The retirement plan world has plenty of fiduciary myths floating around. Some are outdated. Some are oversimplified. Some have been corrected a hundred times. Yet, somehow, they keep showing up like flies at a picnic. To wrap up this series about fiduciary responsibility, I offer the following seven myths that Read more
Most fiduciary mistakes do not start with evil intentions. They usually start with assumptions, inconsistency, or the very human belief that “someone else is probably handling that.” In retirement plan administration, that phrase has been the beginning of many unnecessary headaches. The good news is that many common fiduciary mistakes Read more
There was a time when retirement plan fiduciary discussions focused mostly on investments and fees. While those topics still matter, there is another issue squarely on the list. Cybersecurity Retirement plans hold sensitive personal and financial information, and participant accounts are attractive targets for fraud and cybercrime. Therefore, cybersecurity is Read more
Participant communication does not get the same attention as investments or fees, but it probably should. Clear, timely, and accurate communication is an important part of retirement plan oversight. When participants are confused about eligibility, deferral elections, matching contributions, investment choices, or distribution options, it can create real problems. Fiduciaries Read more
As I indicated in my last blog post, in retirement plan governance, good processes matter. But if that process isn’t documented, it may be much more difficult to prove a prudent process even exists. This is why documentation is such an important part of fiduciary oversight. Plan sponsors and committees Read more
One of the most common misunderstandings among retirement plan sponsors is the idea that fiduciary prudence can be measured solely by investment returns. Under ERISA, prudence is not about whether every one of your plan’s investment options outperforms each of the benchmarks every quarter. If it were, fiduciary oversight would Read more
Small business owners are often practical, decisive, and consistently wear multiple hats. If they are also a retirement plan sponsor, one of the hats they may be surprised to find they are wearing is “fiduciary”. One of the most common misconceptions among small business owners is that fiduciary liability is Read more
In my previous article, I provided an overview of what a fiduciary is. It is critical to have a basic understanding of this in order to expand the discussion to service-provider fiduciaries – namely 3(16), 3(21) and 3(38) fiduciaries. Retirement plan fiduciary roles are often discussed as if everyone automatically Read more
I recently participated in an industry webcast which outlined the Department of Labor’s enforcement priorities for 2026. Unsurprisingly, one focus continues to be on fiduciaries and whether they are adequately performing their responsibilities to their qualified retirement plans. What stuck out to me most was the increased scrutiny on the Read more