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.