It’s That Time Again! Back-to-School for Fiduciaries

Morgan Davis, Plan Advisor

Can you hear the bells ringing? It’s that time of year to review your to-do list of fiduciary responsibilities. Ask yourself the following questions to make sure you are on top of your responsibilities and liabilities.

1. Are you practicing procedural prudence when making plan management decisions?
2. Are you documenting each plan management decision and its support?
3. Are you certain that your plan is being administered in accordance with your plan document provisions?
4. What fiduciary liability mitigation strategies are you following? (Fiduciaries are personally financially responsible for any fiduciary breaches that disadvantage participants.)
5. Are you kept abreast of regulatory changes?
6. Are you appropriately determining reasonableness of plan fees, services and investment opportunities?
7. How do you define “success” for your plan and what metrics do you use to track progress?
8. Is your current plan design communicating the appropriate messaging to encourage success for your participants and plan fiduciaries?
9. Is your menu efficiently designed for benefit of participants and plan fiduciaries?
10. Are you certain you are providing all required communications and distributions to plan participants (including former participants with account balances)?

Many fiduciaries are unaware of their fiduciary responsibilities or do not understand them. If you need help uncovering the answers to any of these important questions, do not hesitate to reach out to Wellspring Financial Partners.

This material was created to provide accurate and reliable information on the subjects covered, but should not be regarded as complete analysis of these subjects. It is not intended to provide specific legal, tax or other professional advice. The services of an appropriate professional should be sought regarding your individual situation. This material was created to provide accurate and reliable information on the subjects covered, but should not be regarded as a complete analysis of these subjects.

To remove yourself from this list, or to add a colleague, please email us at info@wellspringfp.com or call (520) 327-1019.