1)Do you have an investment policy statement; are you following it?
2)Have you designated an “Investment Committee” that meets on a regular basis?Does your committee receive the guidance of an un-biased qualified professionalor “expert?”
3)Is the current investment advisor receiving compensation for managing your planpersonally related to or associated with a plan fiduciary or investment committee decision maker that could be construed as a conflict of interest? Is your current investment advisor also serving as a fiduciary for plan?
4)Are all plan fiduciaries aware they are fiduciaries and are they aware of the meaning, responsibilities, and extent of their potential personal liability?
5)Do you know all of your plan costs and how they are allocated between the company and participants, including 12b-1, revenue sharing, and asset management fees?
6)Are participants in your plan supplied with updated and accurate plan information necessary to help them make informed investment decisions? Is your current provider and/or Investment advisor proactive in this role?
7)Do the investment options in your plan continue to represent the asset classes for which they were originally chosen?
8)Do your investment options include “model portfolios”, “lifestyle” type portfolio choices, or a “QDIA”?
9)Does your advisor work only at the plan level, or at both the plan and employee levels?
10)Is there a system in place for participants who retire or leave the company, to assist with rolling over plan assets to a new investment vehicle?
11)Are you fully prepared for the impact of 408(b)(2) and 404(a)(5)?
12)Is your plan 404(c) complaint? If you are 404(c) complaint, is your plan currently covered by a Fidelity Bond?
13)Are you aware of the schedule to deposit participants’ contributions in the plan and have you made sure it complies with the law?
14)When did you most recently complete an independent ‘Benchmark’ or ‘Audit’ of your plan?
15)If your plan allows for individually directed accounts, are you aware that your fiduciary burden and responsibility for individual participant’s investment choices can be greatly increased? Have you taken appropriate measures, with the help of an investment professional, to insure you are providing a source of investment guidance to assist participants in making sound investments decisions?
401(k) ◦ 403(b) ◦ Safe Harbor 401(k) ◦ SIMPLE 401(k)
Profit Sharing ◦ SEP IRA ◦ SIMPLE IRA ◦ 457 Plans
If you would like a no obligation, second opinion into your Corporate Retirement Plan to see if your plan measures up give me us call at 630-799-8350 or email at info@crosspointwealth.com. We look forward to the opportunity to show where there may be inefficiencies and earn your business.
