New Year’s resolution: Be a better fiduciary to my plan. Blog Feature {% if subscribeProperty|lower == "yes" %} {% else %} {% endif %}
Greg Carpenter

By: Greg Carpenter on January 24th, 2014

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New Year’s resolution: Be a better fiduciary to my plan.

Fiduciary Responsibility


Small Business 401k Plan – Stay True To Your Word!

Why is January 17 significant? It’s the day when the average person gives up on his or her New Year’s resolution. Hopefully you haven't given up on your company’s 401k plan yet. Here is my two-part suggestion on how you can get in front of retirement plan fiduciary issues and stay there – all year long.

First, make a calendar of plan tasks and related deadlines. How? Download our Employee Fiduciary 2014 Plan Compliance Review. It’s free – you can use it with any provider you choose. Our plan review provides tasks and deadlines facing most small business 401k plans. Examples include required employee notices, Form 5500 filing deadlines, and putting together forms for use in loans and distributions. It’s straightforward and in plain English, but there are a lot of moving parts, so...

Second, hire a knowledgeable partner who can help guide you through the more complex fiduciary issues facing your plan. Who might that be? Look for a third party administrator who will take on fiduciary responsibilities for your plan. They will actively advise you on how to best meet your plan goals and help create and manage your compliance calendar. Yes, Employee Fiduciary will be a fiduciary partner... But as I’ve stated many times before on this blog: shop around, there are many excellent providers. If we are the best fit, we would be happy to serve your plan.

As you ice your knee from that ill-advised extra treadmill session, remember that this 401k resolution is significantly less painful – gain, but no pain!

Best wishes for frugal and compliant 2014!


About Greg Carpenter

Greg Carpenter founded Employee Fiduciary in 2004. With 29 years of experience in accounting and finance, Greg has brought his expertise to a variety of advisory, senior and executive management roles. Greg has worked for a national accounting firm, a Fortune 500 plan sponsor, a major brokerage firm, and he served as the CEO of a major 401k TPA firm. He is a CPA and earned his BA from Yale and his MBA from The University of Chicago Booth School of Business.