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How are fees charged on your plan? Direct, or Indirect, or a combo thereof? Mainstreet RIA LLC | info@mainstreet-ria.com | 1-888-801-0325 6700 Keaton Corporate Parkway, O'Fallon, MO, 63368 ..read more

A Look at various types of insurance coverages and how they differ. Mainstreet RIA LLC | info@mainstreet-ria.com | 1-888-801-0325 6700 Keaton Corporate Parkway, O'Fallon, MO, 63368 ..read more

FEES MATTER | FIDUCIARY RESPONSIBILITY | ONGOING MONITORING The common providers that charge fees on retirement plans are: The Recordkeeper The Fiduciary Advisor The Custodian The Third Party Administrator Employers should have a understanding of their provider's fees and services, and what others are charging for similar services. We recommend that employers periodically obtain competitive quotes, and save those reports into the fiduciary file. It is also important to save your committees meeting notes in which the providers are discussed. Being able to show why you selected your particula ..read more

According to J.P. Morgan Asset Management, in 2022, Large Cap Growth finished the year -29.1% while Large Cap Value finished at -7.5%. Historically, as rates rise, growth positions take more of a hit than value positions. We feel it is important to give your particpants the options to choose from whether they pick their own funds, or they are working with a professional. For a comprehensive fund lineup analysis, please email us at info@mainstreet-ria.com ..read more

When was the last time you benchmarked your provider's fees ..read more

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Below is a list of items that employers should consider saving into their fiduciary file. If there was ever an audit or litigation, a comprehensive fiduciary file will be key in demonstrating the activity that has been done on the plan. A best practice is to save all incoming correspondence, including any reports or notices that are sent out on your behalf. Fiduciaries over a retirement plan should have documentation regarding the decisions that have been made, and why those decisions were made. Side note: A Fiduciary is anyone who exercises or has any discretionary authority over the managem ..read more

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Find the mistake, fix the mistake, avoid the mistake Below are some common mistakes that the IRS found employers making. 401(k) plans have many rules and requirements. It is important to closely monitor your plan at least annually to ensure proper compliance. If you would like to have your 401(k) reviewed, or need to speak with someone about plan administration questions, please email us at info@mainstreet-ria.com Thanks, -Mainstreet RIA LLC Please visit https://www.irs.gov/retirement-plans/401k-plan-fix-it-guide for more information on the IRS plan fix it guide ..read more