Are you a new CFO of a small or large business? Learning a new position is no easy task; however, understanding a company's finances, including everyone's 401(k) plans, is much more difficult. But just like any job, you can learn a lot and get comfortable within your position with the right help. Here is how to remain compliant in your CFO position regarding KPIs or 401(k)s.
Reviewing the 401(k) plan to help employees save more for retirement with lower fee alternatives is essential because the Department of Labor emphasizes monitoring 401(k) plan costs.
401(k) plan participants have become more likely to sue plan sponsors when they perceive a lapse in fiduciary duty, resulting in some CFOs being targeted by litigation, given their role in plan oversight.
There are steps to ensure the above information does not happen to you as a CFO. A few steps would be to review all 401(k) administrative processes, evaluate all 401(k) providers, and understand your fiduciary responsibilities. We can help you through each step to ensure you get the information you need to remain compliant through each process.
Establishing a plan and appropriate measurements of improvement will take time but are crucial for addressing potential risks and eliminating root causes. A company that uses KPIs to assess risks and measure success will be better positioned to meet increasing regulatory requirements.
Vend Advisors is your strategic partner to maximize value and growth in your business.
How? By strategic actioning. We offer an immersive KPI Bootcamp that addresses all aspects of your business and at all stages of your business. This includes a business's financial, operational, cultural, and transitional elements. Contact us today!