Article

Are you at fiduciary risk?

The importance of regularly reviewing your organization's retirement plan

Jan. 29, 2025 · Authored by David DuBrava, Matt Payne

The success of your organization is intricately tied to the well-being of your employees. Offering a comprehensive benefits package is not just a necessity. It is a strategic move that can set your organization apart. Retirement plans can be a powerful tool to secure your employees’ financial futures and bolster your organization’s appeal and success.

Many organizations do provide 401(k) or 403(b) plans for their employees. However, they may not actively review their plan to ensure they are not only in compliance but also avoiding fiduciary risk. As a plan sponsor, you are personally liable for the decisions you make for your organization’s retirement plan. It is your fiduciary responsibility.

Organizations should review their retirement plans yearly, at a minimum, to address any gaps and ensure compliance. Doing so can help protect you from potential lawsuits. A thorough review of your plan should include analysis of the plan structure, vendor contracts and investment options. You should also consider benchmarking your fees against competitors and reviewing your participant education program.

So, when is the last time you reviewed your plan or your plan’s investment policy?

Whether it has been a few months since you last reviewed your plan or several years, we can help.

Download our fiduciary risk assessment quiz for 401(k) and 403(b) plan sponsors to understand your current level of fiduciary risk. The quiz includes just ten short questions. Tally up your responses to understand whether you are at low, moderate or high fiduciary risk.

Looking to outsource your fiduciary responsibility? Baker Tilly Wealth Management’s retirement plan services team can serve as your full scope ERISA 3(38) investment fiduciary.

This questionnaire is for informational purposes only and not for use for any specific result. The information provided here is of a general nature and is not intended to address the specific circumstances of any individual or entity. In specific circumstances, the services of a professional should be sought.

Baker Tilly Wealth Management, LLC (BTWM) is a registered investment advisor. Reference to registration does not imply any particular level of skill. The information provided here is of a general nature and is not intended to address the specific circumstances of any individual or entity. In specific circumstances, the services of a professional should be sought. Baker Tilly Wealth Management, LLC is controlled by Baker Tilly Advisory Group, LP. Baker Tilly Advisory Group, LP and Baker Tilly US, LLP, trading as Baker Tilly, operate under an alternative practice structure and are members of the global network of Baker Tilly International Ltd., the members of which are separate and independent legal entities. Baker Tilly US, LLP is a licensed CPA firm that provides assurance services to its clients. Baker Tilly Advisory Group, LP and its subsidiary entities provide tax and consulting services to their clients and are not licensed CPA firms. ©2025 Baker Tilly Wealth Management, LLC