Managing all that is necessary to run an effective and compliant employer-sponsored plan takes a thorough understanding of what is required and a commitment to getting it done right.  As an ERISA Section 3(38) plan fiduciary Prism Fund Solutions, Inc. provides solutions that help plan sponsors implement processes that demonstrate prudence in plan management.

Below are some of the questions you should be asking:

1.  Does your 401(k) or other retirement plan have formally documented goals and objectives; a  formal Investment Policy Statement and is it referenced during plan reviews?

2.  Does your plan have a formal review of plan investments compared against appropriate benchmarks, at least annually and how the plans Investment Policy Statement (IPS) guides the investment selection and monitoring process?

3.  Do you document and review the IPS annually to ensure plan changes are updated?

4.  Has your plan documented a plan fee and provision benchmarking report noting how your plan’s features and expenses compare to industry averages?

5.  Does your participant education program in place touch at least 90% of plan participants?

6.  Do you have a method to monitor the effectiveness of the employee education programs (other than by participation rates alone)?

7.  Will most participants in the plan be able to retire comfortably at their current level of participation and contribution rates?

8.  Have plan participants been polled on how well they understand the plan's features and what information they need to make better investment decisions? Has your plan adjusted its education program accordingly?

9.  Do you have the necessary tools and checklists to monitor and manage your fiduciary responsibilities?

10. Does the plan sponsor investment committee receive regular retirement industry updates and educational topics beneficial toward making them better fiduciaries?