Dominate the competition
Get instant accessAttention all business owners!
Did you know that the law requires you to “benchmark” your plan on a regular basis? If you didn’t, you’re not alone. Many business owners have no idea, but as the plan sponsor, you have a legal “fiduciary” obligation to make sure that your plan fees are fair and reasonable – and that all decisions are made for the sole benefit of the employees.
Despite your best intentions, if you are found to be non-compliant, the cost is steep. Of the plans examined in 2014, the Department of Labor (DOL) found 75% of them to be illegal, and the average fine was $600,000. Even more sobering is that 106 individuals – including plan officials, corporate officers (CEOs and CFOs) and service providers – were criminally indicted by the DOL.
