“Out of sight out of mind” is not how you treat an important piece of equipment. Regularly scheduled maintenance ensures vital machinery and tools perform at optimal levels. The same principles apply to your 401k. Putting in place a Service Plan that addresses the essential elements of your plan can work the same way.

The Service Plan should focus on the main objectives of addressing the fiduciary needs of the 401k sponsor and by extension address the needs of both the sponsor and the participants. A well run plan serves everyone’s best interests.  401k Service Plan

The fiduciary responsibilities of a 401k plan sponsor on their face seem pretty straight forward. The U.S. Department of Labor lists the essential elements.

Each plan has certain key elements. These include:

• A written plan that describes the benefit structure and guides day-to-day operations;
• A trust fund to hold the plan’s assets1;
•  A recordkeeping system to track the flow of monies going to and from the retirement plan; and
• Documents to provide plan information to employees participating in the plan and to the government.

Meeting Your Fiduciary Repsonsibilities

Fiduciary Evaluation

Organizing Your Fiduciary File

Ten things to know about your employer’s 401(k) plan.

Why Hire a Retirement Advisor?

What Would a Successful Plan Look Like?