Fiduciary Basics #5 - Timing of Participant Contributions

How quickly does a Plan Sponsor need to send the participant contributions to the Trustee?  This is actually a pretty simple answer and ERISA regulation. As soon as possible!   If that is the case, why do we hear from TPAs, CPAs, Investment Advisors, … that their clients are not doing this.

Fiduciary Basics #4 - Choosing Providers (aka RFP Process)

When a plan is examined by regulators or a suit is brought by a participant, how and why providers are chosen are always at the top of list or requested documents.  This is traditionally done through a Request for Proposal (RFP) process.    As it states, it is a process, not simply a document and a decision.   

Fiduciary Basics #3 - Consequences of a Breach of Fiduciary Duty

If you read the first of this series, you understand the difference between a business decision and a fiduciary decision.  And you understand that part of your duties are monitoring all your service providers (no matter what they say).  But what if something goes wrong?  What are the consequences for a Breach of Fiduciary Duty which is easier than you may think if you don’t have systems in place?

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