If you offer a retirement plan to your employees, then you are a fiduciary and have important responsibilities under the law to plan participants and their beneficiaries.
Here is a summary of your fiduciary duties and how Fiduciary Shield can help to fulfill them.
Act for the Exclusive Benefit of Plan Participants
You must act solely in the interests of plan participants and their beneficiaries and with the exclusive purpose of providing benefits to them. This means you must avoid conflicts of interest and not act for your own personal benefit.
How We Help: Fiduciary Shield walks you through each step of your plan. It documents the rationale for each decision to demonstrate how it benefits plan participants. Fiduciary Shield then continues to monitor the plan to help ensure decisions made at that point in time remain to be in the best interest of plan participants.
Act with Prudence
You must carry out your duties prudently. This means you must act as an expert on behalf of the plan or hire and monitor experts to act on the plan’s behalf. The focus is on having sound processes in place.
How We Help: Fiduciary Shield compares and ranks each individual component of your plan with proposals from an extensive group of plan providers, so you can be confident in the decisions you make. It walks you through guided workflows, documenting each step in your plan, to help ensure you follow consistent processes and aid in making prudent decisions.
Follow Plan Documents
You must follow the requirements of all plan documents (unless those documents conflict with the law). This means you should be familiar with the provisions of all plan documents and be satisfied that they are in the best interest of plan participants.
How We Help: Fiduciary Shield houses all your plan documents in one place for easy review and comparison to your current or proposed plan.
You must make sure that the plan’s investments are adequately diversified. This means you are responsible for ensuring the plan offers investments that would be suitable for plan participants with a range of differing investment objectives.
How We Help: Fiduciary Shield provides access to an independent, objective investment manager. You may delegate the task of selecting investments to this qualified investment fiduciary who takes responsibility for diversifying your investments.
Make Sure Expenses Are Reasonable
You must make sure that the expenses of the plan are reasonable. This means that you must review all plan expenses and have adequate grounds for believing that they are reasonable. This typically involves comparing plan expenses to available alternatives.
How We Help: Fiduciary Shield solicits competitive bids from an extensive group of plan providers and ranks their proposals based on costs, features, and services available. You can be confident you are choosing an appropriate and affordable plan for your company’s needs.