September 10, 2020

Identifying the 6 Primary Risk Areas of an Employer Sponsored Retirement Plan

Are you aware that your retirement plan could be at risk? While you are busy helping to ensure your employees will be prepared for retirement, it is important to be aware of the risks to your plan that could hinder that outcome. There are 6 primary risk areas associated with an employer sponsored retirement plan:

  • Compliance/Administration
  • Fiduciary Governance
  • Mergers and Acquisitions/Conversions
  • Investments
  • Fees and Expenses
  • Participants

Each one of these areas of risk carries its own set of responsibilities. Making sure your plan is running smoothly depends heavily on your knowledge of these areas. Ask yourself the following questions:

  • Am I aware of all of my fiduciary responsibilities to the plan?
  • Am I aware of important administrative deadlines?
  • When was the last time I benchmarked the fees in my plan to ensure they are competitive?
  • Do I have a well-balanced investment line-up?
  • How am I educating the participants in the plan?

Additional Resources:

To learn more about how CBIZ Retirement Plan Services can help you meet your fiduciary responsibilities visit www.cbiz.com/retirement

CBIZ Retirement Plan Services is a trade name under which certain subsidiaries of CBIZ, Inc. (NYSE Listed: CBZ) market investment advisory, investment management, third party administration, actuarial and other retirement plan services. Investment advisory and investment management services offered through CBIZ Investment Advisory Services, LLC, SEC Registered Investment Adviser.  Investments, investment advisory and investment management services may also be offered through CBIZ Financial Solutions, Inc., Member FINRA, SIPC and SEC Registered Investment Adviser, dba CBIZ Retirement Plan Advisory Services.  Third party administration, actuarial and other consulting services offered through CBIZ Benefits & Insurance Services, Inc.

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