Offering a retirement plan can be one of the most rewarding, yet challenging, decisions an employer can make. The employees participating in the plan, their beneficiaries, and the employer benefit when the retirement plan is operating effectively. Administering a plan and managing its assets, however, requires certain actions and involves specific responsibilities. That is why we are here to help.To meet their responsibilities as plan sponsors, employers need to understand some basic rules, specifically the Employee Retirement Income Security Act (ERISA). ERISA sets standards of conduct for those who manage an employee benefit plan and its assets (called fiduciaries). Who is involved in a Corporate Retirement Plan? Typically in corporate retirement plans, there are 3 service providers that work on behalf of the sponsoring company and perform different functions:Financial Advisor – provides consulting on managing fiduciary risks, analyze and consult on investments, plan related costs, participant education, plan design features, and conducts enrollment meetingsRecordkeeper – Physically maintains deposits and accounts for participant portfolios, provides account access and systematic statementsThird Party Administrator – Consults on plan design, provides annual testing, IRS reporting, assistance on ERISA requirements What is the Significance of Being a Fiduciary? Fiduciaries have important responsibilities and are subject to standards of conduct because they act on behalf of participants in a retirement plan and their beneficiaries. These responsibilities include:Acting solely in the interest of plan participants and their beneficiaries and with the exclusive purpose of providing benefits to them;Carrying out their duties prudently;Following the plan documents (unless inconsistent with ERISA);Diversifying Plan Investments; andPaying only reasonable plan expenses.The duty to act prudently is one of a fiduciary’s central responsibilities under ERISA. It requires expertise in a variety of areas including investments. Lacking that expertise, a fiduciary will want to hire Miller who has that professional knowledge to carry out the investment and other functions. Why Miller? From startup plans to established 401(k) plans looking for guidance, Miller Wealth Management is a partner in helping your business grow. We offer more than just an off the shelf 401(k) plan experience. We start our process by providing our clients with a comprehensive overview of analysis of their current company retirement plan and offer our sound opinion for what we feel is the best course of action. We complement this analysis with a strategy to help both business owners and their employees pursue their financial goals. Finally, we offer ongoing educational programs to educate employees on personal financial matters. Set Up a Free Consultation with Rodd! You Might Also Like...Our site is filled with educational videos, articles, and slideshows designed to help you learn more. As you search our site, send me a note regarding any questions you may have about any particular investment concepts or products. We'll get back to you quickly with a thoughtful answer. Choosing a Retirement Plan that Fits Your BusinessTo choose a plan, it’s important to ask yourself four key questions.