Retirement Plans
Resources & FAQ

Below are useful resources and Frequently Asked Questions about Retirement Plans. There is good information here, but we’ve got a lot more knowledge than we can fit on this page. If we missed something, our friendly staff will always make time to answer your questions.

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Retirement Plans Resources

Automobile Accident ReportAutomobile Accident Report
This file serves as a reminders in securing necessary information in the event of an accident.

Frequently Asked Retirement Plans Questions

Q
What’s the magic number when it comes to record retention?
A

You don’t need to be a magician to know what records to keep and for how long. While most providers can supply reports and plan documents, the plan administrator remains ultimately responsible for retaining adequate records that support the plan document reports and filings. Refer to the chart below to know which documents you need to keep in case of a plan audit.

Document Audit Retention Requirements Table
Q
What is the difference between 3(21) and 3(38) Fiduciary Services?
A

A retirement plan advisor can serve in either a 3(21) or 3(38) fiduciary capacity, and in some cases, both capacities. The needs and desires of the plan sponsor typically dictate the specific arrangement, which is predicated upon the subject of risk mitigation versus risk avoidance. Some plan sponsors want assistance with their fiduciary responsibilities, but want to maintain discretion and control of their plans’ investment menus. Others want to shift responsibilities to a third party due to their lack of expertise, and ultimately, fear of exposure to liability.

Q
What is the role of a Retirement Plan Advisor?
A

Most prudent plan sponsors hire a plan advisor to help them adhere to ERISA’s rigorous standards and to meet their objective of offering a best practices retirement plan to their employees. ERISA rules are clear — every decision you make as a fiduciary must be in the best interests of plan participants and their beneficiaries, and certain relationships may result in prohibited transactions.

Have More Questions?
Speak with our Retirement Plans Team.

slichter@christensengroup.com
(952) 653-1077
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rdahlof@christensengroup.com
(952) 653-1071
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srose@christensengroup.com
(952) 653-1047
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