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The Potential New Fiduciary Reality for Plan Sponsors

…named fiduciary is, therefore, the plan’s CEO; the trustee, its CFO; the 3(38) investment fiduciary, the plan’s CIO; and the 3(16) administrative fiduciary is its COO. The ERISA-named fiduciary/CEO holds the highest level of fiduciary responsibility for the plan, acts as its principal fiduciary and

The Ins and Outs of Fiduciary Outsourcing for Community Banks

…liabilities for the fiduciary responsible for selecting and contracting with the outsourced fiduciary. Breach of contract is the most obvious of these, but there is also the matter of monitoring/reviewing with the outside fiduciary that I mentioned previously. In addition – and this should go…

Taking Steps to Improve Your Fiduciary Position

Fiduciary regulations continue to evolve, much to the exasperation of those who are not experts in the field but are still acting as fiduciaries for their company’s retirement plan. The Fiduciary Rule proposed by the Department of Labor (DOL) went through a number of permutations…

What is a Multiple Employer Plan (MEP)?

…that may result in lower plan costs. As an adopting employer in a MEP, what is your fiduciary role? One of the key benefits of participating in a multiple employer plan is fiduciary relief-as the MEP sponsor assumes principal fiduciary responsibilities associated with sponsoring a…

Future of the Fiduciary Rules in a Nutshell

…the definition of who could be classified as a fiduciary. Essentially, under the new rules anyone serving as an ERISA fiduciary has the authority to control and manage the operation of a retirement plan, but must do so solely in the best interest of plan…

The Value of an Independent 3(16) Fiduciary

fiduciary duties and their retirement plan, many companies tend to focus on the participants and the investments and rely on outside professionals such as a 3(38) investment fiduciary and a recordkeeper to support their plan, but there’s a missing piece. An independent 3(16) administrative fiduciary

Check Fiduciary Liability Coverage

…the retirement plan against misappropriation of funds by individuals handling the plan’s assets. However, the fidelity bond does not protect against claims for losses sustained because of a breach of fiduciary duty. Fiduciary Liability Insurance Protection Fiduciary liability insurance provides protection for trustees and other…

The Educated 3(16) Fiduciary

Many financial organizations tout the benefits of their ERISA 3(16) fiduciary services and, frankly, many of these messages can sound irresistibly compelling. But buyer beware; not all 3(16) fiduciary services are created equal. In today’s increasingly litigious environment, it is imperative for plan sponsors to…

Fiduciary Issues in the COVID Era

…which makes hiring of an independent 3(16) fiduciary so attractive. A 3(16) fiduciary can help ensure that each plan is administered in compliance with the new rules, and that CARES Act features that can help the plan’s participants get through this difficult time are all…

What 401(k) RESA Legislation Means for MEPs and PEPs

…it could very well be that PEP governance will in fact take a dramatic departure from established ERISA governance in this respect. Service providers and advisors tend not to like the “independent board made up of adopting employers” answer because a board can be hard…

The DOL Fiduciary Rule Is Here Faster Than We Think

…Compliance rules for BICE differ for ERISA and non-ERISA Plans. In summary, key provisions of the DOL Fiduciary Rule are already in place and are significantly impacting the landscape of investment advice and fee structure. The main building blocks of the Rule are fiduciary advice,…

Credit Unions: Make Sure You Know Your Fiduciary

…a 3(16) fiduciary acts as the sole plan administrator, and therefore is responsible for managing the plan’s day-to-day operations. A 3(38) fiduciary can only be a bank, insurance company, or registered investment adviser; here the plan sponsor hands over authority to the 3(38) fiduciary to…