…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….
…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”.
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…
…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…
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…
…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…
…conditions: Acknowledge fiduciary status. The automatic portability provider must acknowledge fiduciary status in writing upon being engaged by a plan fiduciary and in certain required notices and disclosures. Reasonable compensation standard. The automatic portability provider’s fees are subject to a “reasonable compensation” standard. In this…
…service providers who deal with these rules every day, the sheer amount of information can be daunting. But for employers—who simply want to run their businesses without unnecessary burdens—effectively administering their plans can be overwhelming. 3(16) Fiduciary Outsourcing—the Peace of Mind of a Professional on…
…can face penalties and personal liability for plan losses. Attend this course to understand fiduciary responsibilities and liabilities, how to identify the different types of plan fiduciaries and implement fiduciary liability reduction strategies and tactics. *Disclaimer: This recording is not eligible for Continuing Education Credits…