The formulation and management of a company’s 401(k) plan is no easy task, often requiring the specialized and intricate skills of financial advisors. However, handing over control of the management of a 401(k) plan does not render the company free of obligation. They too must see to it that the plan is properly maintained and managed so that their employees can enroll and, eventually, retire in peace.
In a recent Beyond Insurance Magazine article, I offer my own insight on this topic, stressing the importance of fiduciary responsibilities and establishing strong and cooperative organizational roles. “Oftentimes, it is a matter of pairing a good CFO with a good HR person,” I explain. “The CFO will generally have a thorough understanding of investments, while the HR person will have the background in employee relations and have his or her finger on the pulse of what employees want and need in a retirement plan. Find that good mix of skill sets and backgrounds, which will help cover every angle of the leader’s role as fiduciary.”
To read the full article, click on the link below and scroll to page 12.