No one would argue that an annual physical is a good idea (we may not actually do it, but no one would argue that it is a good idea). Just like an annual physical can detect a small problem and keep it from morphing into a more serious problem, so too can an annual compliance review identify smaller legal, operational and/or fiduciary issues before they become bigger and more difficult to deal with.
I would assert that once a year, your retirement plan should be reviewed by any (and perhaps all) of the following: your plan’s legal counsel, your third party administrative (TPA) firm and your investment advisor.
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