Retirement Plan Fiduciaries - Contact us to potentially reduce your fiduciary liability

Over the past decade, plans have changed and now offer new features and have often become cheaper. As a plan fiduciary you are legally required to regularly review your plan and its offerings. If you’re curious to learn more about how our services can help address your concerns, please contact us for an assessment so that we can identify your needs, help you reduce your fiduciary liability and improve your plan for its participants.

Navigating the complex responsibilities of a retirement plan

At Personal Wealth Management, we understand the complex issues and responsibilities that are associated with implementing and maintaining a retirement plan. As a fiduciary, you are held liable to make the best decisions on behalf of your employees. 

As an investment fiduciary, you share in the legal responsibility for managing investment decisions.

Many retirement plan fiduciaries have the best intentions, but are unaware of what questions to ask. We stay up-to-date with all regulations so that we can help you navigate your complex and highly regulated role as a retirement plan fiduciary.

  • Are you aware of your responsibilities as a plan fiduciary?
  • Does your plan have an investment policy statement?
  • Do you want your plan to comply with ERISA section 404(c)?
  • Do you review your plan on an annual basis?
  • Are you confident that you are providing a well-diversified selection of investment choices to your participants?

If a fiduciary breaches his or her duties, they may be held personally liable. 

The legislation that enforces this fiduciary standard of care is as follows:

ERISA - The Employee Retirement Income Security Act was enacted in 1974 to protect the interests of plan participants and their beneficiaries. Under ERISA, when a plan sponsor is acting as a fiduciary, it must do so in the best interests of plan participants and their beneficiaries. Are you an ERISA fiduciary? Contact us so we can help identify potential liability and assist you in managing your plan.

PPA - The Pension Protection Act of 2006 provides fiduciary relief for plan sponsors who offer the following:

  • Qualified Default Investment Alternatives (QDIA’s)
  • Fund Mapping
  • Prudent Investment

As a fiduciary, consider the following questions:

  • Do you have the investment expertise?
  • Are you feeling pressure from participants?
  • Are you satisfied with the level of participation by eligible employees?
  • Do you know the legal standards fiduciaries are held to?
  • Are there conflicts of interests and self entitlements within your organization? 

Why hire Personal Wealth Management?

  • Highly respected investment management process
  • Independent approach
  • Adherence to industry standards
  • Reduction of fiduciary liability

Assessment

Our assessment service covers the following:

  • TPA Evaluation
  • Investment Platform Evaluation
  • Due Diligence Procedures
  • Comprehensive expense analysis
  • Monitoring Discipline

Investment selection

Our selection process will help you identify the most appropriate funds to ensure your participants have access to a well-diversified menu of investments amongst all asset classes.

In addition, we will help you identify appropriate Qualified Default Investment Alternatives.

The next step

If you’re curious to learn more about how our services can help address your concerns, please contact us today to schedule a meeting where we can discuss how we may be of value to you and your participants.

Contact

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