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Managing Fiduciary Risk

Accepting the role as a fiduciary of a retirement plan is a big responsibility and is not without risk. The Employee Retirement Income Security Act (ERISA) was explicit in the obligations and responsibilities necessary for being a plan fiduciary. You are not expected to be an expert in all of the different disciplines that go into running a retirement plan. You are expected, however, to manage and oversee the work of the experts you hire to do all of those things and to ensure that the plan works for your employees. At the end of the day, ERISA fiduciary duty is about looking out for the best interests of the participants while establishing and using a prudent, thorough, and well-documented process to make decisions for the plan. INTRUST Retirement will partner with you to reduce your risks and provide your participants the best plan possible.


10 Steps to Manage Fiduciary Risks

  1. Understand your fiduciary roles and responsibilities
  2. Maintain written plan records
  3. Monitor and evaluate service providers
  4. Schedule regular meetings with plan committees and service providers
  5. Document investment process and regularly review plan's investments
  6. Monitor service provider fees and services for reasonableness
  7. Meet 404(a)(5) participant fee disclosure requirements
  8. Educate participants to help them make informed decisions
  9. Comply with government reporting requirements
  10. Have adequate insurance coverage
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