Growth & Inspire
I am inspired by the vines that grow outside our house. Everyday, it climbs higher and higher.
Learning is the same. If you keep learning, you will climb higher and higher. .
Plan Score and Admin Red Flags with Yon Perullo, CEO of RiXtrema
In this episode, Bonnie Yam introduces the topic of 401(k) products and the concept of a plan score, with insights from a guest expert. The discussion begins with an overview of 401(k) products and the importance of understanding a plan score. The episode delves into how to calculate this score and why it holds significance for maintaining a healthy retirement plan. Listeners learn about what constitutes an acceptable plan score and the necessity of tracking it annually. The conversation highlights how to identify and address potential red flags in a 401(k) plan. The episode concludes with final thoughts and resources for those seeking assistance with their plan score.
Key Points
- Understanding and utilizing the 401(k) plan score is crucial for comparing and improving retirement plan performance against industry peers.
- Plan sponsors must ensure their plans are compliant with key elements like 404(c) regulations and Qualified Default Investment Alternatives (QDIA) to avoid red flags and potential lawsuits.
- Regularly reviewing and documenting the plan lineup, including fees and investment options, helps maintain a healthy plan and reduces fiduciary liability.
Chapters
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| 17:06 |
Transcript
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