401K

Wildsporty

I am in the process of reviewing our 401K process. I did our insurance in 2005 and our Handbook and PTO polies in 2006 and this year in 2007 I am reviewing the 401K process.

If anyone has policies, tips, good training seminars, anything to help me review the 401K plan to get the best plan for our money, and to review the process to make sure it is correct and in compliance it would be much appreciated.

I took over 3 years ago as HR Manager at AIM and I am trying to review all the processes as I have time to do so.

Thank You,
Shirley

Dutch2

Do you handle the 401(k) completely in house? Our TPA is some help at supply materials to cover with your employees. We have always had an outside Fiduciary firm assist with our plan and they are in fact a co-trustee of the plan. They are our experts and come over each quarter to meet with the trustees of the plan and at least once a year usually in January or early February to discuss the previous years results and answer andy questions our ee's may have.

Wildsporty

We have brokers and an administrator and they are both very helpful, but I want to learn about it for myself so I can know if we are in compliance or not without depending on someone to tell me we are.

Shirley

E Wart

I came to my present company in 2000. We had a TPA and a bank handling our backward plan. That was the first thing I did. I conducted a review and went out to market. I received proposals from a mixture of about 10 different companies. We had the final 5 come in for presentations. We finally decided on Fidelity and have been very happy. (It was between Vanguard and Fidelily). They keep you on your toes to make sure document is up to date as well as all other procedures. It is so much easier and I feel better to have it all under one roof instead of several folks handling it.

I would say it would be very difficult to "just go out and read' about a 401k plan. You sort of learn as things go on. I would check to make sure document is up to date (especially with all the law changes) and if you want to make any changes to it. Also, I would highly encourage education, which you can do, have your provider do or hire someone outside the company to do (and there are a lot of folks out there that would love to do this for a fee.)

There are a world of websites that you can go to to read and learn... any of the brokerage firms, SHRM and this web site. Just google it and you can spend all day for about 6 weeks reading. Good luck.

E Wart

Wildsporty

I have Fidelity also, so I guess I am in good hands. I found a couple of sites I am looking at for education. I have learned a lot about it in the last 3 years, but I want to know the whole process.

Shirley