Part 2 - Differences In Retirement Plan Investment Assistance

In my last article aka Part 1, I talked about some of the differences between different types of retirement plan investment advice and then spoke specifically about an ERISA Section 3(38).

Would You Take A Knife To A Gun Fight? Maybe, But Not Without The Gun

I heard it again last week…every time I turn around I hear myths about ERISA retirement plans from plan sponsors, fiduciaries (known and some that have no clue they are ones) and even third party providers. This time it was:

“I don’t need to worry about my ERISA plan, my CPA audits it every year and he(she) reviews everything and tells me it is okay.”

Part 1 - Differences In Retirement Plan Investment Assistance

A question we're asked almost every time we speak is "What is the difference between investment advice under §3(21), a §3(38) and basic investment advice as it pertains to hiring an investment “expert” under ERISA?"  The answer is simple, yet because it involves the government, complicated.  We know this because even investment professionals have asked us the difference.

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?

Fiduciary Basics #2 - Monitoring and Oversight Responsibilities

This is a second in a series about the DOL’s March webinar on Fiduciary Responsibility.   Last week I wrote about the difference between business and fiduciary decisions.   This week it is on Fiduciary Monitoring/Oversight Responsibilities.

Fiduciary Basics #1 - Business vs. Fiduciary Decisions

I just finished reading the PlanAdvisor article, "Basic Fiduciary Education Still Critical" and listened to the DOL's webinars on Fiduciary Responsibility and decided to write a series on Fiduciary Basics based on the webinars.   So if you missed out, here are some of the highlights.

The Numbers Don’t Add Up…Can 25% = 95%?

Today I saw a republished article entitled “Warning: DOL found three-fourths of 401(k)s illegal.”  The article states that in 2013, “75% of the plans examined were fined, penalized or forced to make reimbursements for plan errors” with the average fine being $600,000 per Plan. That means 25% of 401(k) plans were okay.

What You Can Learn From AOL

Communications is important in every walk of life – business or personal.  In a fiduciary capacity, such as a Plan Sponsor or a Board Member, it is especially important.   I was fortunate to recently have contributed to an article on SHRM’s website – Learn from AOL’s 401(k) Missteps.  The article discusses how the lack of c

Welcome Everyone!

It’s finally here!  After more than 2 ½ years of development (and lots of Alka-Seltzer) The FIRE System has come to life.  It all started with a list of questions and an idea to create an efficient and cost effective tool to help 401(k) Plan Sponsor Fiduciaries with their compliance and to protect them (and ultimately participants) from risk.  A win-win.  But boy to go from where we started to where we are today was a big journey.  And one we

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