401(k) Plan Best Practices After Tibble v. Edison

Here’s a very brief article from the Benefits Law Advisor that lists some best practices for those at your company in charge of the 401(k) plan. These are cornerstone practices of my approach which I strongly recommend to my clients and to plans that I am reviewing.

401(k) Plan Investment Committee Best Practices After Tibble v. Edison

Note that the first best practice might discourage you if you think no one at your company qualifies. But, educating you on fiduciary issues and best practices is what I do that sets me apart from other plan advisors. You may not be completely qualified when you start (few are), but I can get you there.

Many have noted that the primary consequence of the recent Tibble v Edison U.S. Supreme Court ruling is that lawsuits will increase over 401(k) plans. They were already on the increase before the decision. That’s why educating your 401(k) committee is so important today and yet advisors who do that are very rare in the small plan (<$50 million) space.

If I have not done a fiduciary review of your plan yet, please go to the Contact Us tab. Please note that an annual plan audit by a CPA firm does little or nothing to address fiduciary issues.

– Dave Hoshour, AIF