Albany, NY (PRWEB) June 03, 2014
Fiduciaries of defined contribution retirement plans are under closer scrutiny than ever before. Plan participants are filing lawsuits, the media has increased its attention on fiduciary failures, and during plan audits the U.S. Department of Labor (DOL) now routinely asks for evidence of fiduciary training. In light of the potential personal liability, it is imperative that plan fiduciaries understand their responsibilities and adhere to the standards of conduct that apply to them.
The latest white paper from Strategic Benefit Services (SBS), Fiduciary Roles and Responsibilities Under ERISA Defined Contribution Retirement Plans, presents an overview of Employee Retirement Income Security Act (ERISA) and DOL requirements for plan fiduciaries and others with direct responsibility for retirement plans.
“It is important for plan fiduciaries to be aware of what their responsibilities are regarding plan oversight—not only because of their obligations to plan participants but because of the personal liability they take on by virtue of being a fiduciary,” said Carol Idone, Vice President, Business Development, SBS.
Topics covered include fiduciary standards of care, development of an Investment Policy Statement, how to select and monitor plan investments, and service provider due diligence and fee review. To learn more, download Fiduciary Roles and Responsibilities Under ERISA Defined Contribution Retirement Plans from the Strategic Benefit Services website: http://www.strategicbenefitservices.com.
SBS is one of the largest retirement plan consulting firms in the northeast, delivering tangible business results to finance and human resource leaders, thus enabling them to optimize their retirement plan offering to employees. SBS provides long-term client advocacy without the pressure of short-term quarterly profits, product margins, and stock price issues associated with publicly-traded companies. SBS, an affiliate of the Healthcare Association of New York State, is located near Albany, with offices in Rochester, New York; and Cranford, New Jersey.