As a plan fiduciary, you have a standard of conduct to follow and various responsibilities imposed by ERISA. Obviously, you’re charged with representing the best interests of the plan participants by acting with care, skill, prudence and diligence. But you’re also responsible for other duties, such as hiring service providers to help ensure the compliance of your plan.
The plan sponsors’ responsibility is to evaluate the provider’s quality and level of service and compare them against the fees. Hiring the right expert is paramount in order to protect the plan and the fiduciaries. When looking at service providers, it’s important to consider one that will stay on top of your business needs year-round. Working with the right advisors and auditors helps reduce risk.
To learn more about the benefits of an ongoing relationship with an experienced advisor for your benefit plan, download our Buyer’s Guide.
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