Ok, it’s not as much a resolution as it is a vision intertwined with a wish.  The reason it isn’t a resolution is because my vision/wish is not something I can directly control.  With that being said, here is a quick list I wish EVERY fiduciary and plan sponsor would do in 2016:

1.  Benchmark your plan against live bids and not industry averages.  Look at our sample plan analysis (B3 report) at www.spayandassociates.com and contact me if you have any questions as to why this is so important.

2.  Hand out 404(c) notices…..if you don’t know what that is PLEASE contact a Retirement Plan Specialist.  I would love to help you understand how important satisfying 404(c) is and can’t emphasize enough how I encourage you to not look past this.

3.  Have a Retirement Plan Specialist evaluate your fiduciary governance process and identify any current gaps.  With DOL audits averaging a 70% rate of creating fines, penalties or money being put into the plan it would be prideful to assume your current process is perfect.

4.  This might be the most uncomfortable one, but remember, this is my vision so I can be bold!!!  Make sure your advisor is a specialist.  Remember, the exam all advisors take to get their securities license requires no retirement plan expertise so make sure they can prove they are specialist.  Where does the advisor spend his/her resources – money and time?  Many companies outsource their payroll, taxes, legal advice, etc and wouldn’t use anything less then a specialist……but with retirement plans the majority of plans use advisors that work on less then 5 plans (would you use a CPA or attorney with  5 or fewer clients?). There is a difference, so I challenge you to compare (benchmark) your advisor.

There are many other important items every plan and fiduciary needs to address, but for 2016 these are the items I am wishing for.  As always, please reach out to me if you want more explanation on these points.  Have a successful 2016!