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
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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Qualitative Reviews
Fiduciary Essentials for Defined Contribution Plan Stewards
Session 3: Applying Fiduciary Best Practices
Qualitative Reviews
Periodically review qualitative information such as:
Staff turnover
Organizational structure
Level of service provided
Quality of reports
Quality of responses to requests for information
Investment education
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