The Value of Fiduciary Support
Under the Employee Retirement Income Securities Act, any employer that sponsors a retirement plan is a fiduciary. Today, fiduciaries have a lot on their plates: ensuring plan investments are prudently selected and monitored, identifying plan costs and ensuring that they are reasonable, and administrative tasks like delivering required participant notices and handling of loans and hardship distributions.
ERISA fines for fiduciary failures were up 72 percent in 2017 and are expected to increase with even greater DOL scrutiny.
When it comes to fiduciary responsibility, a retirement plan advisor can:
Help you make informed and impartial decisions.
Assist in maintaining documentation of decisions, should you be questioned or audited.
Help you find vendors that can handle many of your administrative duties, often at a significant cost savings.
May provide investment advice to you, your participants or investment committees.
May share fiduciary responsibility with you or help you find a third party that will do so.
Help you delegate administrative fiduciary responsibilities for certain tasks.
Whether your goals are to help employees prepare for retirement, attract and retain talent or manage benefits costs, a retirement plan advisor can provide invaluable support.
