PLANSPONSOR - January - February 2024 - 36
PLAN ADMINISTRATION
Fiduciary Best Practices
W
Navigating the waters to safeguard your plan
hen Doug Stalter, a vice president
and retirement plan consultant
with Oswald Financial
Inc. in Cleveland, first meets with a new
sponsor client, he tries to identify any fiduciary
red flags immediately by reviewing
a detailed 40-to-50-point risk assessment.
Call it a fiduciary checkup that will help
prioritize or triage any pressing concerns.
" It starts with sitting down across
from our clients and understanding
what's going on with their business and
who's
handling what
responsibilities, "
Stalter says. " Then we go through, from
top to bottom, the [retirement] plan over a
period of time, to make sure everything's
been looked at, it's been documented, and
there's an ongoing process and procedure. "
When
it
comes
to
protecting
a sponsor from litigation, there are
no guarantees. But
legal counsel and
advisers point to a multifaceted approach
that can provide guardrails-and, should
a defense be needed, exhibits the sponsor's
fiduciary care.
" People get sued all the time, no matter
how well they follow ERISA [Employee
Retirement Income Security Act], " says
David Kaleda, a principal in Groom Law
Group, Chartered, in Washington. " But
if they demonstrate good procedural
prudence, it will be easier to extricate
themselves from litigation sooner. "
Process Is Key
Kaleda stresses not only the importance
of establishing a strategy but of then
following it and documenting one's progress
thoroughly. This means the fiduciaries
should, among other things, implement
a good governance structure, regularly
review the plan's investment options
and service providers, hire appropriately
qualified service providers such as investment
advisers to help perform fiduciary
36 PLANSPONSOR.COM January - February 2024 Art by Alfonso de Anda
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PLANSPONSOR - January - February 2024
Table of Contents for the Digital Edition of PLANSPONSOR - January - February 2024
INSIGHTS
PARTICIPANT ANALYSIS
RULES & REGULATIONS
UPFRONT
What’s Around the Corner?
A Focus on Guaranteed Income
Navigating ESG
Are You on Track?
Demographic Shifts
Advice on Advice
Fiduciary Best Practices
2 Distinct Roles for When Sponsors Act
The DOL’s Not-So-New Fiduciary Rule
Continuous Good Service
PLANSPONSOR - January - February 2024 - Cover1
PLANSPONSOR - January - February 2024 - INSIGHTS
PLANSPONSOR - January - February 2024 - 1
PLANSPONSOR - January - February 2024 - 2
PLANSPONSOR - January - February 2024 - 3
PLANSPONSOR - January - February 2024 - PARTICIPANT ANALYSIS
PLANSPONSOR - January - February 2024 - 5
PLANSPONSOR - January - February 2024 - RULES & REGULATIONS
PLANSPONSOR - January - February 2024 - 7
PLANSPONSOR - January - February 2024 - 8
PLANSPONSOR - January - February 2024 - 9
PLANSPONSOR - January - February 2024 - UPFRONT
PLANSPONSOR - January - February 2024 - 11
PLANSPONSOR - January - February 2024 - 12
PLANSPONSOR - January - February 2024 - 13
PLANSPONSOR - January - February 2024 - 14
PLANSPONSOR - January - February 2024 - 15
PLANSPONSOR - January - February 2024 - What’s Around the Corner?
PLANSPONSOR - January - February 2024 - 17
PLANSPONSOR - January - February 2024 - 18
PLANSPONSOR - January - February 2024 - 19
PLANSPONSOR - January - February 2024 - 20
PLANSPONSOR - January - February 2024 - 21
PLANSPONSOR - January - February 2024 - A Focus on Guaranteed Income
PLANSPONSOR - January - February 2024 - 23
PLANSPONSOR - January - February 2024 - 24
PLANSPONSOR - January - February 2024 - 25
PLANSPONSOR - January - February 2024 - 26
PLANSPONSOR - January - February 2024 - 27
PLANSPONSOR - January - February 2024 - Navigating ESG
PLANSPONSOR - January - February 2024 - 29
PLANSPONSOR - January - February 2024 - Are You on Track?
PLANSPONSOR - January - February 2024 - 31
PLANSPONSOR - January - February 2024 - Demographic Shifts
PLANSPONSOR - January - February 2024 - Advice on Advice
PLANSPONSOR - January - February 2024 - 34
PLANSPONSOR - January - February 2024 - 35
PLANSPONSOR - January - February 2024 - Fiduciary Best Practices
PLANSPONSOR - January - February 2024 - 37
PLANSPONSOR - January - February 2024 - 2 Distinct Roles for When Sponsors Act
PLANSPONSOR - January - February 2024 - The DOL’s Not-So-New Fiduciary Rule
PLANSPONSOR - January - February 2024 - Continuous Good Service
PLANSPONSOR - January - February 2024 - Cover3
PLANSPONSOR - January - February 2024 - Cover4
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