What does it look like to deliver an exceptional 401k plan experience? To achieve success, you want to follow proven as best practices that help participants achieve retirement-readiness, and ones that are also fiduciarily sound.
It’s important to recognize that as an Association Executive you are most likely named as a Plan Trustee. According to the Employee Retirement Income Security Act (ERISA), Plan trustees are considered a fiduciary and must accept responsibility to preserve the assets entrusted to them on the behalf of the plan participants. Fiduciaries are expected to make fund-management decisions with the same professionalism as a prudent expert. As you examine the structure of your current Retirement and work to make improvements it’s advisable to work with a Retirement Plan Advisor or consultant that can help you make the necessary changes that will protect your from fiduciary risks and provide the most value. Below are several recommended strategies that can support a sound retirement plan experience for your Association: