1. Establish a Formal Governance Structure
Define a retirement plan committee with clear roles, responsibilities, and meeting cadence.
Maintain written charters, agendas, and minutes that document how decisions are made in participants’ best interests.
2. Maintain a Documented Investment Policy Statement
An Investment Policy Statement (IPS) should outline the criteria for selecting, monitoring, and replacing investments in the plan.
Review the IPS regularly with your 3(38) investment manager to confirm it reflects current regulations, plan objectives, and participant demographics.
3. Monitor Service Providers and Fees
Evaluate your recordkeeper, TPA, fiduciary partners, and other key providers on a regular schedule.
Confirm that services and fees remain reasonable relative to the value delivered and alternative options in the marketplace.
4. Prioritize Participant Outcomes
Align plan design—such as automatic enrollment, escalation, and default investments—with the goal of helping participants retire with adequate savings.
Use education, tools, and advice solutions that encourage engagement while keeping the experience straightforward for employees.
5. Leverage Expert Fiduciary Support
Consider delegating key responsibilities to experienced 3(16) and 3(38) fiduciaries who can help reduce administrative burden and risk.
Work collaboratively with these partners to stay ahead of regulatory changes and continuously improve your plan.