401(k) Plan Review Tool
Is your company’s 401(k) service provider helping you make the right decisions for your business’ retirement plan? This 9-question interactive quiz will help you evaluate if you need to take a closer look at the features of your plan and the level of service you and your employees get.
Quiz
#1: How confident are you that you know all your 401(k) plan fees and fee categories?
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#2: How do your employees choose their investment options?
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#3: What are the average investment fund fees of the funds in your company's 401(k) plan? (also known as the expense ratio)
Tip: An expense ratio is the annual fee stated as a % of assets that you pay per investment.
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#4: Have you compared your 401(k) plan to similar plans in the last three years?
Please select the areas of your 401(k) that were benchmarked:
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#5: How are the funds selected, reviewed and updated for your 401(k) plan?
Tip: As your 401(k) plan assets grow, you can qualify for better-priced investments
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5 of 9 questions complete, finish this page to get your 401(k) plan's score.
#6: What is the extent of your personal fiduciary responsibility and liability to the plan?
Tip: You are a fiduciary if you make decisions about how your 401(k) plan works. As a fiduciary, you are responsible for putting the best interests of your employees first, and you may be personally liable if the decisions made are not clearly in their best interests
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#7: Which of the following types of fees are you paying?
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#8: Do you get administrative help with your 401(k) plan?
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#9: How available is the 401(k) plan adviser to your employees for 401(k)-related questions?
Tip: Customized employee education can improve plan engagement, helping your 401(k) plan pass compliance testing and making it more effective in helping employee retention
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