Two checklists to use with any advisor, including us.

Questions to ask any retirement plan advisor

• In writing, which fiduciary role will you accept: ERISA 3(21), 3(38), or none?
• How are you paid (flat fee, percentage of plan assets, or commissions from investments), and does the plan or the company pay?
• Do you or your firm receive any compensation from the funds or providers you recommend?
• Will you give us a written Investment Policy Statement, and how will you show that you follow it?
• How often will you review the fund menu and fees with us, and what will the reports show?
• How do you choose and monitor the default investment (QDIA)?
• What help will employees get, and is it general education or individual advice?
• What experience do you have with plans of our size and complexity?
• Where can we check your background? (Ask for Form ADV Part 2A and Form CRS, and look the firm up on FINRA BrokerCheck and the SEC’s adviser search.)
• How do you and the providers you recommend protect participant data?

Is it time to review your plan?

If two or more of these sound familiar, a review may be worth scheduling.

• The fund lineup hasn’t had a formal, documented review in the past year.
• There’s no written Investment Policy Statement, or no one follows it.
• Plan fees haven’t been benchmarked in the last few years.
• You aren’t sure who the plan’s fiduciaries are, or what role your advisor has accepted.
• Your 408(b)(2) fee disclosures are filed away unread.
• Participation or savings rates are low.
• Payroll deposits sometimes take longer than a few business days.
• The company has grown quickly, or changed through a merger or acquisition.
• The plan hasn’t been checked for SECURE 2.0 changes such as Roth catch-up, long-term part-time employees or automatic enrollment.
• Employees nearing retirement are asking questions and don’t know where to turn.