Regular CAP compliance reviews are an essential part of properly servicing your group retirement savings plan.
Ensuring compliance with industry guidelines is crucial for the long-term success of your plan and will help ensure that your service provider(s), investment options, and decision-making tools align with best practices.
Key Considerations for Your Review:
1. Fiduciary Responsibility:
- Have you clearly identified your fiduciary responsibilities to plan members and beneficiaries?
- Are there any responsibilities to other stakeholders?
- Do any delegates have fiduciary duties, and has their role been communicated effectively?
2. Knowledge and Skills:
- Establish an ongoing process to identify and address knowledge gaps related to plan governance and administration.
- Ensure that you and your delegates have the necessary qualifications and resources.
3. Governance Information:
- Document a process to provide appropriate information to governance participants.
- Enable effective fiduciary decision-making.
4. Risk Management:
- Identify, assess, and prioritize risks associated with your retirement savings plan.
- Implement continuous monitoring and risk management processes.
If you haven't conducted a review recently, now might be an ideal time to assess your plan's effectiveness – and we’re here to help.
Using our "I-SEE" program, we make sure everything is super clear and that you're getting the best plan possible for your situation and goals.
Comments