What makes Monterey Wealth different from other 401(k) plan specialists?
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401(k) Plans Present Unique Exposure to Plan Sponsors & Administrators
- You have accepted fiduciary responsibility for all plan participants (includes current employees and former employees with plan balances)
- According to ERISA, being a fiduciary means you must act in the best interest of plan participants
- ERISA was passed by Congress in 1974 and governs employee benefit plans including retirement plans
Your fiduciary liability includes, but is not limited to, the following:
- Excessive fees
- Lack of investment choices
- Poor investment performance
- Failure to execute plan operations
- Cyber-security risk
How can you reduce your risk?
- Hire an advisor who can be a co-fiduciary and shares in the risks with you
- Eliminate exposure to unnecessary risks such as terminated employees with plan balances
- Proactively work to encourage terminated employees to get off the plan
How can Monterey Wealth help you?
- Delay or avoid an audit by educating terminated employees with balances to roll off the plan
- Reclaim unvested employer contributions in terminated employee accounts
- Improve plan investment performance
- Reduce plan expenses
- Ensure plan operations are working efficiently
- Improve employee outcomes
- Reduce fiduciary and cyber-security risk
