Conduct fiduciary education
Top 10 ways to reduce your fiduciary liability #9
To ensure that fiduciaries understand and fulfill their obligations, a training program should be implemented. Worksheets and checklists can assist in monitoring roles. It’s important that plan fiduciaries follow and document written procedures and actions so that they can demonstrate compliance with ERISA’s fiduciary standards. Plan sponsors will want to leverage education resources covering a wide range of relevant topics that service providers and legal counsel can provide, covering topics such as best practices for maintaining fiduciary files, target date funds and employee disclosure requirements.