403(b) Fiduciary Responsibilities & Best Pratices

Plan Document Compliance
ai??? Plan Provisionsai???

Establish Retirement Plan/Administrative Committee
ai??? Identify plan fiduciaries
ai??? Responsible for the administration of the retirement plan
ai??? Responsible for the planai??i??s investment fund offeringsai???

Investment Policy Statement
Purpose is to provide the general investment goals and objectives of the retirement plan including:
ai??? Roles and responsibilities
ai??? Selection of investment funds
ai??? Fund monitoring and due diligence review
ai??? Fund removal or addition
ai??? Participant education and communications
ai??? Comply with ERISA Section 404(c)ai???

ERISA Section 404(c)ai???
If fiduciaries comply they are protected against liability.
ai???Requirements:
ai??? Offer plan participants a broad range of investment fund choices
ai??? Make information about the investment fund choices available to plan participants
ai??? Let plan participants change their investment fund choices at least four times per year
ai??? Perform at least an annual due diligence review of the investment fund offerings
Plan sponsors now also have to comply with the new Fee Disclosures to have Section 404(c) be effectiveai???ai???

403(b) Fee Disclosure Requirements
ai??? Vendor to Plan Sponsor 408(b)(2)
ai??? Plan sponsor to participant 404(a)ai???

Assess Reasonableness of 403(b) Retirement Plan Fees
ai??? Plan paying a fair and competitive price for plan services received
ai??? Plan receiving value for the fees paidai??? discount propecia canada.