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How is Your Business Retirement Plan Really Doing?

Twenty questions, about ten minutes, no judgment.

This field is for validation purposes and should be left unchanged.
Check Yes only when you are confident; “Not sure” is a fine answer.

Governance and Documentation

We have a written investment policy statement (IPS), and we follow it.(Required)
We meet at least once a year to review the plan and we keep notes on what was reviewed and decided for DOL compliance.(Required)
Our plan document is current and has been checked against the changes introduced in the SECURE 2.0 Act.(Required)

Investments

We review investment performance against appropriate benchmarks quarterly.(Required)
Our default investment option (for employees who don’t choose) was selected on purpose, and we review it.(Required)
Our fund menu is easy for employees to understand, without more choices than people can sensibly use.(Required)
Our fund expense ratios are reasonable.(Required)
We can explain why each fund is in the lineup and what would cause us to replace it.(Required)

Fees and Providers

I can name every fee the plan pays (recordkeeping, administration, advisory, fund expenses) and who receives and pays it.(Required)
We have formally reviewed our providers’ services and fees within the last three years, and we have received and read their fee disclosures and service agreements.(Required)
We know what it would take to change providers and understand the costs and restrictions in legacy investments.(Required)

Operations and Compliance

Employee contributions are deposited into the plan promptly after each payroll.(Required)
Our Form 5500 is filed on time every year (generally by the last day of the seventh month after plan year-end, unless extended).(Required)
Required annual notices and fee disclosures reach participants on schedule.(Required)
We know which rules apply to our plan, including top-heavy, ADP, ACP, contribution limit, and nondiscrimination testing.(Required)
The fidelity bond coverage is adequate and appropriate for the plan and disclosed on 5500.(Required)

Your Employees

We track participation rates and know how they compare to what we want the plan to accomplish.(Required)
Employees receive retirement education at least once a year, in groups or one-on-one, and they are aware there are online resources and guidance available.(Required)
Our employer match and/or contribution supports our goals for hiring and retention.(Required)
We have considered features such as automatic enrollment, hardship withdrawals, loans, self-directed investments, and Roth contributions.(Required)

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For general educational purposes only; not a complete list of plan sponsor responsibilities and not legal, tax, or investment advice. Rules differ by plan type and organization, so consult your own advisors. Armbruster Capital Management, Inc. is an SEC-registered investment adviser. Registration does not imply a certain level of skill or training. Views are subject to change based on market conditions and other factors. These views should not be construed as a recommendation for any specific security, service, sector, or plan design. Investing involves risks, and the value of your investment will fluctuate over time. Past performance does not guarantee future results.