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
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
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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Quantitative Reviews
Fiduciary Essentials for Defined Contribution Plan Stewards
Session 3: Applying Fiduciary Best Practices
Quantitative Reviews
Include comparison of each fund’s or investment manager’s performance against:
Appropriate index
Peer group results
Performance objectives stated in the IPS
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