Fiduciary Essentials for Defined Contribution Plan Stewards
Session 1: The Role of a Retirement Plan Steward
24 Topics
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Learning Objectives
What Does “Fiduciary” Mean?
The Core Fiduciary Duties
Universe of Plan Fiduciaries
Stewards
Investment Advisors
Investment Managers
Attaining Fiduciary Status
Fiduciary Roles in a 401(k) Plan
Roles and Responsibilities
Fiduciary Obligations – Why You Should Care
Laws and Regulators
ERISA
Pension Protection Act
DOL Fiduciary Obligations
DOL Assessment of Plan Fiduciaries
Fiduciary Obligations – It’s On You to Understand Them
Global Fiduciary Precepts
Fiduciary Excellence
Session 2: Eight Fiduciary Precepts Every Steward Must Know
31 Topics
Learning Objectives
Stewards – Three Functional Areas of Responsibility
Global Fiduciary Precepts for Prudent Investment Oversight
Precept # 1: Know Standards, Laws, and Trust Provisions
ERISA Plan Documents
Role of Governing Documents
Precept # 2: Diversify Assets
Goal of Diversification
Defining the Investment Profile
The Problem with Time Horizon in a DC Plan
Participant “User Error”
A Sequence for Adding Asset Classes
Precept #3: Prepare Investment Policy Statement (IPS)
The Role of the IPS
IPS Outline
Benefits of an IPS
Precept #4: Prudently select fiduciary and non-fiduciary service providers and document due diligence
Choosing Investment Managers: Suggested Minimum Criteria
Service Provider Due Diligence
Precept #5: Control and account for investment expenses and other costs
Session 3: Applying Fiduciary Best Practices
29 Topics
Fiduciary Adviser Safe Harbor Provisions
Qualified Default Investment Alternative Safe Harbor (QDIA)
Automatic Rollover Safe Harbor Provisions
Importance of Documentation
Step 4 – Monitor
Quantitative Reviews
Qualitative Reviews
Fees & Expenses
Review
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Session 2: Eight Fiduciary Precepts Every Steward Must Know
Fiduciary Essentials for Defined Contribution Plan Stewards
Session 2: Eight Fiduciary Precepts Every Steward Must Know
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Learning Objectives
Stewards – Three Functional Areas of Responsibility
Global Fiduciary Precepts for Prudent Investment Oversight
Precept # 1: Know Standards, Laws, and Trust Provisions
ERISA Plan Documents
Role of Governing Documents
Precept # 2: Diversify Assets
Goal of Diversification
Defining the Investment Profile
The Problem with Time Horizon in a DC Plan
Participant “User Error”
A Sequence for Adding Asset Classes
Precept #3: Prepare Investment Policy Statement (IPS)
The Role of the IPS
IPS Outline
Benefits of an IPS
Precept #4: Prudently select fiduciary and non-fiduciary service providers and document due diligence
Choosing Investment Managers: Suggested Minimum Criteria
Service Provider Due Diligence
Precept #5: Control and account for investment expenses and other costs
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