Once Upon A Time, a long, long time ago, a Northern California labor union and its participating employers established a “Pension Fund” to provide retirement benefits to union members and their beneficiaries. The Pension Fund was an employee benefit plan subject to ERISA.
The Department of Labor recently finalized a change to the definition of “fiduciary” under ERISA that expands the scope of those who are fiduciaries.
Although many firms offer TPA services to retirement plans, not all offer the same quality of services due to the nature of their business. One major example of this is payroll providers.
Understanding fees for a 401(k) plan can be a daunting task. How can you determine what is reasonable?