Evaluates five important plan components:
Vital plan components include:
As an employer, you want your retirement plan to be successful and provide the necessary components to help your participants retire securely, while also meeting your fiduciary obligations.
PLANScores is a retirement plan benchmarking tool that will help evaluate your plan to determine if there are components that should be enhanced or further reviewed.
The federal law governing private-sector retirement plans, known as the Employee Retirement Income Security Act (ERISA) requires that those responsible for managing retirement plans — referred to as fiduciaries — carry out their responsibilities prudently and solely in the interest of the plan’s participants and beneficiaries.
A retirement plan is one of the most valuable benefits you will provide to your employees. As a plan sponsor and fiduciary, you have legal responsibilities for overseeing and managing these key areas: