Particularly in light of the current Department of Labor rule update, just hiring a large custodian is NOT all you have to do as a corporation with an Employee Retirement Plan to manage liability. Companies who are not up to speed on the latest requirements risk government penalties as well as legal exposure.
More than just filing 5500 each year for each participant, most corporations do not realize that other factors involved include: Investment committees, how investment selections are made, providing compliant educational material for participants, making an adequate breadth of investment choices available, discrimination testing, depositing payroll deductions in a timely manner, in addition to ensuring best possible expenses for the class of funds used.
Most firms would do well to consider transferring a portion of their liability to an outside, third party professional firm. We partner with one of the county’s premier plan administrators to help companies with $10 Million or more plan assets: