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Best Practice #7: Establishing a Regular Fee Comparison and Review Process

Welcome to the Alliant Best Practices Series for 401(k) Plan Sponsors, in which we offer 10 best-practice essentials for helping plan participants achieve retirement plan success. Here’s the seventh best practice in our series.


“This witch's brew of hidden fees, conflicts of interest and complexity in applications is at odds with investors' best interests.”

- SEC Chairman Christopher Cox

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Whose Relationship Do You Value?

When you choose to add a 401(k) plan to your employee benefits package you offer your employees the opportunity to improve the quality of the lives of their families in retirement. In other words, you do a good thing. However, 401(k) plans come with an obligation. When you adopt a 401(k) plan you become responsible for your employee’s retirement funds. The Employee Retirement Income Security Act, or ERISA, places responsibility on the employer to manage the plan at an extremely high level.

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Best Practice #6: Establishing a Strong Investment Committee

Welcome to the Alliant Best Practices Series for 401(k) Plan Sponsors, in which we offer 10 best-practice essentials for helping plan participants achieve retirement plan success. Here’s the sixth best practice in our series.


“It is better to first get the right people on the bus, the wrong people off the bus, and the right people in the right seats, and then figure out where to drive.” 

— “Good to Great” author Jim C. Collins

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Heads-up: attorneys on the prowl for 401(k) plaintiffs

An attorney in St. Louis, Mo, Mr. Jerome Schlichter, is advertising to participants in certain employer 401(k) plans to hire him in a class action against their employers. This particular attorney is well known in the 401(k) industry for suing and winning awards against a number of household name firms.

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Best Practice #4: Automatic Enrollment & Escalation

Welcome to the Alliant Best Practices Series for 401(k) Plan Sponsors, in which we offer 10 best-practice essentials for helping plan participants achieve retirement plan success. Here’s the fourth best practice in our series.


 “Never put off till tomorrow what you can do today.” 

— Thomas Jefferson

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Best Practice #3: Financial Education for Your Plan Participants

Welcome to the Alliant Best Practices Series for 401(k) Plan Sponsors, in which we offer 10 best-practice essentials for helping plan participants achieve retirement plan success. Here’s the third best practice in our series.


 “An investment in knowledge always pays the best interest.” 

— Attributed to Benjamin Franklin

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Best Practice #2: Offering Individual Consultation

Welcome to the Alliant Best Practices Series for 401(k) Plan Sponsors, in which we offer 10 best-practice essentials for helping plan participants achieve retirement plan success. Here’s the second best practice in our series.


 “We don't expect people to fly their own airplanes or take out their kids' appendixes, and yet we expect them to manage their retirement portfolios. In my careers I've done all three, and investing is by far the hardest.” 

— William J. Bernstein, PhD, MD

Author, The Four Pillars of Investing

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Best Practice #1: Simplify the Investment Decision

Welcome to the Alliant Best Practices Series for 401(k) Plan Sponsors, in which we offer 10 best-practice essentials for addressing the three critical goals that define retirement plan success for you and your plan participants.

  1. Achieving financial security in retirement
  2. Reducing potential personal liability for plan sponsor fiduciaries
  3. Streamlining plan administration

These goals are simple enough to articulate, but in today's retirement plan landscape, they can be easier said than done. By providing 10 best practices and addressing each in turn, we'll help you take on the challenge one manageable step at a time. Let's begin at the beginning.

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