call us at 866-402-WISE (9473), ext. 406, or visit us a fiduciarywise.com. Check out our published articles under the “Resources” tab. Even if you chose to not hire us, our articles will show you how to be a better fiduciary. After all, the cost is right!