Fiduciary Responsibility. What is a Fiduciary? Has control of retirement funds and/or investment options in a 401(k) Plan; Gives investment advice; or.

Slides:

Advertisements

Similar presentations

Auditing, Assurance and Governance in Local Government

Advertisements

Fiduciary Service Program 3(38) Plan Design Plus Ongoing Fiduciary Governance Fiduciary Training Customized Plan Design and Annual Plan Review by TPA’s.

Know Your Compliance Obligations Minimize Your Risks Why Do Employers Need Compliancedashboard ? Are You Prepared For ERISA Compliance and Health Care.

Ensuring Compliance Part 2 JAQUELINE REESE AND RICHARD SHEAFFER | MAY 12, 2014.

Longevity Planning in Retirement Plans March 23,

Fiduciary Checklist 1.Do you have a documented investment policy statement? YesNo 2.Have you reviewed your plan’s investment choices in the last twelve.

403(b) Retirement Plan Compliance Gary Mauger and Christine Dailey Managing Partners (704)

Kelli Smith, IRS Employee Plans Specialist, Ellie Lowder, TGPC,

1 401(k) Fees What You Need to Know Celia Rafalko Piedmont Independent Fiduciaries, Inc

Performing a Fiduciary Review of Trust Administration FIRMA April 2009 Independent Fiduciary Services ® Independent Fiduciary Services, Inc.  th.

Copyright Moody, Famiglietti & Andronico, LLP. All Rights Reserved. Russell A. Gaudreau, Jr. The Wagner Law Group Understanding Your Fiduciary Responsibilities.

Marcia S. Wagner, Esq. The Different Roles and Responsibilities of 3(16), 3(21) and 3(38) Fiduciaries.

CHAPTER NINETEEN Employment Retirement Security Act.

Juniata College Retirement Plan Update Fall 2010 Presented By: Jeffrey Savino.

Customized Service Models for 3(16) Fiduciaries

1 1 Provided by:. 2 2 Today’s Agenda Overview of Retirement Plans How Plans are Used – Private vs Public Hot Topics and Trends Employment Opportunities.

Managing Your Fiduciary Responsibilities Kevin Handford, CFP®, ChFC®, CFS®, AIF® 7 Hotel Street, Warrenton, VA Securities and Advisory.

Marcia S. Wagner, Esq. A Plan Sponsor’s Fiduciary Calling: Improving the Retirement Readiness of Plan Participants Sponsored by: Mutual of Omaha.

Most Businesses Couldn’t Pass a DOL Audit – Could Yours? Guest Presenters June 16, Education Series David Antonelli Director of Marketing Jack.

Compliancedashboard is the leading web-based solution for helping employers comply with the federal laws that govern their health & welfare benefit plans.

Fraud, Waste & Abuse DEFICIT REDUCTION ACT OF 2005 Presented by: MARCH Vision Care, 2013.

Marcia Wagner Managing Director The Wagner Law Group Paul J. Tolley Chief Compliance Officer Commonwealth Financial Network® Leo Karwejna Managing Director,

1 CHCOHS312A Follow safety procedures for direct care work.

Brought to you by the Nationwide ® Advanced Consulting Group Best Practices When Working With Your 401(k) Clients.

"For distribution to Plan Sponsors only". Overview "For distribution to Plan Sponsors only" Vantage457(b) features include:  Investment Offering: Over.

Section 12-2-Regulatory Agencies and Laws.   These agencies make or enforce rules and regulations  Agencies provide oversight or supervision of activities.

“Creating Ongoing Successful Retirement Plan Experiences For Employers And Employees” ©401(k) Advisors Securities offered through Financial Telesis,

Restricted policy Webinar for DC trustees DC, governance and administration Darran Burton, head of DC regulation Phil Spary, policy lead - accountant 6.

PROXY VOTING Presented by Jeffrey S. Kropschot, VP and CCO A.G. Edwards Trust Company FSB FIDUCIARY AND INVESTMENT RISK MANAGEMENT ASSOCIATION 2008 NATIONAL.

401k Essentials for (k) fundamentals Contributions Limits  Under 50 years of age  $17,500  Over 50 years of age  $17,500  Plus Catch up.

MAKING A GOOD 401(k) PLAN EVEN BETTER. TOPICS COVERED  Increasing Participation  Understanding Your Plan  Roth 401(k)  Safe Harbor  Investment Policy.

Fiduciary Responsibility Frye Financial Center Creating, Protecting and Preserving Wealth

Marcia S. Wagner, Esq. The Do’s, Don’ts and Best Practices for 3(16), 3(21) and 3(38) Fiduciaries.

Schaedler Yesco Distribution Inc. 401(k) Plan Your Financial Wellness – How to do a Check-up on Your 401(k) Account.

Fiduciary Responsibility Handling of Union Funds By AFGE Local Officers.

How to Prevent Findings Part 2 Michigan State Police Emergency Management and Homeland Security Division Ms. Jackie Reese, Audit Unit Manager Mr. Richard.

F IDUCIARY R ESPONSIBILITIES R. S COTT G ARDNER, CIMA S ENIOR I NVESTMENT A DVISOR P ACIFIC P ORTFOLIO C ONSULTING, LLC.

What is Divestment? Divesting a plan’s portfolio of certain investments based in part on a consideration of non-economic or social factors. Also referred.

KPHA MEETING RETIREMENT PLANS 1/16/14 BRUCE A LAFFERRE.

Joint Forum of Financial Market Regulators Forum conjoint des autorités de réglementation du marché financier Guidelines for Capital Accumulation Plans.

Best Practices: Financial Resource Management February 2011.

Implementing a Medicare Compliance Program. Implementation of Medicare Compliance Program Rules & procedures to reduce chance of wrongdoing High level.

Opportunities in the Tax-Exempt Marketplace For Financial Professional Use Only. Not For Public Distribution.

Oversight of the ERISA Fiduciary April 9, 2008 J. David Thompson Bank of New York Mellon Corporation.

1 P.AG. KENYA PASTORS & STAFF PROVIDENT FUND. DUTIES OF A SCHEME ADMINISTRATOR.

1 "For distribution to Plan Sponsors only". 2 Overview Vantage401(k) features include:  Investment Offering: Over 18,000 funds from 450 fund families,

ANTI-MONEY LAUNDERING COMPLIANCE PROGRAM FCM TRAINING

HOW SAFE IS YOUR 401(k)? What Employers Should Be Doing in Response to Financial Industry Crisis.

404c Basics. 404(c) Defined Permits retirement plans to transfer the responsibility and the liability – for selecting among the investment options in.

CULTIVATING A CULTURE OF FIDUCIARY RESPONSIBILTY Presented by: Jeff Hale, AIFA® Senior Consultant Pentegra Retirement Services June, 2011.

401(k) ADMIN Advantage SM MUGC9613. ERISA’s Fiduciary Roles.

Definition of a “fiduciary” “A fiduciary is someone who has undertaken to act for and on behalf of another in a particular matter in circumstances which.

Financial Management & Internal Control for Utility Companies Julia Barber, CPA and Sherman, Barber & Mullikin, CPAs Madison, IN

[insert your name] [insert your title and company] [insert presentation date] A focus on ERISA §408(b)(2) Regulatory developments affecting covered plans,

Re-writing the rules on retirement plan investing.

The Law Offices of Sheila Deselich Cohen. Generally subject to the Employee Retirement Income Security Act of 1974 (“ERISA”). Two main types of plans:

COPYRIGHT © FIDUCIARY YOUR GUIDE TO GLOBAL FIDUCIARY INSIGHTS Prudent Practices for Investment Fiduciaries.

Retirement Services University Fiduciary Issues Peter Welsh, Sr. VP The Ritz-Carlton, San Francisco, California May 14-16, 2003.

Grow Your Nest Egg With the ACCE 401(k) Plan.

Today’s Presenters Patty Jurgeson, QKA Compliance Analyst

THE RETIREMENT PLAN EXCHANGE®

Independent Guide, Trusted Partner

Together we can make it happen

401k Fiduciary Liability.

403(b) Plan Checklist of Best Practices for Plan Sponsors

When you’re a fiduciary, there are a lot of responsibilities and a lot of things to do in a year. Way more than you can possibly keep track of unless being.

Best Practices in Plan Governance

Integrating ERISA Into Your Compliance Systems

Understanding 3(16) Fiduciary Services

ACCE Benefit Trust Spring Meeting

Presentation transcript:

Fiduciary Responsibility

What is a Fiduciary? Has control of retirement funds and/or investment options in a 401(k) Plan; Gives investment advice; or Has responsibility over administration of the retirement plan. ACCE Benefit Trust is the Named Fiduciary in the 401(k) plan documents. You are also a fiduciary as Participating Employer!

Fiduciary Duties Operate the plan in the sole interest of the participants. Act with care and diligence. Diversify plan investments to reduce risk and satisfy 404(c) requirements. Operate the plan in compliance with federal regulations. Submit contributions as per DOL guidelines.

How is Benefit Trust a Fiduciary? Selects and monitors the plan investment options on a quarterly basis; utilizes an outside, unbiased investment consultant. Reviews regulatory updates to ensure plan is maintaining compliance with federal legislation; utilizes top ERISA firm in the country as plan council. Maintains Fiduciary Liability Insurance policy for the selection and ongoing monitoring of investments. Oversees annual independent audit.

What is your role as Fiduciary? Educate your participants about the benefits of the plan. Do not engage in any investment related discussions! This could be construed as providing financial advice. Submit contributions as per DOL guidelines. Administer the plan according to the procedures outlined in the ACCE Plan Administration Manual. Retain records as required by law.

Ways to Limit Fiduciary Liability Offer diverse investment options and let participants control how their money is invested √ Comply with 404(c) √ Provide proper annual notices to participants (i.e. QDIA, SMM and Safe Harbor) √ Appoint investment manager √ Fidelity bond √

What is a Bond? Do we Need One? All employers must have a Fidelity Bond that covers at least 10% of plan assets or $500,000 (whichever is less.) Can be referred to as a “fidelity insurance policy” or “ERISA bond” Protects the employer against the loss of plan assets due to fraud or dishonesty. Fiduciary liability insurance is optional, but ACCE recommends for all employers. Refer to the ACCE Plan Administrator Manual for additional information.

Questions? The ACCE Benefits Team Shonda Norris -10 years experience Susan Aura - 5 years experience Colleen Logan - 11 years experience Stacey Breslin - 16 years experience Available Monday through Friday from 8:30 am – 5:00 pm ET