Best Practices for Your Plan Fiduciary

Governing a qualified retirement plan requires the plan fiduciaries to be able to understand and apply complex regulations found in the Internal Revenue Code and ERISA.  In addition to regulatory compliance, the provisions of the plan documents have to be followed at all times.

Various service providers can be engaged to assist in maintaining the tax qualified status of the retirement plan.   The attached guide by Vanguard outlines some basic procedures plan fiduciaries need to follow on an ongoing and annual basis.  It is important for plan sponsors to determine if they have the time, knowledge, or desire to properly govern the retirement plan.