The Challenge
With the supervision of qualified plan assets, comes the obligation
of a fiduciary to not only select and monitor the plan’s
investment options, but also to stay informed about what regulatory
standards must be adhered to and to document the fact that they
are observing procedural prudence.
“Critical Concept: Liability is not determined by
investment performance, but rather on whether prudent investment
practices were followed.”
Prudent Investment Practices Handbook
Fiduciary360
Being a fiduciary is a matter of complying with the requirements
outlined in ERISA, which governs the management and operation
of retirement plans and protects the interests of those invested
in the plan and their beneficiaries.
So, how well do you understand ERISA requirements of plan
fiduciaries, and are you fulfilling your FIDUCIARY obligations?
The Solution
To help you understand and adhere to the fiduciary standards
of care, The 401k Service Solution provides a method in Course
Three – The Lead Fiduciary Practice. This course helps
you understand the fiduciary responsibilities involved in
managing a qualified plan, and provides you with access to
a complete "Fiduciary Risk Management Binder" to
help you implement a documented process for meeting the fiduciary
responsibilities on your plan.
Take Action
Review the Department of Labor’s Publication, Meeting
Your Fiduciary Responsibilities
View the Fiduciary
Compliance Checklist to better understand Fiduciary Requirements
of running a compliant plan.
Contact a PPC in your area to
access the Fiduciary Risk Management Binder and the documentation
needed to show the steps you are taking to meet your fiduciary
responsibilities. |
