To help the plan document the
steps they are taking to meet their plan management
responsibilities and to provide them with additional
plan monitoring tools, each step in the 401k
Service Solution process has a corresponding
summary.
The documented compliance templates
are designed to be used on an individual client
basis, being updated to add the name of the
plan, the date of documentation, as well as
copies of the worksheets the plan completed
for the record.
Each summary template contains
a cover, regulation review page, several divider
pages, and a summary with next step guidance
for the plan sponsor. Also included in the summary
templates are several monitoring checklists
to help the plan sponsor CONTINUE to monitor
their plan towards compliance on an ongoing
basis. These summary templates allow for a consistent,
professional presentation for every component
of the retirement plan management process and
can be easily integrated to wrap around any
pre-existing software programs or templates
already in use.
The documented compliance templates
include:
1. Defining Plan Success: Employer Report Card Results Review Prohibited
Practices Review Goals and Objectives Review Service
Shortfalls Review Next Step Guidance with Shortfall
Prioritization
2. Plan Investments (Limiting
Liability): IPS IQ Answer Key Sample Investment
Policy Statement or Customized Investment Policy
Statement IPS Review Checklist Periodic Investment
Review Checklist
4. Due Diligence: Provider
Due Diligence Checklist Sample Plan Expense Comparison
Chart (2 versions) Plan Sponsor and Participant
Service Listing (2 separate lists)
