RETIREMENT SERVICES DIVISION


20 STEPS TO 404(C) COMPLIANCE

  • The participant has an opportunity to obtain written confirmation of his instructions
  • The person to whom the instructions are given is an identified plan fiduciary who is obligated to comply with the instructions
  • The participant is provided by an identified plan fiduciary with the following:
    1. An explanation that the plan is intended to be a 404(c) plan;
    2. An explanation that the fiduciaries of the plan may be relieved of liability for losses;
    3. A description of the investment alternatives available under the plan;
    4. A general description of the investment objectives and risk and return characteristics of each designated alternative;
    5. Identification of any designated investment managers;
    6. An explanation about giving investment instructions;
    7. A description of any transaction fees and expenses that affect the participant's account balance;
    8. The name, address, and phone number of the plan fiduciary responsible for providing information;
    9. Specified information regarding employer securities;
    10. A copy of the most recent prospectus provided to the plan for investment alternatives subject to the Securities Act of 1933;
    11. Any materials provided to the plan relating to the exercise of voting, tender or similar rights.
  • The participant is able to obtain upon request:
    1. A description of the annual operating expenses of each designated investment alternative;
    2. Copies of any prospectus, financial statement or report provided to the plan;
    3. A list of the assets comprising the portfolio of each designated investment alternative;
    4. Information concerning the value of shares or units in designated investment alternatives;
    5. Information concerning the value of shares or units in designated investment alternatives held in the account of the participant.
  • Plan permits participants to give investment instructions with a frequency that is appropriate in light of market volatility.
  • The core investment alternatives, constituting a broad range, permit instructions at least once within any three-month period.
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For more information, please contact:

Bill Peartree
Director, Retirement Services
(858) 550-4978