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3. Implement a service calendar with your advisor to ensure you are completing and documenting needed tasks to maintain compliance.
If you have not reviewed your plan in some time, you may find
that engaging an advisor will not only help with your DOL compliance but may also lower plan fees for you and your participants. Most 401K advisors will offer a complementary plan audit that is fairly painless and very educational. — SBAM
Rich Tegge is the President/Owner of Wealth Strategy Group, located at 300 South Front S., Suite C, Marquette, MI 49855. He has obtained accreditations from fi360®, a leader in fiduciary practices, as an Accredited Investment Fiduciary® (AIF®) and Professional Plan Consultant®
(PPC®). He offers securities and advisory services through Commonwealth Financial Network, member FINRA/SIPC, a registered investment advisor. Rich can be reached at (906) 228-3696.
U.S. Department of Labor, Employee Benefits Security Administration 2015, Fact Sheet 1- EBSA Restores Over $696.3 Million to Employee Benefit Plans, Participants and Beneficiaries, viewed December 15th, 2015, <https://www. dol.gov/sites/default/files/ebsa/about-ebsa/our-activities/resource-center/fact- sheets/ebsa-monetary-results.pdf>
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Small Business Association of Michigan 17