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Why You Should Regularly Review Your Company's Retirement Plan

April 22, 2021
David Lonibos
David Lonibos
As an employer and plan sponsor, you should make time to regularly evaluate your company’s retirement plan — and ensure all fiduciary responsibilities related to the plan are being met. Here are some questions to ask: 
  • Does your plan cover all the needs of you and your employees?
  • How did your plan's investment options perform last year relative to their peers?
  • With all the challenges 2020 presented to employers, have you met with your retirement plan advisor recently to ensure your plan and investment options have kept up?
Why you should regularly evaluate your company's retirement plan 

Meeting Fiduciary Responsibilities
An employer assumes certain legal responsibilities and liabilities in administering a retirement plan. These fiduciary duties exist to protect the plan participants and are established under the Employee Retirement Income Security Act (ERISA). They include, among other things, the selection and monitoring of the plan investments menu, monitoring plan expenses for reasonableness, and operating the plan according to the plan document. Fiduciaries who do not meet their responsibilities may be held personally liable.
Retirement Plan Services
Plan sponsors often look to third-party providers for a range of retirement plan services. In addition to fiduciary services and ongoing plan evaluation, some of these services include: 
  • Plan design consulting
  • Investment selection and monitoring
  • Recordkeeping 
  • Plan administration and compliance
  • Participant education   
Our team of local retirement plan professionals is dedicated to helping plan sponsors fulfill their fiduciary responsibilities and ensure their retirement plans are meeting their needs. We provide Retirement Plan Services to small businesses and large organizations across many industries. To learn more or schedule an evaluation of your 2020 plan performance, contact one of our Retirement Plan Services specialists at 1-800-651-9227.

The information, views, opinions, and positions expressed by the author(s), presenter(s) and/or presented in the article are those of the author or individual who made the statement and do not necessarily reflect the policies, views, opinions, and positions of Hancock Whitney Bank. Hancock Whitney makes no representations as to the accuracy, completeness, timeliness, suitability, or validity of any information presented.

This information is general in nature and is provided for educational purposes only. Information provided and statements made should not be relied on or interpreted as accounting, financial planning, investment, legal, or tax advice. Hancock Whitney Bank encourages you to consult a professional for advice applicable to your specific situation.

Investment products and services, such as brokerage, advisory accounts, annuities, and insurance are offered through Hancock Whitney Investment Services, Inc., a registered broker/dealer, member FINRA/SIPC and an SEC-Registered Investment Advisor.

Hancock Whitney Bank offers other investment products, which may include asset management accounts as part of its Wealth Management Services. Hancock Whitney Bank and Hancock Whitney Investment Services Inc. are both wholly owned subsidiaries of Hancock Whitney Corporation.

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