Fiduciary Support
Managing Plans Together
As a plan fiduciary, you have a responsibility to act in the best interests of plan participants and beneficiaries at all times. If you administer or serve on the retirement plan committee, you are considered a fiduciary. Many plan administrators may not fully understand the extent of their duties, and could benefit from fiduciary support in clarifying their roles and expectations.
Failing to properly manage a retirement plan can expose both the employer and the committee to legal risks. So, how can you reduce this exposure? By developing a plan and following a prudent decision-making process that includes:
Establishing a clearly defined governance committee, process, and documentation
Regularly reviewing and negotiating the services and fees of service providers
Implementing a robust investment monitoring process, including evaluating fund fees and share class suitability
Retirement plans are complex, and managing one in a constantly changing legal and regulatory environment can be overwhelming for many plan sponsors. Partnering with an advisor or consultant to handle these responsibilities allows sponsors to focus on what matters most—running their business or organization.
Fiduciary Support Highlights
Serve as a 3(21) and/or 3(38) investment advisor
Conduct thorough plan reviews
Support committee functions, including the development of by-laws, charters, and board resolutions
Provide timely updates on legislative changes and compliance requirements
Offer fiduciary education to plan sponsors and committee members
