Retirement Plan Sponsor Websites
Given that it is part of my job, I have probably looked at more plan sponsor retirement plan websites than most people on the planet. And, while I have found many wonderful links and resources on these websites, I have also seen many issues that plan sponsors would likely wish to correct. Have you checked your own retirement plan website lately? Below are some of the most frequent issues:
- Links to recordkeeper or other service provider websites that are broken and/or incorrect — This is, by far, the most common problem on plan sponsor websites. When recordkeepers or other service providers update their website addresses, many plan websites fail to correct the related link on their own site. Another frequent issue is a plan sponsor providing a link to the recordkeeper’s general website, rather than to the customized portal for that specific plan sponsor.
- Out-of-date information — I have witnessed information that is years out-of-date, including outdated plan documents, forms, or even listing recordkeepers or other service providers that are no longer part of the plan. In addition, website language that requires regular updating (such as language that refers to contribution limits) is often outdated as well.
- Incorrect information on subsidiary website — There are countless examples where the retirement website of the parent company is perfect, but subsidiary organizations attempt to write their own content, which can contain errors. The updating problem is compounded by the unique content on these subsidiary websites, as now the information needs to be corrected in multiple places. Thus, if you have subsidiaries, other facilities, or even departments that maintain their own retirement plan websites, you should not only review your website, but those others as well.
Bottom line: If you haven’t reviewed your own retirement plan website in awhile, you may wish to do so as soon as you can. You might be surprised at what you find!
Note: This feature is to provide general information only, does not constitute legal advice, and cannot be used or substituted for legal or tax advice.
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