Resources

rss

Spectrum Resource Center

Advice, Articles, Events, Insights, News, Newsletters, Opinions, Press Releases, Updates, and More from Spectrum.

did-you-know-you-are-a-fiduciary-image

Did You Know You Are a Fiduciary?

Did You Know You Are a Fiduciary?

When it comes to the topic of fiduciary responsibilities for qualified retirement plans, there are three things we know really well:

  • Plan sponsors like you are, by definition, a fiduciary of your plan because you exercise control over, and act on behalf of, your plan.
  • Some plan sponsors don't know this even though we try to do our best to make this clear.
  • There are real and serious consequences for you as the plan sponsor if you're not aware and fail to execute your fiduciary role properly.

There are some pretty reasonable explanations about why this happens. One is that despite our effort to share important information about who a fiduciary is and what responsibilities the role carries, experience tells us that there's frequently a gap between what we try to communicate and what our busy clients actually hear and understand. Another explanation is that sometimes people mistakenly think that their service providers are fiduciaries and that they are not. And a third is they may think that because they've elected to outsource some of their responsibilities to professionals, that they are no longer fiduciaries or liable for the performance of the plan.

This is clearly a case of what you don't know can hurt you. Our mutual goal, of course, is to keep your plan compliant and on track. So, in advance of our next meeting, it might be helpful to give this topic some thought. We suggest reviewing the fiduciary status of all service providers to whom you've outsourced some or all of your plan oversight tasks. This may reveal issues to be addressed and will certainly provide more clarity in your understanding of your fiduciary role and responsibilities.

Let's talk about how we can work together to help you meet your obligations, avoid problems, and keep your plan compliant and on track for long-term success.


blog comments powered by Disqus

Tags

401k loan participant loan investing margin professional plan design practice defined benefit pension fees dol retirement readiness documents compliance spectrum open golf pano cancer event tournament philanthropy fiduciary rule tax cuts press release bi cloud technology azure plan intelligence docusign microsoft myretirement limits irs retirement plan contribution asset allocation investments newsletter cybersecurity plan termination merger acquisition gender retirement gap lifetime income investment returns women men erisa defined contribution financial wellness employees financial stress plan faq participant questions payroll finwell plan education fis impact award technology innovation education entreprenuers business accumulation startup wealth ira charity millennials 40th anniversary celebration soc-1 automation recordkeeping case study portal fiduciary tax deduction enrollment escalation video automatic qdia qualified default investment alternative roth participant outcomes uncashed checks distributions debt credit saving cash balance cbpp safe harbor nondiscrimination adp acp top-heavy plan sponsor 3(16) hardship withdrawal forfeiture forfeit vested vesting owner audit bond bundled unbundled psoy plan sponsor of the year abg mfa consulting employer connect reports student loans db/dc providers services guide erisawrap welfare benefit plan fundraiser document cancer reserach retirement confidence wrap spd wrap document plan document welfare benefits employee benefits healthcare wrap unvested vested account balance spectrumopen spd wrapspd spectrumplatform market volatility participant behavior socially responsible esg plan participation secureact SECURE legislation secureact2019 secureactof2019 secure act secure act of 2019 qaca participation restate restatement erisa bond fidelity bond bonding goals plan amendment election 2020 coronavirus covid-19 business continuity cares act cares covid19 relief retirement plan relief the cares act workforce demographics older employees covid the secure act engagement SECURE 2.0 Act Retirement Plan Legislation 401(k)

ERISA Workplace Retirement Plan Limits

The federal government annually publishes updated qualified retirement plan limits, which impact the contributions, benefit accruals, and compliance of ERISA covered qualified retirement plans. The below tables summarize the most significant changes in recent history.


Newsletter

Keep up on our evolving products, services, solutions, and technology through our Newsletters.

About Our Firm

Spectrum is a B2B consulting firm, which enables American Workers to plan and save towards a dignified financial future by designing, administering, and operating the ranges of retirement and financial plans for U.S. employers.

Get in touch

  • Address: 6402 19th Street, Tacoma, WA 98466, USA

  • Phone: +1 (253) 565-2100

  • Email: Contact Us Form