Who’s Keeping an Eye on Your 401(K) Plan?

April 19, 2018

Have you ever wondered who is responsible for reviewing your 401(k) plan and ensuring that it is working for you? More than 54 million people across the United States rely on their 401(k) plan as their primary method to save for retirement, but many plan participants don’t know who’s responsible for managing it and how to use it the most effectively. 

Identifying who is responsible for your 401(k) plan can help give you greater clarity about working towards your retirement goals. A 401(k) plan, simply put, is a special purpose trust identified by your employer to help you save for retirement. This is overseen by one or more individuals known as plan trustees.

These plan trustees are legally responsible fiduciaries that must make sure that the 401(k) plan operates for the benefit of the plan participants and the participants’ beneficiaries. Furthermore, the plan trustees have to verify that your plan complies with the requirements of the Employee Retirement Income Security Act, which requires that every plan participant is treated fairly. A formal written document should be included with your 401(k) plan about how the plan does operate and the summary plan description can also be a valuable piece of information to review.

Bringing this information to your meetings with your financial planner or your estate planning attorney can help position you to better understand how this will protect your future.

 


Practice Areas:



Schedule your free Exploratory phone call

Click here to see how we
can be of assistance.

Careers/Open Positions

Explore all available job
listings and become a part of an amazing team.

Payment Portal
for Tax and Accounting invoice

This link offers a secure, quick way to complete your payment with Omni360 Advisors LLC.

Our Social Media

Connect with us on Social Media using the following buttons:

Visit our Podcasts

Listen in, Join the Conversation!

Recent Posts

Groundhog Day and Financial Planning: Avoiding the Cycle of “Next Year” Decisions

Groundhog Day offers a useful metaphor for tax, accounting, financial, and estate planning. Learn how repeated delays can create missed opportunities and added complexity over ...

<p>The post Groundhog Day and Financial Planning: Avoiding the Cycle of “Next Year” Decisions first appeared on Integrated Tax Planning, Legal Planning & Financial Planning.</p>

Why Funding Your Trust Matters: A Key Step Beyond Just Creating One

Discover why simply creating a trust isn’t enough. Learn how funding your trust supports your estate plan and helps ensure your intentions are honored. Creating ...

<p>The post Why Funding Your Trust Matters: A Key Step Beyond Just Creating One first appeared on Integrated Tax Planning, Legal Planning & Financial Planning.</p>

Avoid Last-Minute Stress: Why Early Communication with Your Accountant Matters

Learn how starting tax conversations early in the year supports smoother planning and better coordination—especially for business owners and families with complex financial needs. Avoid ...

<p>The post Avoid Last-Minute Stress: Why Early Communication with Your Accountant Matters first appeared on Integrated Tax Planning, Legal Planning & Financial Planning.</p>