Each Monday 401kBasics posts a new tip as a part of our series “Plan Sponsor Quick Tips”. This series is designed to assist plan sponsors in filling their fiduciary role and running their retirement plan efficiently. Your feedback or suggestions on future articles is welcome.
Plan fiduciaries bear great responsibility over participant assets and thus have to be very careful at monitoring their duties. Working with websites has become standard in the past few years and at the rate we are going it seems like it will be here to stay. Each fiduciary can reduce liability by being organized. Part of that includes knowing which sites to have readily available. Below are some ideas that may help:
1. Retirement Plan Website – All fiduciaries should have the portal provided by their service provider saved under a bookmark. This is the portal where plan activities, among many other things, can be conducted. Along with this website, a service provider will send other sites that may be tailored to your plans’ needs—these should be saved too.
2. Government Websites – Bookmarking governmental portals is crucial as it provides fiduciaries with important legislature updates, duty reminders, plan maintenance requirements and trends. Here are a few sites that do just that:
- Internal Revenue Service – http://www.irs.gov/
- The U.S. Department of Labor – http://www.dol.gov/
- IRS Retirement Plans Navigator – http://www.retirementplans.irs.gov/
3. 401(k) Websites (Including Blogs) – These sites are becoming increasingly popular on the net. Blogs that discuss retirement plans offer very useful resources to fiduciaries, with a disclaimer of course! With education being a factor in the fiduciary role, it helps to stay informed and receive some tips from these portals. Some of our favorites are:
- Pozek On Pension – http://www.pozekonpension.com/
- Fiduciary News – http://fiduciarynews.com/
- Fi360 blog – http://blog.fi360.com/fi360_blog/
- The 401(k) Fiduciary Advice Blog – http://bemanagednow.com/blog/
As you can see, the list of websites to keep for a single retirement plan can be very long. Try covering multiple plans and the list gets even longer. The trick is to find those sites that are important to you and save them in the appropriate bookmark folders. Surf’s up!
This site is for entertainment purposes only. 401kBasics and it’s authors are not financial advisors and no information found on this site should be construed as financial advice.
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