ERISA fiduciary responsibility imposes a high standard of care and loyalty on the individuals responsible for managing retirement plans.
USI Consulting Group (USICG) helps employers understand their roles and responsibilities by educating them about ERISA fiduciary obligations, developing processes, avoiding conflicts of interest, and maintaining documentation. Equipping your retirement plan committee with comprehensive fiduciary training is essential to minimize fiduciary risk.
Through the training, USICG's experts will provide guidance for understanding fiduciary responsibility, areas of responsibility and best practices to mitigate potential liability.
Case Study: Training Solutions Save Time and Money
Fiduciary training proved advantageous for a USICG client who had appointed a new investment committee for its 403(b) plan. The committee members had limited experience with retirement plans and needed guidance on their roles and responsibilities.USICG provided training that covered these fiduciary basics:
- Duty of loyalty
- Duty of prudence
- Duty to follow plan documents
- Duty to diversify plan investments
Our fiduciary experts helped the client avoid potentially hefty fines for deficiencies in plan governance under review by the DOL. The training also saved the organization money and human resource staff time by creating plan governance documents and an Investment Policy Statement.1,2