In order to provide investment advice to our 401(k) plan, we require that you answer the following questions:
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Question |
Yes
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No
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1
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Are you a 3(38) Fiduciary as defined by ERISA?
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2
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Will you accept liability for selecting plan investment options?
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3
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Will you accept liability for monitoring plan investment options?
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4
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Will the advisor accept liability for replacing plan investment options?
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5
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Do you have fiduciary discretion?
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6
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Will you agree to act solely in the best interest of plan participants?
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7
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Do you monitor and benchmark plan costs?
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8
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Is every single cost to the plan or participants disclosed in one page for my annual review?
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9
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Are you paid at all by any of the investments in the plan?
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10
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Will you provide a plan where you accept no payment whatsoever from plan investments?
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11
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Do you choose mutual funds by screening for those with recent good performance?
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12
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Will you provide one on one advice to plan participants?
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13
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Will you provide a plan solely of passively managed, low cost, diversified mutual funds?
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14
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Will you provide risk based portfolios of solely passively managed, low cost, diversified mutual funds?
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15
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Has your organization ever been sued for the services you propose to provide, whether the suit settled out of court or not?
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