Compliance
Am I an ERISA/401k Fiduciary?
You may be an ERISA/401k fiduciary and not know it. The first step to reducing your personal fiduciary liability it to fully understand under what conditions you may be acting as a fiduciary.
For the 401k Fiduciary Looking to Reduce Fiduciary Liability: Who Is and Who Isn’t a Registered Investment Adviser?
The 401k fiduciary typically searches for ways to reduce fiduciary liability. This can be done by hiring what the United States Department of Labor (DOL) terms “prudent experts,” particularly in the area of investments. The DOL permits a fiduciary to appoint, among others, a registered investment adviser to reduce personal fiduciary liability.
Everything an ERISA/401k Fiduciary Needs to Know About DOL Audits to Reduce Fiduciary Liability
What most often triggers a DOL audit? What liability exposure does the ERISA/401k fiduciary typically face as a result of a DOL audit? Can a retirement plan fiduciary face criminal charges? What does the DOL auditor expect from the ERISA/401k fiduciary? What are the four critical keys the plan fiduciary should focus on during a DOL audit? Does the DOL have an ideal “Wish List of Materials” they expect an ERISA/401k fiduciary to provide them during a DOL audit?
5 Critical Components of a Plan Diagnostic Test
Conducting a periodic plan diagnostic test is often seen as an easy way for the typical 401k fiduciary to reduce fiduciary liability. An ERISA plan trustee or fiduciary will usually hire an independent fiduciary consultant to conduct a comprehensive plan fiduciary diagnostic test. Here are five critical areas to consider.
4 Essential Elements of Every Retirement Plan
The United States Department of Labor (DOL) has issued a booklet entitled “Meeting Your Fiduciary Responsibilities.” The DOL created this publication to help Employee Retirement Income Security Act (ERISA) plan fiduciaries better understand their duties and obligations. Included are four “essential elements” of all retirement plans.
The 7 Most Critical Action Steps 401k Fiduciaries Must Address Right Now
Are you a 401k fiduciary looking for ways to reduce your personal fiduciary liability? The US Department of Labor doesn’t expect the ERISA fiduciary to always produce favorable outcomes for retirement plan beneficiaries. Rather, the DOL expects the 401k fiduciary to carefully document and prudently execute all aspects of the retirement plan. Here are seven critical action steps.
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