Plan Sponsor Checklist

In order to provide investment advice to our 401(k) plan, we require that you answer the following questions:

Question   Yes     No  
  1   Are you a 3(38) Fiduciary as defined by ERISA?
  2   Will you accept liability for selecting plan investment options?
  3   Will you accept liability for monitoring plan investment options?
  4   Will the advisor accept liability for replacing plan investment options?
  5   Do you have fiduciary discretion?
  6   Will you agree to act solely in the best interest of plan participants?
  7   Do you monitor and benchmark plan costs?
  8   Is every single cost to the plan or participants disclosed in one page for my annual review?
  9   Are you paid at all by any of the investments in the plan?
  10   Will you provide a plan where you accept no payment whatsoever from plan investments?
  11   Do you choose mutual funds by screening for those with recent good performance?
  12   Will you provide one on one advice to plan participants?
  13   Will you provide a plan solely of passively managed, low cost, diversified mutual funds?
  14   Will you provide risk based portfolios of solely passively managed, low cost, diversified mutual funds?
  15   Has your organization ever been sued for the services you propose to provide, whether the suit settled out of court or not?

Download The Plan Sponsor Checklist