Are You a Fiduciary?

Are You a Fiduciary?

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Administering a retirement plan and managing its assets requires certain actions and involves specific fiduciary responsibilities. If you make decisions that impact your organization’s retirement plan, you’re likely considered a fiduciary under the Employee Retirement Income Security Act of 1974 (ERISA). With the current scrutiny over retirement plan litigation, it is imperative that plan fiduciaries understand their responsibilities and adhere to ERISA’s standards. Learn more about who is considered a fiduciary, their fiduciary responsibilities, and how to fulfill their responsibilities to their participants.

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Key Components of an Effective Retirement Plan Committee

Key Components of an Effective Retirement Plan Committee

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An organized, well-managed retirement plan committee is a key foundation of a successful retirement plan. Forming an effective retirement plan committee not only fosters more diverse ideas and opinions, but it also challenges the status quo to create and maintain a more thoughtful plan. For this reason, an important first step in fulfilling plan governance requirements is to establish and operate an effective retirement plan committee.

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Tips for Your Annual Retirement Plan Checkup

Tips for Your Annual Retirement Plan Checkup

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As a new year approaches, now is the opportunity for plan sponsors to review their retirement plans to ensure that they’re legally compliant and up to date. From increases in annual contribution limits to sweeping changes to the IRS regulations governing hardship distributions, an annual review should be conducted to even the most well-crafted plan. Read on for some helpful tips that can make your annual retirement plan checkup as streamlined and stress-free as possible.

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Breaking Down 3(21) vs. 3(38) Fiduciary

Breaking Down 3(21) vs. 3(38) Fiduciary

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While most are familiar with the term, many plan sponsors are uncertain of what it actually means to be a fiduciary. In fact, a recent JP Morgan survey stated 43% of company fiduciaries do not identify themselves as fiduciaries. This reflects the fact that many plan sponsors are uncertain about what a fiduciary exactly is.

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How to Establish a Strong Investment-Focused Plan Committee

How to Establish a Strong Investment-Focused Plan Committee

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As a retirement plan sponsor, one of the biggest steps toward ensuring regulatory compliance includes establishing a committee to manage the plan. Meanwhile, setting forth clear objectives and direction for the composition and function of your retirement plan committee can be the key to its success. Learn more about some standard objectives and responsibilities for your fledgling committee, with a specific view towards its investment responsibilities, as well as some structuring tips you’ll want to keep in mind when just getting started.

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