401(k) Plan Monitoring and Best Practices Checklist

This document is a checklist designed for 401(k) plan sponsors and fiduciaries to ensure compliance with fiduciary responsibilities and to adopt best practices for plan management. It outlines the necessary monitoring of plan investments and service providers as mandated by ERISA, emphasizing the importance of regular reviews, particularly at year-end. The checklist categorizes decisions into fiduciary, best practices, and employer-driven actions, detailing specific areas such as investment reviews, service provider evaluations, and cybersecurity measures. Additionally, it discusses the significance of reviewing investment policy statements and participant-related issues to enhance plan outcomes. The document also addresses settlor decisions that can be made in the employer's interest, including plan design reviews in light of changing regulations. Overall, the checklist serves as a practical tool for plan sponsors to fulfill their responsibilities and improve participant experiences.