401(k) Plan Oversight and Review

Fiduciary Advisors, Inc. ("FAI") offers a team of industry professionals to help you navigate regulations and complexities of a successful 401(k) program.  There is no degree offered by most colleges in Plan Administration, so many plan sponsors rely on third parties for the expertise and services required to operate their plans. 

Delivery of these services in a format consistent with your organization’s expectations is critical. If the services provided don’t match a plan’s operational needs, the results may include incorrect depositing of funds, inaccurate and untimely participant information or IRS reporting, and/or employees who don’t understand, appreciate or participate in the plan.

The professionals at Fiduciary Advisors, Inc. ("FAI") have worked with many plan sponsors and their TPA’s (Third Party Administrators) over the years. FAI will put these combined years of experience to work for your plan.   FAI’s 401(K) Oversight and Review Services will help plan sponsors identify any gaps in existing services and develop a plan to oversee plan operations designed to reduce the risk of operational deficiencies.

Specifically, FAI offers the following:

  • Operational reviews and assessments in the areas of:
    • Enrollment and communications strategies
    • Participation levels and deferral percentages
    • Adequacy of recordkeeping, especially in the areas of loans contribution allocations and participant direction of investments
    • Required compliance testing
    • Evaluation of operational compliance with the plan document and ERISA
  • Recommendations for improvement in the above areas
  • Proactive communication of changes and trends in the retirement industry
  • Identification of operational or document changes required due to changes in the regulatory environment, corporate structure or growth in numbers of participants
  • Identification of fees and expenses being paid by Plan annually, and comparison to industry norms
  • Support to plan sponsor personnel in the areas of
    • Understanding provisions of the plan document
    • Corrections of operational errors
    • Preparation of required employee communications
    • Preparation for plan audit (See ERISA Audit Services)