There are 3 main stages of implementation when it comes to compliance requirements:
- Selection of vendor and investment options - Plan is participant directed and ERISA 404 (c) compliant
- Employee enrollment and education- Provide a description of any restrictions, redemption fees, and other transaction fees.
- Ongoing monitoring and maintenance -Provide annual operating expenses, copies of financial statements and reports, and a list of assets comprising the portfolio of each investment option.