Bona-Fide. Comprehensive decision making.
Fiduciary Assistance
Compliance with ERISA statutes, including 404(c), is a necessary but sometimes difficult process. Barrow and Powers works with each employer to tailor a systematic approach to review and monitor these provisions. Most reputable 401k providers have available an outside, neutral third party fiduciary to serve as the “watchdog” for the investments in the plan. In addition, the provider themselves should step forward to be a fiduciary on matters other than the investments. Remember, even if these outside fiduciaries are in place, it still does not dismiss all liability of the trustees and other fiduciaries.
Benchmarking
How does your retirement plan compare with others in the same industry?
With extensive reports provided by neutral third-party benchmarking services, our consultants can measure your plan in areas such as:
- > Due Diligence Support
- > Plan Assets
- > Employee Participation
- > Cost
- > Investment Diversity
- > Asset Allocation
- > Investment Monitoring
- > Historical Average Deferral Rates
After the benchmarking process is complete, each area listed above can be measured and presented in a comprehensive report. This will allow the plan fiduciaries to make crucial decisions based on written evidence, rather than assumptions or guesswork.
