Everyone plays a role in the administration of a qualified retirement plan. The role of the trustee, service plan administrator and financial professional is clear, but even plan participants have certain responsibilities. This is especially true with defined contribution plans, most of which allow plan participants to make decisions about how their plan allocations are invested. All plan participants — even those covered under defined benefit plans — have a responsibility to understand their plan and the benefits it might provide them at retirement.

Plan participants can help assure a financially secure retirement by making sure they enroll in their company sponsored retirement plan within specified time periods, and by providing required personal information in a timely manner. Plan participants have the responsibility of completing the necessary paperwork for enrollment and coordinating with their Human Resources department to make sure they are properly enrolled.

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