One of the most forgotten parts of a 401(k) plan is the automatic rollover and who the automatic rollover provider is. I was going through a Department of Labor audit on a terminated plan and they asked me how the automatic rollover provider was hired and what the fees are. Unlike most plan sponsors, I knew the answers, but I’m not like most plan sponsors. I think there will be greater scrutiny to who the provider is and what the costs are, as well as how much these automatic rollover participants are earning in their IRA.
So that is where my friends at FPS Trust come in. They will be presenting at That 401(k) National Conference and have been around most of our regional events offering their IRA solution. If you haven’t had the opportunity of attending these events, I suggest you reach out to Jeff Linkowski there, to see hoe beneficial as a third party administrator or financial advisor that you can develop a great solution that could be turned on as a voluntary IRA where everyone including the participant makes out.