Jay Pluimer offers examples of what to look for while conducting a 401(k) plan review in Do You Have a “Gold Medal” 401(k) Plan? Shared by The BAM Alliance, August 11, 2016
My family is getting excited about the upcoming Summer Olympics in Rio. I have a 10-year-old-daughter who is a year-round competitive swimmer and shares what’s likely a common dream among young athletes to compete on the world stage. A wonderful thing about sports like swimming is that the time standards for Olympic qualification are clearly stated and communicated so every aspiring Olympian knows what it takes to swim for their home country.
Although the standards for 401(k) plans aren’t as clearly stated as the times required to swim at the national or Olympic level, it is very important to periodically benchmark your 401(k) plan. Fiduciary standards for business owners and plan sponsors have a number of requirements that need to be met, and the most effective way to ensure your plan is meeting those standards is to go through the benchmarking process.