When looking to help plan sponsors
understand and document the steps they are taking
toward meeting their fiduciary responsibilities,
it is helpful to provide them with a "Kit"
or binder that contains documents and checklists
to help make their job simple.
Subscribing to the 401k Service
tools provides PPC designees with a complete
binder that incorporates all of the documents
listed below, the saved files for all of the
documents listed (other than plan docs and Handbooks),
and an education guide covering each topic to
include in the binder to help educate plan sponsors
on the key issues. The kit also includes a binder
introduction page, table of contents, Microsoft
Word template for printing index tabs, and binder
inserts if printing in-house (you can order
completed binders from FSS with binder inserts
sealed into the clear overlay).
The following list is what FSS
recommends including a Fiduciary Risk Management
Kit and the sources where these documents can
be found (including those documents included
in the PPC Risk Management Kit):
Tab 1: OVERVIEW
DOL Guide Understanding Your Fiduciary Responsibilities
(download or order FREE at dol.gov/ebsa)
Tab 2: PLAN DOCUMENTS
Plan Document (request all from company/TPA-keep
in one location)
Summary Plan Description
Summary of Material Modifications
Adoption Agreement
Discrimination Testing
Tab 3: INVESTMENT COMMITTEE
DOCUMENTS
Committee Responsibility Checklist (PPC program
provides one, or variation included in 401khelpcenter.com
Fiduciary Toolkit-$49.95-great resource!)
Appointment to Investment Committee and Fiduciary
Acknowledgement Letter (PPC program provides
one, or variation found FREE at fi360.com)
Investment Committee Bylaws (sample found FREE
at fi360.com)
Investment Committee Meeting Minutes (PPC program
provides sample doc)
Employer Report Card and Fiduciary Education
Initiative (PPC program provides)
Tab 4: PROVIDER & PENSION
CONSULTANT DUE DILIGENCE
Understanding the Rules: Tips for Selecting
and Monitoring Service Providers (dol.gov)
Provider Selection Checklist (PPC program provides
or insert RFP scoring selection criteria)
Provider Ongoing Review Checklist (PPC program
provides)
401k Service and Expense Benchmarking Report
(PPC program provides template)
Service Agreements (from provider)
Understanding the Rules: Selecting & Monitoring
Pension Consultants (dol.gov)
Selecting the Right Professional Checklist (FREE
at Financialservicestandards.com, PPC program
provides)
401(k) Consulting or Advisory Agreement (samples
found at fi360.com and PPC program provides)
Tab 5: INVESTMENT DUE DILIGENCE
ERISA Compliance Checklist (PPC program provides
or fi360.com has a SAFE checklist)
Investment Policy Statement (samples found at
fi360.com and PPC program provides templates)
Investment Policy Statement Checklist (PPC program
provides)
Periodic Investment Review Checklist (PPC program
provides)
Investment Monitoring Summaries (from running
monitoring reports using analytics software)
Tab 6: PARTICIPANT COMMUNICATION
ERISA Section 404c Checklist (PPC program provides)
Employee Report Card Review and Formal Participant
Education Program (PPC program provides)
Participant Education Program Checklist (PPC
program provides)
Tab 7: ADDITIONAL RESOURCES
(Option to include/select some or all)
DOL Publication-Reporting and Disclosure Guide
for Employee Benefit Plans
DOL Publication - Selecting an Auditor for Your
Employee Benefit Plan
DOL Publication - Understanding Retirement Plan
Fees & Expenses
Handbook - Prudent Practices for Investment
Stewards (fi360.com)
Handbook - 401k Averages Book - 8th Edition
(HRsource.com)
Handbook - 401k Service Solution Handbook for
Retirement Plan Sponsors & Fiduciaries
Resource-Deloitte's Annual 401(k) Benchmarking
Survey
Subscriptions Only Available for Purchase on the
PPC Designee Site
