Fiduciary Essentials for Defined Contribution Plan Stewards
Session 1: The Role of a Retirement Plan Steward
24 Topics
Process, Not Performance
Fiduciary Armor
Prudent Process Benefits
Review
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
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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Prudent Process Benefits
Fiduciary Essentials for Defined Contribution Plan Stewards
Session 1: The Role of a Retirement Plan Steward
Prudent Process Benefits
Future participant successes depend on current fiduciary processes.
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