We all have “idiot lights” on the control console of our car. Most of us have had the check engine light come on and thought, “Everything seems fine, I will deal with it later.” Sometimes that works out, sometimes it doesn’t.
There are a few warning signs that your 401 (k) may be vulnerable to a challenge. To name a few,
- Failing to benchmark your plan or get periodic Requests for Proposals (RFP);
- Failure to monitor plan fees and expenses; and,
- Failure to monitor whether investment fees were appropriate.
If you are like many plan trustees, your response to these items is, “What?” The Department of Labor is raising the bar for fiduciary responsibility. What you don’t know can hurt you.
For more about the 401 (k) Shield click here.
Securities offered through Cambridge Investment Research, Inc., a Broker/Dealer member FINRA/SIPC. Investment Advisor Representative, Cambridge Investment Research Advisors, Inc., a Registered Investment Advisor. Financial Planning Services offered through Axiom Advisors, LLC, a Registered Investment Advisor. Axiom Advisors, LLC and Cambridge Investment Research, Inc. are not affiliated.