Your retirement plan is a crucial tool in attracting and keeping the best employees. It is also a complicated benefit requiring knowledge of a vast web of regulations that require strict compliance by the named fiduciaries and administrators of your plan. The “named fiduciaries” of your plan could be you, your board of directors, company officers who make plan decisions or anyone with responsibility for monitoring your plan. These fiduciaries can be held personally liable for losses due to failure to fulfill their fiduciary duties to the plan.
By properly complying with ERISA 404(c), the plan sponsor and named fiduciaries are relieved from liability for losses resulting from participants’ direction of their investments. As a part of our holistic and thorough process, we help you with the investment menu, plan design, and disclosure requirements necessary to take advantage of the protections afforded by ERISA 404(c).