Time For A 401(k) Plan Spring Cleaning?

Now that spring is in the air, it might be a good time to dust off your 401(k) plan document and do a quick checkup. This post walks through five issues we recommend considering as you jump into your spring cleaning:

1. Plan Fiduciaries – Are your plan fiduciary designations up to date? Is the correct plan administrator designated? Do you need to update the members on your 401(k) investment or administrative committees – either due to turnover or longevity? It is important that fiduciary designations are up to date because fiduciaries play critical roles relative to your company's 401(k) plan and are held to a high standard of behavior. You should consider scheduling regular fiduciary training for your plan fiduciaries so that they remain up to date on their responsibilities and expected conduct. It is also worth making sure that your company's 401(k) plan fiduciaries are properly identified in your fiduciary liability insurance policy.