Executives must understand and fulfill fiduciary
responsibilities owed to their benefit plans.
As our client we help you take the proper approach by
focusing on the interests of plan participants and beneficiaries.
We will perform a “snapshot” assessing your
current fiduciary structures and processes. Any notable
issues are immediately addressed by correcting and improving
procedures and systems.
What is the process?
We assist you, as a client by defining your duties to participants,
reviewing current systems and recommending improvements.
Fiduciary performance is evaluated by assessing the following:
- Determine
individuals (or positions) currently acting as fiduciaries
- Assess
current fiduciaries ability to fulfill their duties
- Evaluate
fiduciary training, structure, systems, policies and procedures
- Review
vendor selection, performance measurement and evaluation
processes
- Review current actions for accuracy and compliance
with plan and legal requirements
- Recommend process improvements
Who needs fiduciary review?
Fiduciaries’ duties are imposed by the Employee
Retirement and Income Security Act (ERISA), the Internal
Revenue Code or general fiduciary law. Specific candidates
include trustees, financial advisors and fiduciaries
for qualified plans, Taft-Hartley plans, foundations, charitable
organizations and endowments.
Why should I engage Benefit
Plans Plus?
Fiduciaries are obligated to periodically assess the adequacy
and effectiveness of their systems and procedures. Recent
increases in governmental scrutiny and ERISA litigation confirm
this need.
Our Fiduciary Services unit, in alliance with nationally
recognized partners, delivers services focused on participant
and beneficiary needs. Our unique Custom Fiduciary CharterSM
by Benefit Plans Plus provides clients with a superior foundation
for identifying and correcting any fiduciary weaknesses and
maintaining an efficient fiduciary system.
What else should I consider?
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