I'm working with a 401(k)/403(b) provider and interested in hearing what the
What are most important 401k/403b plan sponsor communication attributes?
Answers
I would like discrimination testing reviewed prior to the end of the year, to anticipate issues vs. dealing with it after year-end when my options are more limited.
I would expect at a minimum the following from a provider:
-With all of the litigation going on relating to managing these plans effectively for your constituents, you should receive updates from your provider on litigation trends and things to be watchful for.
-A quarterly review of how your investment choices are doing against benchmarks
-Review and support to help determine if your investments are diversified enough help in finding better funds to add or to replace existing funds
Regis and Patrick, thank you both for taking the time to provide your responses. Let's assume we're going to provide a quarterly update with the information you both note. Would you prefer to attend a 30 minute
I agree with Regis that it would be nice to review discrimination testing before the chaos at year end, but I don't know that I'd be willing to 'pay the price' of submitting all of the required data twice each year. Even though a lot of the data is provided by our payroll service, it still ends up being a time-consuming project for me.
Lorraine - I'd prefer an emailed doc/posted pdf that I can review as my schedule allows. If the webinar occurs at an inconvenient time, I may be distracted and not really get much out of it even if I'm in attendance.
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Thanks Brenda - regarding
Lorraine,
I agree with everyone who has commented, but think the CFO and
In terms of communication, I agree that a webinar is not the best option. A message via the company intranet, or perhaps part of a company Town Hall meeting might be the better options.
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You raise a good point - getting access to the organization's intranet (if only to post in conspicuous areas) is key. Sure, the provider will have its plan sponsor access site but posting to your intranet extra takes steps out of how you actually get the information. Town Hall's are great for hot topics and sharing opinions. Thank you, both are valuable.
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