Document your efforts and results.
Premier believes that clear documentation of participant services, communication and education is a major part of making it effective. Our documentation provides confidence to plan trustees, while Premier monitors effectiveness, makes changes, and shows a history of compliance and notes on participant contact.
The financial services industry views documentation very narrowly. It appears, for the most part, to see documentation as something to be minimized. A common belief is that the less you document the less that can come back to haunt you. This might make sense if what you are documenting does not represent a fiduciary effort to be in compliance. This seems to be the industry’s fundamental weakness.
As a Co-Fiduciary with the plan sponsor, Premier sees documentation as the logical end result of a fiduciarily sound program and education approach. Documentation formalizes the efforts and the results in fiduciary compliance.
