January is a month for resolutions. And that should extend to those charged with overseeing corporate retirement plans.
In a story published recently by the Daily Herald Business Ledger, Plexus Financial Services Executive Vice President and Practice Leader Allison Winge offered 10 tips for retirement plans.
Among the suggestions: Put together a list of rules and procedures for the plan.
"Create administrative procedures and internal controls and be sure to consistently follow them.
"Create a list of roles and responsibilities that outlines what each employee and retirement plan partner is accountable for and build controls around tasks. Plans that have internal controls in place tend to have better administration. Ensure these are well documented and audited annually."