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Offering a retirement plan can be one of the most challenging, yet rewarding, decisions an employer can make. However, as a Fiduciary you have important responsibilities and are subject to certain standards of conduct because you are acting on behalf of participants in a retirement plan and their beneficiaries. Failure to comply can result in hefty penalties. These responsibilities include:
Fiduciary responsibility goes beyond making sure that your plan is compliant per the Department of Labor requirements. Meeting DOL Compliance doesn't necessarily mean that you have a "successful plan", either. Additionally, some simple questions to ask to ensure compliance might be: