Who is a Fiduciary

“Who is a Fiduciary?”

  • How do you determine who is a fiduciary in a qualified plan?
  • What duties and responsibilities does a fiduciary have?
  • What exposure does the fiduciary have?
  • “Named Fiduciary” and “Plan Administrator”; technical terms defined for practical use.
Fiduciary Duties and Risk
  • Specific duties of the fiduciary in the operations of the plan.
  • Other third parties such as an investment advisor acting as co-fiduciary and corresponding responsibilities.
  • Service providers to the plan may or may not be a fiduciary.
Managing Risk with Co-Fiduciaries
  • Determining liability in a fiduciary capacity.
  • Fiduciary risk and ways to reduce it.
  • Effectively using co-fiduciaries.
  • How to select service providers in meeting your fiduciary responsibilities.
What's a Plan Audit
  • What is the financial statement audit requirement of a retirement plan?
  • When is a financial audit required?
    • “Large Plan” requirement and how to work with it.
    • 5% Non-Qualifying asset requirement and how to work with it.
  • The importance of selecting a financial auditor.
  • Resources available to help you with your auditor selection.
  • Tips in avoiding or delaying a financial audit.
Managing a Plan Audit
  • Why and how the financial audit goes beyond financial statements.
    • Evaluating the plan’s operation is in compliance with plan document provision.
  • Why the testing is so meticulous?
  • Advice to make the financial audit go smoothly.
How You Define Compensation Matters
  • How your retirement plan’s definition of “compensation” is used.
  • Why providing accurate compensation data is so important.
  • Consequences of using the wrong definition of compensation.
  • Remedies to typical errors in employee or employer contributions.
  • Advice on how to avoid problems regarding compensation.
Plan Fees and Expenses
  • Your fiduciary obligations relating to plan expenses.
  • Department of Labor scrutiny of plan fees.
  • Types of plan fee arrangements.
  • Service provider requirements on plan fee disclosure.
Auto Enrollment
  • What is “auto enrollment” and how does it work?
  • An example of a typical auto enrollment arrangements using an escalation feature.
  • The benefits of using auto enrollment.
  • How Congress has supported the use of auto enrollment and why that’s important to you.
  • Disadvantages of auto enrollment to consider.
Your Plan Document
  • Explanation of the legal document requirements governing a qualified retirement plan.
  • Why do the rules governing retirement plans change so frequently?
  • Updating your plan to comply with new rules using amendments or restatements.
  • Properly documenting design changes to your plan.
  • The importance of properly maintaining your plan as your business changes.