Fiduciary Best Practices

A.  Plan Records:
    1.  Plan and Trust Documents and amendments
    2.  Adoption Agreement
    3.  Summary Plan Description with updates and record of participant receipt
    4.  IRS Determination letter and copy of the application package

B.  Employee Communication and Education Material:
    1.  Pre-enrollment and enrollment materials
    2.  ERISA 404(c) communication
    3.  Summary Annual Report
    4.  Correspondence announcing the plan and plan changes/amendments
    5.  Documentation of new participants’ receipt of plan materials (SPD, 404(c), Safe Harbor, etc.)

C.  Filings:
    1.  Form 5500
    2.  SAS 70 Audit Package
    3.  Auditor’s statements

D.  Administration:
    1.  ERISA Section 412 fidelity bonds
    2.  Fiduciary liability and directors and officers policies
    3.  Proof of insurance and bonding by service providers
    4.  Agreements/contracts with service providers (investment, recordkeeping and administration)
    5.  Records of annual plan administration provided by third parties or done internally
    6.  Minutes of the fiduciary meetings
       
E.  Investments and Service Providers:
    1.  Investment Policy Statement
    2.  Documentation of criteria used for provider selection
    3.  RFP’s and/or other documentation of provider selection process
    4.  Documentation used to select investment options
    5.  Documentation of periodic investment review
    6.  Investment information and updates provided by the investment provider
    7.  Documentation of service provider’s performance relative to plan’s needs