Broker Check

Business Owners Next Step

Next Step

To ensure a smooth rollout and maximize participation, WealthWise can provide employee census forms and questionnaires designed to gauge interest, understand preferences, and address any concerns they may have.

If you already have a 401(k) plan- WealthWise can do a benchmark analysis.

If an employer is seeking a review of their employer-sponsored retirement plan, the next steps would involve gathering the necessary disclosures that detail the fees and expenses associated with the plan. Here’s what you’ll need:

  • 408(b)(2) Fee Level Fee Disclosure: This disclosure is required under the Employee Retirement Income Security Act (ERISA) and must be provided by covered service providers to the plan fiduciaries. It includes detailed information about the services provided, the fees charged, and any changes to this information. It helps fiduciaries assess the reasonableness of the fees and understand any potential conflicts of interest.
  • 404a(5) Participant Level Fee Disclosure: This disclosure is also mandated by ERISA and must be provided to plan participants. It outlines the fees and expenses charged to the participants’ accounts, including investment fees, administrative fees, and any individual expenses. This disclosure is intended to ensure transparency and help participants make informed decisions about their retirement plan investments.

Having these disclosures on hand will be crucial for the financial advisor conducting the review. They provide a comprehensive view of the plan’s fee structure, which is essential for evaluating the plan’s cost-effectiveness and compliance with regulatory standards. If you’re preparing for a review, make sure to request these documents from your plan’s service providers or check your records if they have been previously furnished.

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