…and service agreements. Plan officials are faced with analyzing and interpreting numerous documents from multiple entities. By creating a governance process, plan officials can help ensure plan operations are consistent and adhere to fiduciary standards. *Disclaimer: This recording is not eligible for Continuing Education Credits….
…and their advisors can address plan administrative complexities, mitigate fiduciary liability, and improve plan outcomes with the help of a professional outsourced 3(16) fiduciary. Attend this course to understand the ins and outs of an outsourced 3(16) fiduciary arrangement, when it makes sense for a…
…procedures are contained in a series of governing plan documents and service agreements. Plan officials are faced with analyzing and interpreting numerous documents from multiple entities. By creating a governance process, plan officials can help ensure plan operations are consistent and adhere to fiduciary standards….
This year we hosted a panel discussion that included recordkeeping partners, advisors and clients to share their successes along with results from our recent study on “Plan Sponsor Attitudes About Retirement Plan Management and Fiduciary Outsourcing”.
…proactively addressing fiduciary oversight and administrative complexities, advisors can differentiate themselves in a competitive landscape. Offering 3(16) fiduciary services not only enhances their value proposition but also aligns their interests with optimal client outcomes—demonstrating a commitment to fiduciary excellence, regulatory best practices, and placing client…
Many financial organizations tout the benefits of their ERISA 3(16) fiduciary services and, frankly, many of these messages can sound irresistibly compelling. But buyer beware; not all 3(16) fiduciary services are created equal. In today’s increasingly litigious environment, it is imperative for plan sponsors to…
…compliance with retirement plan rules and regulations. Plan Fiduciary Basics Because this is such a pivotal part of maintaining a retirement plan, we often revisit the importance of knowing—and fulfilling—plan sponsors’ fiduciary duties. Black’s Law Dictionary defines “fiduciary” as “one who must exercise a high…
…against losses due to fraud or theft by people who handle the plan’s funds or property. Fiduciary insurance, on the other hand, protects the fiduciaries themselves against losses due to breaches of fiduciary responsibility. It’s important to note that while many plan fiduciaries may have…
…too, play an investment fiduciary role unless they partially or fully outsource that function to an investment professional. What many of them don’t appear to recognize is that they also wear another important fiduciary hat based on their control and authority over the administration of…
…the plan sponsor, unless a different plan administrator has been named. But in addition, ERISA Section 3(21) specifically defines a “plan fiduciary” as someone who has discretionary authority or responsibility in the administration of the plan. So, while it is possible—and often preferable—to delegate many…
On April 25, 2024, the Department of Labor (DOL) published its Retirement Security Rule: Definition of an Investment Advice Fiduciary (the “Retirement Security Rule”), a package of finalized regulations and amendments to several advice-related prohibited transaction exemptions (PTEs), including PTE 2020-02 and 84-24, as well…