Q: Erick, we’ve had a lot of turnover with our plan committee over the past year. As a result, we are planning to prioritize fiduciary training in future meetings. Is there a good foundational overview on fiduciary responsibilities that you would recommend?
A: Your decision to prioritize fiduciary training is smart. Sponsors of retirement plans, especially those covered by the Employee Retirement Income Security Act, must ensure their retirement plan committee members are trained to understand and execute their fiduciary duties. Besides your plan advisor, other resources for educational content include your recordkeeper, TPA or other service providers, ERISA attorney (if using one), and nonprofit professional human resources management associations. In addition, the U.S. Department of Labor’s comprehensive publication “Meeting Your Fiduciary Responsibilities” covers everything you need to know about being a retirement plan fiduciary. It can be downloaded at: https://tinyurl.com/mr32sdwf.
Next step: Let’s meet and discuss ideas to improve your 401k plan. We can also discuss you getting a 401k Fee Benchmark review. Book a meeting below.
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Disclosures, Sources, and Footnotes
For plan sponsor use only, not for use with participants or the general public. This information is not intended as authoritative guidance or tax or legal advice. You should consult with your attorney or tax advisor for guidance on your specific situation.
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©2024 Kmotion, Inc. This newsletter is a publication of Kmotion, Inc., whose role is solely that of publisher. The articles and opinions in this publication are for general information only and are not intended to provide tax or legal advice or recommendations for any particular situation or type of retirement plan. Nothing in this publication should be construed as legal or tax guidance; nor as the sole authority on any regulation, law or ruling as it applies to a specific plan or situation. Plan sponsors should consult the plan’s legal counsel or tax advisor for advice regarding plan-specific issues.
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