Best Practice #8: Adopting a Fiduciary Governance Program

December 21, 2016—Welcome to the Alliant Best Practices Series for 401(k) Plan Sponsors, in which we offer 10 best-practice essentials for helping plan participants achieve retirement plan success. Here’s the eighth best practice in our series.

“If you fail to plan, you are planning to fail!”

- Benjamin Franklin

In our last post we discussed the importance of establishing a regular fee comparison and review process to protect employers and plan participants from overcharging by service providers, and to preventatively ward off Department of Labor (DOL) investigations or fines, as well as potential lawsuits by employees.

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A landmark Supreme Court case every employer should be aware of

September 27, 2016—Last year the Supreme Court of the United States (SCOTUS) convened to decide a landmark case: Tibble v. Edison. According to InvestmentNews,1 this was “the first 401(k) fee case to be heard by the U.S. Supreme Court.”

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Best Practice #7: Establishing a Regular Fee Comparison and Review Process

September 5, 2016—Welcome to the Alliant Best Practices Series for 401(k) Plan Sponsors, in which we offer 10 best-practice essentials for helping plan participants achieve retirement plan success. Here’s the seventh best practice in our series.

“This witch's brew of hidden fees, conflicts of interest and complexity in applications is at odds with investors' best interests.”

- SEC Chairman Christopher Cox

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Whose Relationship Do You Value?

August 2, 2016—When you choose to add a 401(k) plan to your employee benefits package you offer your employees the opportunity to improve the quality of the lives of their families in retirement. In other words, you do a good thing. However, 401(k) plans come with an obligation. When you adopt a 401(k) plan you become responsible for your employee’s retirement funds. The Employee Retirement Income Security Act, or ERISA, places responsibility on the employer to manage the plan at an extremely high level.

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Best Practice #6: Establishing a Strong Investment Committee

August 2, 2016—Welcome to the Alliant Best Practices Series for 401(k) Plan Sponsors, in which we offer 10 best-practice essentials for helping plan participants achieve retirement plan success. Here’s the sixth best practice in our series.

“It is better to first get the right people on the bus, the wrong people off the bus, and the right people in the right seats, and then figure out where to drive.”
— “Good to Great” author Jim C. Collins

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Heads-up: attorneys on the prowl for 401(k) plaintiffs

August 2, 2016—An attorney in St. Louis, Mo, Mr. Jerome Schlichter, is advertising to participants in certain employer 401(k) plans to hire him in a class action against their employers. This particular attorney is well known in the 401(k) industry for suing and winning awards against a number of household name firms.

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Best Practice #5: The Investment Policy Statement - Putting it in Writing

January 13, 2014—Welcome to the Alliant Best Practices Series for 401(k) Plan Sponsors, in which we offer 10 best-practice essentials for helping plan participants achieve retirement plan success. Here’s the ninth best practice in our series.

 “The will to succeed is important, but what’s even more important is the will to prepare.”

— Bobby Knight

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Best Practice #4: Automatic Enrollment & Escalation

December 5, 2013—Welcome to the Alliant Best Practices Series for 401(k) Plan Sponsors, in which we offer 10 best-practice essentials for helping plan participants achieve retirement plan success. Here’s the fourth best practice in our series.

 “Never put off till tomorrow what you can do today.”

— Thomas Jefferson

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Best Practice #3: Financial Education for Your Plan Participants

October 24, 2013—Welcome to the Alliant Best Practices Series for 401(k) Plan Sponsors, in which we offer 10 best-practice essentials for helping plan participants achieve retirement plan success. Here’s the third best practice in our series.

 “An investment in knowledge always pays the best interest”

— Attributed to Benjamin Franklin

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