3(16) ERISA Fiduciary Definition

Actual Deferral Percentage, Actual Contribution Percentage

Recently there has been an emergence of entities offering to provide ERISA Section 3(16) services. Plan sponsors may be interested in divesting themselves of Section 3(16) plan administrator responsibilities and there are questions regarding this concept and its perceived desirability. The unfortunate reality is that the advertisements, marketing material and articles (often written by interested … Continue reading 3(16) ERISA Fiduciary Definition

Investment Policy Statement Review: Beyond the Obvious

Actual Deferral Percentage, Actual Contribution Percentage

  The Employee Retirement Income Security Act of 1974 (ERISA) holds fiduciaries to a standard of prudence when making investment-related decisions for a qualified ERISA plan. The Department of Labor (DOL) and the courts have largely determined that said standard of prudence can best be determined by a fiduciary’s process, or procedures, used in making … Continue reading Investment Policy Statement Review: Beyond the Obvious

Qualified Plan Governance: Is Your Fiduciary House in Order?

Fiduciary, ERISA

As we enter the New Year, many qualified retirement plan sponsors use this time as an opportunity to examine current fiduciary structure and processes to ensure all is in order. Whether or not your organization’s retirement plans have been recently audited by the Department of Labor and/or Internal Revenue Service, it is advisable to be … Continue reading Qualified Plan Governance: Is Your Fiduciary House in Order?

3(16) ERISA Fiduciary Definition

3(16), ERISA, Fiduciary

Recently there has been an emergence of entities offering to provide ERISA Section 3(16) services. Plan sponsors may be interested in divesting themselves of Section 3(16) plan administrator responsibilities and there are questions regarding this concept and its perceived desirability. The unfortunate reality is that the advertisements, marketing material and articles (often written by interested … Continue reading 3(16) ERISA Fiduciary Definition

Determining Fee Reasonableness of a Retirement Plan Recordkeeper

DOL, ERISA

The determination of reasonableness of fees has always been a core fiduciary function for ERISA plan sponsors. ERISA Section 408(b)(2) regulations increased scrutiny on this responsibility. The Department of Labor (DOL) has taken this step to solidify specific requirements for plan sponsors and service providers, regarding communication of fee information. Timing The genesis of these … Continue reading Determining Fee Reasonableness of a Retirement Plan Recordkeeper