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Plan Sponsor Requirements
Plan Sponsor Requirements
The Pension Protection Act of 2006, if its requirements are met, provides plan sponsors with fiduciary protection from offering investment advice. Both the plan sponsor and fiduciary advisor have certain requirements to meet.
The requirements for the plan sponsor include:
- The fiduciary advisor must be prudently selected and the arrangement must be authorized by a plan fiduciary.
- The fiduciary advisor must be periodically reviewed.
- Plan sponsors must obtain written acknowledgement that the fiduciary advisor is a fiduciary when providing financial advice.
- Fiduciary advisor compensation must be reasonable.
- The advice is provided under an "eligible investment advice arrangement" between the plan sponsor and fiduciary advisor.
- An annual audit for compliance with the "eligible investment advice arrangement" must be complete
Serving all of
Central Illinois:
Peoria Illinois IL
Bloomington Illinois IL
Normal Illinois IL
Springfield Illinois IL
Decatur Illinois IL