The company we own has about 10% of the plan assets. It is not rated well. Do we have the power and if so how do we go about improving the plan?
If you own the company, it is up to you to pick a 401(k) plan that is right for your company. You can always investigate other 401(k) providers and pick one that better suits your needs.
I am unclear as to what you mean by "the company we own has about 10% of the plan assets". Maybe your company has a 401(k) plan that is part (10%) of a Multiemployer Plan (MEP)? Multiemployer plans are most commonly offered by Associations, PEOs and Labor Unions.
If your company is part of a MEP you should first identify the plan ‘fiduciaries’ at your own company. They should approach the plan Trustees at the MEP with your concerns. Both the plan fiduciaries and the trustees (who are also fiduciaries) have the obligation to act in the best interests of the plan participants and should be responsive to your inquiry. If you feel that the trustees are not responsive hopefully the fiduciary at your company will consider moving to a better 401(k) platform.
Good morning Karen, I agree with Michael. The best course of action could be to have an independent planner come in and evaluate your 401k needs and suggest 2-3 different record keepers for you to interview to see if they might be a better fit for your firm Please let me know if we can help. We have extensive experience in this field and office in Jacksonville. Best Of Luck Sincerely Michael Mezheritskiy, Founding Partner, Visionary P.W.M.G. www.VisionaryWealthMgmt.com
Yes. If you own the company, you pick your 401(k) provider. If you are unhappy, and would like a 401(k) review I work in Tampa and would be happy to give you my opinion.