Operational Review

Q. Do have any tips on how to make sure our procedures are meeting the needs of the plan and are in compliance?

A. Following are some ways to analyze and more closely examine plan functions in order to determine that procedures and policies are accomplishing the plan’s goals and are in compliance with plan terms and the law. 

Recordkeeper Report. Obtaining an annual report from the recordkeeper concerning plan administration can be helpful in plan administration. For instance, it could help in identifying features and services that could benefit the plan but are not present. 

Policy Review. Review policies and documents, such as the investment policy statement and committee charter, with experts in order to (1) gauge adherence to guidelines and (2) identify updates that may need to be made. 

Operational Compliance. Review how well the plan’s operational procedures adhere to the plan document. This can entail meeting with the recordkeeper and ensuring that the plan’s administration manual is up to date and reflects any new design features that may have been added.