| Meeting Your Fiduciary Duties with Impressively Cost-Effective 401(k) Plans.|
When your company makes a decision to sponsor a 401(k) retirement plan, where do you begin? What are your legal responsibilities? Parkworth can provide clear and accurate answers. As our first priority, we do everything humanly possible to ensure your business meets your legal and fiduciary obligations.
In 2012, the U.S. Department of Labor issued new regulations under the Employee Retirement Income Securities Act (ERISA), which require 401(k) plan service providers to make disclosures about their fees, services and fiduciary status. With these new disclosures, sponsors face increased legal responsibilities to evaluate the information provided such as: Is the compensation reasonable for the services provided? Are the services appropriate for the plan? And is the service provider acting as a fiduciary (i.e., in the best interest of participants) or simply as a non-fiduciary consultant?
Parkworth provides 401(k) options that help you answer yes to all of the above. The plans we provide are fee transparent and often significantly more cost-effective than others offered by insurance companies and securities brokerage firms by featuring low-cost, institutional class mutual funds.