Top 5 critical mistakes
You need to know about your company’s 404(c) plan to help avoid liability
Enter your information to see the top five critical mistakes:
It is quite common for a company profit sharing or 401(k) plan to allow the plan participants to direct their investment choices. By checking the box in the plan document to be 404(c) compliant, many plan trustees believe that alone absolves them of the investment outcomes of their plan participants. In fact, there is a lot more to 404(c) compliance than that.
It has been our experience that the steps laid out by ERISA are not followed by many plan sponsors. As a result, it is possible the protections sought by electing 404(c) are questionable. That is not something you want to find out at the wrong time.
One of our fiduciary experts can answer your questions and make sure the processes of your plan are being handled correctly. We help companies understand the areas where they may be most vulnerable.
We’ve compiled five key mistakes companies make concerning ERISA 404(c) to help protect you from liability and remain compliant.