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Administering Your Own Plan: What Could Possibly Go Wrong?

…working in the field, one that offers fiduciary outsourcing and 3(16) administrative services. An independent ERISA Section 3(16) fiduciary relieves an employer of nearly all fiduciary liabilities for their plan. Why is it important to use a 3(16) administrative fiduciary for your plan? Because of…

Pensions, Retirement & Markets: 5 Questions for 2019

…a uniform fiduciary standard for brokers and advisors was disrupted when the Department of Labor (DOL) fiduciary standard, also known officially as the “Conflict of Interest” rule, was repealed by a Federal court. Into this vacuum stepped several parties: (a) the Securities and Exchange Commission…

Should a Plan Have an Investment Policy Statement?

…in developing effective retirement income strategies. An individual IPS should be developed with the help of a financial professional. Plan sponsors may even wish to consider offering such a service through a unique type of ERISA fiduciary professional, the 408(g) fiduciary adviser. The bottom line…

Fixing What Others Fear

…percentage of 401(k) plan sponsors outsource many of the day-to-day administrative duties to a 3(16) fiduciary services provider. An ERISA Section 3(16) fiduciary is a person or entity that takes on the responsibilities and shared liability for administrating a retirement plan. A 3(16) fiduciary can…

DOL Considers Changes To Fiduciary Rules

…which streamlined exemptions are not available? Should the exception to fiduciary status for recommendations to institutional fiduciaries (e.g., banks and RIAs managing $50 million or more) be expanded? The time-frame for response is tight: just fifteen days to answer the first question about extending the…

Pension Plans as Shareholders

…the roles each have played in governance and corporate policy. Public pension plans have shareholder agendas which are generally more activist and reflect the governance views of its trustees. The trustees are often headed by a state or local official. For example, the New York…

You Get What You Pay For

A penny saved may be a penny earned, as Benjamin Franklin once said – but then, Ben never had to worry about 3(16) compliance. The benefits of hiring a third-party ERISA § 3(16) fiduciary can include minimizing risk by having in place someone who makes…

Getting to the Truth of a True Up

…Revenue Service (IRS), which determined that the matching true-up was calculated incorrectly. The employer went to their then-plan service provider – which was not acting in a fiduciary capacity — whose response essentially was that the employer must have supplied them with the wrong numbers….

ERISA-Related Lawsuits Beg the Question: How Much Is Too Much?

…should be their ultimate destination. Plainly put: If a fiduciary of plan is not actively assessing who is being paid, what amount they are being paid, and how those payments are being made, then they have not fulfilled their fiduciary duty vis-à-vis the plan’s participants….

Managing QDROs from a Fiduciary Perspective

…be a complex and lengthy process. Navigate these complexities and review the guidelines surrounding QDRO administration, valuation methodology and compliance requirements — including plan, ERISA and tax issues associated with QDROs. Join us as we discuss best practices in managing QDROs from a fiduciary perspective….

Tales of 401(k) Administration Gone Awry – Part 1

…– and thus (hopefully, at least) lessen the chances of missteps – is to reduce those “chores” by hiring professional fiduciaries and outsourcing some of the work. Something that can be easily overlooked is the plan document itself. This approximately 140-page legal document frequently goes…