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
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Session 2:
 Eight Fiduciary Precepts Every Steward Must Know
31 Topics
Investment Expenses
Investment Manager Compensation
Precept #6
: Avoid or Manage Conflicts of Interest
Prohibited Transactions and Parties-in-Interest
Precept #7: Monitor service providers and prudently manage service provider relationships
Scope of Monitoring

Monitoring Criteria

Frequency of Monitoring
The Process of Monitoring
Precept #8: Monitor and ensure conformity to fiduciary obligations owed to plan participants
Review
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Session 3:
Applying Fiduciary Best Practices
29 Topics
Learning Objectives
The Fiduciary Quality Management System (FQMS)
Step 1 – Organize
Fiduciary File
Service Provider Agreements
Conflicts of Interests / Prohibited Transactions
Theft and Embezzlement Safeguards
Step 2 – Formalize
The Hierarchy of Decisions
Risk & Return
Asset Allocation Lessons Learned
The Investment Policy Statement
Step 3 – Implement
Due Diligence for the Custodian
Due Diligence for Security Selection
Due Diligence Philosophy
About Safe Harbors
Summary of ERISA Related Safe Harbors
405(c) or General Safe Harbor Provisions
404(c) Safe Harbor Provisions
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Frequency of Monitoring
Fiduciary Essentials for Defined Contribution Plan Stewards Session 2:
 Eight Fiduciary Precepts Every Steward Must Know Frequency of Monitoring

Recommended schedule:

  • Monthly – review custodial statements
  • Quarterly – review overall portfolio and individual investment performance
  • Annually – review IPS, service providers, and your own fiduciary performance
  • Every three years – revisit vendor contracts
  • Impromptu – reviews as circumstances dictate
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