E.F. Heagen & Associates

(949) 487-6711

401(k) Services

Meeting your Fiduciary Responsibilities

Fiduciaries have an obligation to act solely in the interest of the plan sponsor and plan participants, performing with a high level of competence and thoroughness.  This video highlights the importance of having a fiduciary manage your company's retirement plan.

  • Plan Reviews and documentation
  • Development and review of committee charter
  • Plan fee analysis and benchmarking
  • Employee communication assistance
  • Fiduciary training on legislative and regulatory issues.
  • Review of plan/participant disclosures

As a plan sponsor, you are likely faced with many responsibilities when it comes to retirement plans. Complicating matters are the common challenges of poorly-defined roles and the lack of data, resources and time. Yet ERISA and other DOL regulations stipulate the plan sponsors and fiduciaries are held accountable for demonstrating proper diligence with the plan and acting in the best interest of the plan participant. It's no wonder many plan sponsors feel uneasy about their level of liability as fiduciary.

According to the Department of Labor's guidance, a plan fiduciary should hire and monitor external experts if the sponsor lacks the expertise internally. DOL regulations 2509.95-1(c)(6) states: 'unless a fiduciary possesses the necessary expertise to evaluate such factors, he would need to obtain the advice of a qualified, independent expert'.

Our fiduciary oversight program was created to ease the burden placed on plan sponsors by offering ongoing, independent consulting. While you wear many hats, we wear one, retirement plan consulting. Our clients trust us with their fiduciary oversight because of our documented processes and experience in mitigating their fiduciary risk.

See the following link highlighting plan participants' four basic options when leaving an employer: *Pros and Cons of Rollovers*

 
 

Have A Question?







Thank you! Oops!

Recommended Content

Social Security: By the Numbers

Here are five facts about Social Security that might surprise you.

Test Your Estate Strategy Knowledge

Estate management can help ensure that your assets are transferred according to your wishes while managing tax issues.

Retiring the 4% Rule

A portfolio created with your long-term objectives in mind is crucial as you pursue your dream retirement.