Fiduciary Fitness Program™
Retirement plans require prudent governance by plan sponsors and fiduciaries. Which is why we utilize the Fiduciary Fitness Program™ as a well designed decision-making process to confirm and document proper roles and execution of responsibilities in a prudent manner.
PROGRAM GOALS
- Identify plan fiduciaries and understand the extent of their specific responsibilities
- Attempt to comply with ERISA 404(a) and 404(c)
- Document the hiring process for service providers
- Identify parties in interest to the plan and take steps to monitor transactions
- Understand major exemptions under ERISA that permit transactions with parties in interest
- Review plan documents in light of current plan operations and make necessary updates
- Comply with reporting and disclosure requirements
- Ensure that individuals are properly bonded and covered by liability insurance and more
BEST PRACTICES APPROACH
The Program offers a holistic approach to fiduciary best practices, and encompasses key deliverables, education and documentation modules:
- Fiduciary Diagnostic™: Demonstrates what plan sponsors and fiduciaries need to address and documents plan management responsibilities
- Fiduciary Plan Review™: Examines plan design and documents prudent processes
- Education Modules: Contain 20+ education modules on topics from fiduciary responsibilities to employer securities, real property, and mergers and acquisitions
- Documentation Modules: Create positive evidence that fiduciaries’ activities meet their responsibilities under ERISA and the Internal Revenue Code
