Friday, September 24, 2021

When it comes to managing plan expenses, you’ve got options.

Depending upon plan provisions, you may have options to help offset costs and mitigate fiduciary risk through expense management. For example:

Paying plan expenses with forfeitures

Preserve corporate assets without shifting fee payments to your employees. Plan permitting, you can use forfeiture funds to pay certain administrative costs, make required contributions, or allocate to participant accounts.


Taking action on former employee accounts

Are you maintaining accounts for former employees or beneficiaries who have not taken a distribution? You may be able to reduce the expenses by rolling over small balances into IRAs or making cash payouts where possible.