DID YOU KNOW PLAN SPONSORS ARE PERSONALLY LIABLE FOR PLAN NEGLIGENCE?
Yes, that means that angry (unprepared employees) could personally sue you.
Many recent retirement plan lawsuits have claimed negligence of investment oversight, unreasonable fees, lack of fiduciary oversight, and much more. So, why are employees angry and suing their employers? Simply stated, they are mad. The retirement plan failed to do its job – prepare employees for retirement.
PLAN CONSTRUCTION
Renovating retirement plans and building plan success
Examples of plan services may include:
- Establish retirement plan and management committee
- Draft Investment Policy Statement (IPS)
- Quarterly meetings
- Auto-enrollment
- Auto-escalation
- Qualified Default Investment Alterative (QDIA) Safe Harbor
- Annual plan design review
- Quarterly investment monitoring and analysis
- Every 3 years: service provider evaluation
- Known, discussed, and reasonable plan fee
- We follow the 90-10-90 philosophy
- 90%+ Participation rate
- 10%+ Average employee deferral
- 90% Appropriate