…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….
…dating their history back to the 1980’s or early 1990s. The OCIO market can involve either a partial outsourcing to external experts of the investment management of certain specialized asset classes (such as private equity or alternatives) or a complete outsourcing to an external manager…
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”.
…fiduciary duties and their retirement plan, many companies tend to focus on the participants and the investments and rely on outside professionals such as a 3(38) investment fiduciary and a recordkeeper to support their plan, but there’s a missing piece. An independent 3(16) administrative fiduciary…
…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….
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…
…Court has affirmed that ERISA’s fiduciary duties are “the highest known to the law.” [Fiduciaries must still select investments through a prudent process, and the bill does not explicitly create a safe harbor from a fiduciary’s legal duties.] In addition, the bill promotes prudent diversification…
…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…
…losses resulting from fiduciary breaches. Having a plan committee charter may help mitigate fiduciary liability for the committee members by carefully outlining the members’ roles and responsibilities. Further, having an ERISA 3(16) Fiduciary Administrator may also help to reduce fiduciary liability risk for a retirement…