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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

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