Too often, retirement plan providers are selected at the family dinner table, the golf outing, or a house of worship. While those are nice places for social gatherings, they are not the ideal place for selecting plan providers. Selecting competent plan providers is part of your fiduciary duty as a plan sponsor. So selecting a provider must be through an actual process where you review potential providers in each area (administration, financial advisory, ERISA attorney and auditors (if needed)) before selecting one and document the entire method of selection. So this article is about what you should look for in selecting a retirement plan provider.
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