Many retirement plan sponsors are under-informed about their ongoing fiduciary duty when making decisions regarding their retirement plan. Plan sponsors have responsibilities to put the financial interest of a plan’s participants above their own. Legacy not only ensures that our client’s are aware of all fiduciary responsibilities, but limits their liability by accepting a co-fiduciary role allowing Legacy to act in the best interest of your company and its participants. By acting as an ERISA 3(21) or 3(38) co-fiduciary, Legacy takes responsibility to...
- Establish Retirement Plan Committee
- Provide a clear understanding of roles/responsibilities, conduct committee meetings, record detailed meeting minutes documenting all decisions, create/implement service calendar, track/improve participant outcomes
- Draft/Monitor/Maintain Investment Policy Statement
- Provide Administrative Support
- Ensure compliance with various plan testing (ADP, ACP, Top Heavy), review plan service providers, and review plan documents
- Provide/Implement Annual Checklist for Fiduciaries