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Retirement Plan Review Checklist

Fulcrum Partners. Deferred Compensation News

Sharing this handy Plan Review Checklist from our strategic advertising partners, SRP, Strategic Retirement Partners.

Spring Cleaning for Your Retirement Plan

Spring is in the air and now could be a great time to do a little spring cleaning for your retirement plan. Here are a few quick things you can do help ensure your plan is in tip top shape:

Fiduciaries and Investments

  1. Review your plan governance documents to make sure none of your plan fiduciaries need to be updated.
  2. Make sure that your ERISA bond and fiduciary insurance is up to date and reflects the correct amounts for your plan.
  3. Confirm that you have all copies of your plan investment reviews and any minutes. In addition, check to be sure any action items from the minutes are completed.

Operations and Procedures

  1. Take a look at your current procedures for things like loans, QDRO’s (qualified domestic relations order), distributions, and enrollment to be sure they don’t need updating.
  2. If you’ve had any changes in your HR or benefits staff that handles the plan, be sure that the procedures they are following match your plan document and operational procedures.
  3. Make sure you have copies in your files of any notices or communications to participants along with the date and method they were distributed.
  4. If you have any terminated participants with balances, make sure you are following a process to contact them and for small balances completing the force out process.

Advisory services offered through CapAcuity LLC and Valmark Advisers, Inc. SEC Registered Investment Advisors. Securities offered through Valmark Securities, Inc. Member FINRA, SIPC. Fulcrum Partners is a separate entity from Valmark Securities, Inc. and Valmark Advisers, Inc.

Securities offered through Lion Street Financial, LLC, (LSF) member FINRA & SIPC. Investment Advisory Services offered through CapAcuity, LLC and Lion Street Advisors, LLC, Registered Investment Advisors. Fulcrum Partners, LSF & CapAcuity, LLC, are non-affiliated entities.

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