Risk & Business Magazine Marcotte The Magazine - Winter 2018 | Page 28

Retirement Plan Oversight:
A Serious Responsibility
Y
ou may be charged with
overseeing your company’s
retirement plan, but like
many executives, you may not
be fully aware of everything
that is required. If you are acting as a
fiduciary for your employees’ savings plan,
you and other committee members may
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be personally liable for all decisions made
on behalf of the plan. Your job is to act as a
steward for the plan, with the responsibility
to design and monitor a retirement plan
that can help your employees achieve their
financial goals.
At Marcotte, we’ve worked with
hundreds of clients to implement our
recommended best practices for overseeing
retirement plans. We thought it would
be helpful to share with you our top six
recommendations—if you are lacking any
of these processes, it’s best to implement
them now to save you from potential
liability in the future.