Are You a 401(k) Fiduciary? What HR and Finance Leaders Need to Know
For many HR and finance leaders, managing a company’s retirement plan is simply one more responsibility on an already long list.
But there’s an important question every plan sponsor should be able to answer:
Are you a fiduciary?
Under ERISA, fiduciary responsibility isn’t necessarily tied to a person’s job title. Instead, it can apply to anyone who exercises discretion or control over a retirement plan or its assets. That means someone who may not consider themselves a “fiduciary” could still have significant responsibilities — and potential exposure.
Understanding Your Fiduciary Responsibilities
Being responsible for a company’s 401(k) plan comes with more than simply making sure employees have access to a retirement savings vehicle.
Plan fiduciaries have an obligation to act in the best interests of plan participants and beneficiaries. This includes responsibilities around selecting and monitoring investments, managing plan expenses, following plan documents and ensuring the plan is being administered appropriately.
For HR, benefits and finance professionals, understanding where these responsibilities begin — and where potential risks exist — is an important part of managing a retirement plan effectively.
Why Fiduciary Risk Matters
ERISA litigation can be costly and disruptive for businesses, and retirement plan sponsors are facing increasing scrutiny around how plans are managed.
That makes it important for plan sponsors to regularly evaluate their processes, documentation, investment oversight and overall approach to fiduciary responsibilities.
The good news? Understanding your responsibilities is the first step toward reducing unnecessary risk.
Join Us for Fiduciary 101
If you’re responsible for your company’s retirement plan, we invite you to join Radius Wealth Management, T. Rowe Price and TRA for a complimentary Lunch & Learn designed specifically for HR, benefits and finance leaders.
Fiduciary 101: Responsibilities & ERISA Litigation Trends will take place on Thursday, September 3rd at Ruth’s Chris Steak House in Boston.
During this midday session, we’ll cover:
- What actually makes someone a plan fiduciary
- The four core fiduciary responsibilities
- How ERISA lawsuits get started
- Current trends driving retirement plan litigation
- Practical steps you can take to reduce your exposure
- Key benchmarks and a checklist you can use to evaluate your own plan
Attendees can also earn 1 CE credit hour for several professional designations, including SHRM, CFA, CFFP, CFP, CTFA, IWI and PRP.
The event will include lunch, conversation and an opportunity to ask questions directly of retirement plan professionals.
If you oversee your company’s 401(k), sit on an investment committee or have inherited responsibility for your retirement plan, this is a conversation you won’t want to miss.
- Thursday, September 3 | 11:30 AM–1:00 PM Ruth’s Chris Steak House | 45 School Street, Boston, MA
- Parking will be covered for attendees, with valet parking available nearby.