{"id":3828,"date":"2018-12-21T19:12:37","date_gmt":"2018-12-22T00:12:37","guid":{"rendered":"http:\/\/therosenbaumlawfirm.com\/blog\/?p=3828"},"modified":"2018-12-21T19:12:37","modified_gmt":"2018-12-22T00:12:37","slug":"what-all-good-401k-plans-have","status":"publish","type":"post","link":"https:\/\/therosenbaumlawfirm.com\/blog\/?p=3828","title":{"rendered":"What all good 401(k) plans have"},"content":{"rendered":"

There are so many articles for plan sponsors (I\u2019ve written quite a few) where they go on and on about what plan sponsors need for a successful 401(k) plan. Rather than go into a whole diatribe, here is a Reader\u2019s Digest of what good 401(k) plans have:<\/p>\n

    \n
  1. The leadership of the 401(k) plan understands their duty as plan sponsor and plan fiduciary.<\/li>\n
  2. A third party administrator (TPA) who does a competent job in plan administration.<\/li>\n
  3. A financial advisor who understands the retirement plan business and understands that their real role is minimizing the plan sponsor\u2019s liability.<\/li>\n
  4. A plan design that fits their needs, goals, and pocketbook.<\/li>\n
  5. An investment lineup that isn\u2019t too large that it increases participant confusion which depresses the rate of salary deferrals.<\/li>\n
  6. Communication and technology that will get plan participants more engaged which would lead to higher participation.<\/li>\n
  7. A review of costs and plan providers to make sure what works still actually does work.<\/li>\n
  8. An ERISA attorney on call when they need them.<\/li>\n
  9. An auditor (when the plan needs an audit) that gets the job done competently and ahead of any Form 5500.<\/li>\n<\/ol>\n

    <\/span><\/p>","protected":false},"excerpt":{"rendered":"

    There are so many articles for plan sponsors (I\u2019ve written quite a few) where they go on and on about what plan sponsors need for a successful 401(k) plan. Rather than go into a whole diatribe, here is a Reader\u2019s … Continue reading →<\/span><\/a><\/p>\n

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