Fiduciary Governance

Beneficiary of Unintended Consequence
Team SummitEmployee Outcomes, Employer Resource Center, Fiduciary GovernanceComments are off for this post
Upon becoming eligible to participate in your organization’s retirement plan, participants are asked to select a contribution rate, their investments, and to indicate a beneficiary designation. It may seem obvious that designating a beneficiary would be a mandatory step of the enrollment process and for many plan providers, it is. What is often less obvious,  Read More →
Three Ways to Strengthen Your Retirement Plan Committee
Team SummitEmployer Resource Center, Fiduciary GovernanceComments are off for this post
Retirement plan committees aren’t required by ERISA, but they can be extremely beneficial nonetheless — especially for larger plans. And if they’re constructed and operated appropriately, they can even help in the event a sponsor is sued. Depending on the size of the plan, some organizations split up committee responsibilities into investment oversight, administration, and  Read More →
Reducing Fiduciary Liability: Key Tips to Follow
Team SummitEmployer Resource Center, Fiduciary GovernanceComments are off for this post
In 2020, nearly 100 lawsuits alleging breach of fiduciary duty were filed. And with the number of 401(k) lawsuits on the rise targeting plans both large and small, sponsors are well-advised to consider taking additional measures to mitigate fiduciary risk where practicable. Here are a few to consider: Create and follow an IPS While not  Read More →

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