Establishing proper governance is a critical component of sponsoring a retirement plan.

Governance typically takes the form of a plan/trustee/investment committee. At Cannon Financial Strategists, we work with plan sponsors in a variety of ways in the creation and operation of such commitees.

  • Assist with the provision of board resolutions for chartering the committee
  • Educate members about their responsibilities
  •  Establish an Investment Policy Statement (IPS) to outline the prudent process for selecting and monitoring plan investment options
  •  Review plan assets and investment options in a manner that addresses fiduciary obligations
  •  Evaluate plan demographics (utilization, average account balance, projected income replacement, etc.)
  •  Give notice of regulatory changes/plan recommendations
  •  Ongoing review of employee communication and education plan
  •  Review annual compliance testing, audit results, required filings, and other periodic compliance related matters

Questions to ask about compliance:

  • Is my annual compliance testing being performed accurately and in a timely manner?
  • Does my compliance testing match the design of the retirement plan?
  • Am I sending out all the annual participant notices in a timely manner?
  • Are transactions being administered accurately (consistent with the  plan document)?

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