fiduciary responsibility
Download
Skip this Video
Download Presentation
Fiduciary Responsibility

Loading in 2 Seconds...

play fullscreen
1 / 8

Fiduciary Responsibility - PowerPoint PPT Presentation


  • 105 Views
  • Uploaded on

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.

loader
I am the owner, or an agent authorized to act on behalf of the owner, of the copyrighted work described.
capcha
Download Presentation

PowerPoint Slideshow about 'Fiduciary Responsibility' - tait


An Image/Link below is provided (as is) to download presentation

Download Policy: Content on the Website is provided to you AS IS for your information and personal use and may not be sold / licensed / shared on other websites without getting consent from its author.While downloading, if for some reason you are not able to download a presentation, the publisher may have deleted the file from their server.


- - - - - - - - - - - - - - - - - - - - - - - - - - E N D - - - - - - - - - - - - - - - - - - - - - - - - - -
Presentation Transcript
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
ad