The 5-Pronged Approach for Compliant Retirement Plans

How do you ensure you’re managing your retirement plan appropriately? Here is our 5-pronged approach for establishing, managing & monitoring compliant retirement plans.

“Prudence focuses on the process for making fiduciary decisions. Therefore, it is wise to document decisions and the basis for those decisions.”
– Department of Labor

Let’s start with the minimal requirements by category.

Plan Documents Processing Participants Legislative &
Regulatory Updates		 Plan Review
  • Establishing
  • Distributing
  • Maintaining
  • Amendments
  • Filing
  • Contribution Limits
  • Hardship Withdrawal
  • Vesting
  • 5500 Withholding
  • Tax Reporting
  • Contributions
  • Loans
  • Data Collection
  • Top-Heavy Testing
  • Enrollment
  • Withdraws
  • Allocation Changes
  • Distributions
  • IRS
  • DOL
  • ERISA
  • CoLA
  • Pension Reform (PPA)
  • Audits
  • Committee Meetings
  • Investment Reviews
  • Controlling Expenses
  • Employee Education Requirements
  • Participation Reports

 

How Safe Harbor Partners Helps You Meet Your Fiduciary Responsibilities

As the plan administrator, you are responsible for overseeing all aspects of the plan. We’ll help you meet this responsibility by:

  1. Conducting a thorough review of your current process with the partners (custodian, record keeper) you’ve already chosen to determine if it falls short in any way.
  2. Conducting full due diligence of funds to ensure they meet plan goals.
  3. Monitoring funds on an ongoing basis to determine if they continue to meet initial selection criteria.
  4. Reviewing all plan and fund fees to determine if they’re reasonable.
  5. Helping you plan a fully-compliant employee communications plan.
  6. Providing an Annual Fiduciary Checklist to ensure you are compliant with emerging requirements.

Learn more about us and our services.