401k Plan

ERISA Fiduciary Duties and Pension Plans

Is Your Retirement Plan in Violation of ERISA Responsibilities?

In managing a 401k plan, there are a number of important factors to consider. Regardless of the investment choices, employee participation, or employer match - one of the absolute most important factors of a retirement plan is being inside the guidelines of ERISA.

Some estimates place the number of plans that are in violation of some aspect of ERISA regulations as high as 90%. Pension plan administrators are at a high risk of failing a Department of Labor Audit. The importance of making sure that your company complies with ERISA rules is apparent now more than ever.

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In recent years, the Department of Labor (DOL) has increased their enforcement of regulations, and the fines levied by the DOL are personal. Several business owners and plan administrators at small companies have been severely fined and penalized almost to the point of financial ruin. As a trustee of an ERISA-regulated retirement plan, you are required to ensure that all of the following factors are compliant:

Investments are prudently managed.

Due diligence is ongoing.

Prohibited transactions are avoided.

The portfolio is diversified.

Performance is monitored regularly.

Decisions are made in the sole interest of participants and beneficiaries.

Sometimes even simple changes can help companies comply with ERISA regulations. We can assist you in ensuring that your plan is safely in compliance with ERISA. To have Atlantic Financial assist you with your corporate 401k plan or answer any questions you may have, please call 1-800-559-2900 or contact Atlantic Financial.

At your request we will analyze your plan and provide a complimentary investment policy statement.

ERISA Pension Plan Compliance - Broker of Record Service

Just One Simple Step Can Help You Comply with ERISA Regulations

If the investments in your current plan are held directly by a mutual fund company, Atlantic Financial may be able to help. By simply informing the mutual fund company to list us as the 'broker of record' for your company you would take an important step toward complying with several key aspects of ERISA.

Be sure your 401k management team is up to date about
New 401k Laws