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Fiduciaries are personally responsible for the retirement plans they oversee.

In recent years there have been numerous cases handed down by the Federal Circuit Courts involving Breach of Fiduciary Responsibility. The named defendants in these cases were individuals, not corporations. These named defendants were fiduciaries of their companies retirement plans and were sued as individuals for breach of fiduciary duty. Breach in this context means betrayal- a violation of their responsibility. These individuals were sued by their company's employees for not acting primarily for their benefit.

As a Fiduciary, are you prepared to answer the following questions?

  1. Do you have an investment policy statement on file?
  2. Can you explain and produce the record that supports the process you followed in arriving at your investment options for your plan?
  3. Can you explain and produce the records for the past 5 years that supports the fiduciary monitoring that was conducted on your plan investments?
  4. How did you choose your current plan provider? Can you produce the documentation that supports the process you followed? Can you provide the documentation that shows the process you used to reevaluate your current provider each year.

Most plan sponsors are not even able to produce this short list of requirements let alone the entire list of requiremets to maintain their plan as a 404c compliant plan. This puts them at risk, risk that can easily be mitigated by having the right fiduciary advisor!For a confiential conversation on how to minimize your risk of fiduciary liability, please contact us at
(858) 547-1810.

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