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  Washington Update: Fiduciary Rule

  Plan Sponsor Quarterly Update Summer Edition 2024
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  Plan Fiduciary Services and Why They Matter

  In a plan sponsor's capacity as fiduciary to its plan, the plan sponsor has a variety of specific responsibilities to manage–or–outsource to a professional, qualified third party. A 3(16) fiduciary service is the mechanism where you, as plan sponsor, can outsource some, or all, of your administrative fiduciary responsibilities. This video highlights these administrative fiduciary responsibilities and your options to manage or delegate this role to a 3(16) fiduciary service provider.
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  Did You Know You Are a Fiduciary?

  As a plan sponsor of a qualified retirement plan, you are a fiduciary of your plan. Unfortunately, some clients don’t know that. Nor do they understand the practical ramifications of this. That’s why we’re providing expert guidance on this vitally important topic. In this episode of Spectrum Employer Connect, we provide an overview of an employer's fiduciary role and responsibilities.
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  Four Things to Know About ERISA Fidelity Bonds and Fiduciary Liability Insurance

  Under ERISA, anyone who handles plan funds must be covered by a fidelity bond. Different from fiduciary liability insurance, an ERISA fidelity bond protects your plan from losses that may result from fraudulent or dishonest acts. This Spectrum Employer Connect episode of covers four important things you should know about fidelity bonds.
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  Investment Menus & Fiduciary Considerations

  Plan Sponsors have a fiduciary duty to select and monitor investments in a retirement plan. Ensuring that an investment menu is cost efficient and appropriate for the given employee population is a large component of this responsibility. The wide array of available investment options and complex fiduciary requirements can make this challenging. In particular, it may be difficult to determine whether adding a new trending asset class makes sense for a retirement plan and its participants, or whether it is more prudent to steer clear.
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  New Department of Labor Fiduciary Rule: Protecting Retirement Security

  In a continued effort to enhance investor protection and promote transparency when it comes to financial advice, the Department of Labor (DOL) has introduced a new fiduciary rule. The proposed DOL rule, called the Retirement Security Rule: Definition of an Investment Advice Fiduciary, updates the definition of an investment advice fiduciary under the Employee Retirement Income Security Act (ERISA). This regulation places a heightened emphasis on the best interests of plan participants who rely on financial service providers for advice.