If your company retirement plan has elected to be 404(c) compliant, do you know if you are following the proper steps?
Here are five critical mistakes we often see made by businesses:
404(c) election has not been made in the retirement plan document but is presumed to exist.
Plan participants are not informed of the plan’s intent to be 404(c) compliant.
Plan investments are not adequately diversified.
Investment information needed to make informed decisions is not readily available to the participants.
Movement between the funds by the participants is more limited than provided for by 404(c) provisions.