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401(k) Plan Fiduciary Score

Answer a few questions to see how your 401(k) plan stacks up. 

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Question 1 of 13

Do you have an investment policy statement to direct your investment options?

A

Yes

B

No

C

Unsure

Question 2 of 13

What kind of investment fiduciary does your 401(k) use?

A

3(21) - You make the final decision on the options

B

3(38) - The investment fiduciary professional makes the final decision.

C

No Investment Fiduciary

D

Unsure

Question 3 of 13

Does your retirement plan committee keep documented minutes from each meeting?

A

Yes

B

No

C

Unsure

Question 4 of 13

Do you have a "fiduciary file" to organize and store information related to plan oversight and governance?

A

Yes

B

No

C

Unsure

Question 5 of 13

Are all of your employees participating in the plan? 

A

Yes

B

No

C

Unsure

Question 6 of 13

Do you automatically enroll your employees when eligible?

A

Yes

B

No

C

Unsure

Question 7 of 13

Do you automatically raise the percentage your employees contribute each year up to a target percentage? (This is called automatic escalation in your plan document)

A

Yes

B

No

C

Unsure

Question 8 of 13

Are your employees contributing at least a total of 15% of their pay (including the company match)?

 

A

Yes

B

No

C

Unsure

Question 9 of 13

Do you have a documented process of how you selected the default investment option? (This is usually target date funds)

A

Yes

B

No

C

Unsure

Question 10 of 13

Do you review the plan investment reports each year?

A

Yes

B

No

C

Unsure

Question 11 of 13

Do your employees have access to meet 1:1 with a qualified advisor or financial coach that serves in a fiduciary capacity?

 

A

Yes

B

No

C

Unsure

Question 12 of 13

Have you benchmarked your retirement plan in the past 3 years and included the comparisons in the fiduciary file?

 

A

Yes

B

No

C

Unsure

Question 13 of 13

Do cybersecurity selection and monitoring practices align with DOL guidance?

A

Yes

B

No

C

Unsure

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