Fiduciary responsibility
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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.

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Fiduciary Responsibility

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Fiduciary responsibility

Fiduciary Responsibility


What is a fiduciary

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

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

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

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

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

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

    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


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