Benefits of Sponsoring a Retirement Plan
Keeping yourself informed about different aspects of retirement plans and retirement planning is important. The Department of Labor produces a number of publications to help employers design, educate and operate effective retirement plan programs. Check out these helpful publications at https://www.dol.gov.
Understanding Retirement Plan Fees and Expenses
As the sponsor of a retirement plan, you are helping your employees pursue a secure financial future. Sponsoring a plan, however, also means that you, or someone you appoint, will be responsible for making important decisions about the plan’s management. Your decision-making will include selecting plan investments, investment options and plan service providers. Many of your decisions will require you to understand and evaluate the costs of the plan.
Selecting an Auditor for Your Employee Benefit Plan
Generally, federal law requires employee benefit plans with 100 or more participants to have an audit as part of their obligation to file an annual return/report (Form 5500 Series). If your employee benefit plan is required to have an audit, one of the most important duties of the plan administrator is to hire an independent qualified public accountant. The sponsor of the plan is the plan administrator under the law, unless another individual or entity is specifically designated to assume this responsibility.
Meeting Your Fiduciary Responsibilities
Offering a retirement plan can be one of the most challenging, yet rewarding, decisions an employer can make. The decision impacts employees participating in the plan, their beneficiaries, and the employer benefit when a retirement plan is in place. Administering a plan and managing its assets, however, require certain actions and involve specific responsibilities.
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