You’re a Fiduciary…But Are You An Expert?
As a sponsor of a qualiﬁed retirement plan, you are a ﬁduciary. Your HR department is acting as a ﬁduciary. Your payroll department is acting as a ﬁduciary. You may have a receptionist who is acting as a ﬁduciary. But are you or your staff considered a “prudent expert” as required by the Department of Labor? If you aren’t, you might want to consider outsourcing your fiduciary duties to an expert.
Why outsource your fiduciary duties?
Hire a fiduciary to do the work from start to finish so that you don’t have to.
Avoid Costly Plan Audits
In 2013, the Department of Labor audited approximately 4,000 plans and found that 73% of them had ﬁduciary errors. The average ﬁne for the plan sponsor was $600,000. We know you don’t want to be part of this statistic; a fiduciary assumes the liability for administering your plan.
Experience Added Benefits without the hassle
By adding features, like automatic enrollment, which you may have once declined because of the time commitment, your plan will experience increased participation. Let someone else take the responsibility of plan ﬁduciary and save your valuable time. Eliminating costly penalties for improper plan administration saves you money.
These services can be paid from the plan’s assets.
Find out more about Fiduciary services
Don’t be swayed by ﬁrms offering limited “Fiduciary Lite” services that still leave you liable. Contact Us Today to ﬁnd out what we can do for you.