Auditing Recordkeeper Statements—A Fiduciary Duty?

Adhering to prudent standards includes auditing quarterly statements from the recordkeeper. However, there is no explicit requirement for plan fiduciaries to do so. With regard to plan assets, fiduciaries have the explicit duty to ensure that: employee deferrals are contributed in a timely manner; the plan does not engage in prohibited transactions; and plan assets are used exclusively to pay plan benefits and defray reasonable plan … Continue reading Auditing Recordkeeper Statements—A Fiduciary Duty?

DOL Regulations, Fiduciary

Revenue Sharing Defined

There is much misunderstanding about what revenue sharing is and what it provides. As an overview, it reflects the acknowledgement by the fund company that a portion of its normal investment fee will no longer be incurred since a third party recordkeeper will be providing the services being shed.  For example, if a fund originating from ABC Fund Company will be marketed and serviced by … Continue reading Revenue Sharing Defined