Fiduciary Responsibilities and Opportunities
CPA Journal, The › Vol. 77 Nbr. 8, August 2007
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Summary
While many plan sponsors view the fiduciary obligations associated with retirement plans as a burden, it is refreshing that some plan sponsors embrace their obligations. Some plan sponsors also view their fiduciary responsibility as an opportunity to build a sound retirement program and better equip plan participants to secure adequate retirement savings. Most organizations structure an employee benefits committee (EBC) to allow representation from all significant business functions and bring in the requisite expertise to address the many facets of overseeing an employee benefits plan, particularly a participant-directed retirement plan. EBCs have the fiduciary responsibility to structure an appropriate investment menu, prudently select investment managers, and monitor the performance, fees, and qualitative characteristics of the investment managers. Committees should work with competent Employee Retirement Income Security Act counsel to ensure the plan's governing documents are up to date and in compliance with all regulatory guidelines.
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Fiduciary Responsibilities and Opportunities
While many plan sponsors view the fiduciary obligations associated with retirement plans as a burden, it is refreshing that some plan sponsors embrace their obligations. Some plan sponsors also view their fiduciary responsibility as an opportunity to build a sound retirement program and better equip plan partic...
See the full content of this document
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