When it comes to your health, there are certain symptoms you should look out for that could be a harbinger of something wrong. The same can be said of your 401(k) plan. Here are some things to consider:
- Late deposit of salary deferrals.
- Low average account balances.
- No ERISA bond in place.
- Low deferral participation rate.
- Compliance testing failures, corrective contributions made.
- Too many hardship requests.
- Too many defaulted plan loans.
- No benchmarking of fees.
- No review of plan providers.
- No formal fiduciary process followed.
If you just have one of these symptoms, your plan needs a checkup.