Module 1
Fiduciary Duties and Responsibilities
Our first education module, Fiduciary Duties and Responsibilities, covers essential topics to help you navigate your fiduciary role effectively. From understanding fiduciary duties and responsibilities under ERISA to identifying who is considered a fiduciary, this module equips you with the knowledge needed for prudent governance.
Learn who is considered a fiduciary, the roles they play, and what documentation you should have in your fiduciary file.
Learn about the role as a plan trustee, third party fiduciaries, prohibited individuals, and the responsibilities and duties that fiduciaries must follow.
Learn about fiduciary responsibilities and duties as it relates directly to retirement plans.
Learn about reporting and disclosure requirements and fidelity bonds.
Module 2
Strategies to Help Minimize Fiduciary Liability
Module 2 outlines Strategies to Help Minimize Fiduciary Liability. Fiduciaries are subject to various forms of liability. Learn about ways to minimize your fiduciary liability.
Learn the various forms of liability fiduciaries are subject to.
Learn action steps that can help minimize fiduciary liability.
Module 3
Selecting and Monitoring Service Providers
As we delve into Module 3 of our fiduciary education series, it’s crucial to underscore the paramount importance of Selecting and Monitoring Service Providers within your retirement plan. This responsibility is not just a fiduciary duty but a cornerstone of ensuring the plan’s integrity and compliance with ERISA guidelines.
Fiduciary Responsibilities in Selecting and Monitoring Service Providers.
Procedural Best Practices for Engagement.
Module 4
Selecting and Monitoring Investments
Module 4 underscores the importance of exercising prudence and diligence when Selecting Investment Options. It emphasizes the need for careful consideration of investment alternatives, diversification, and cost-effectiveness to align with plan objectives and participant needs. We will explore best practices to ensure that your investment menu remains robust and compliant with ERISA standards.
Emphasizes prudent investment selection, diversification, and adherence to the Investment Policy Statement (IPS). Explores the benefits of using independent third-party experts and the risks of relying on non-independent advisors in investment decisions.
Discusses the Duty of Loyalty and evaluating investments based on pecuniary non-pecuniary factors. The topic of ESG investing is introduced.
Continues discussion of ESG investing and the key challenges for fiduciaries.
Module 5
Fees & Expenses
The five videos in this series offer a comprehensive look at plan fee structures and fiduciary responsibilities. They begin by exploring the types of fees involved in plan management—administrative, investment, and participant elective fees—and examine various payment methods, including revenue sharing. Later videos detail factors influencing fees, such as share classes and revenue-sharing models, and the importance of fee disclosures as mandated by ERISA. The final segment provides best practices, guiding fiduciaries in evaluating, disclosing, and monitoring fees to uphold their duty to plan participants effectively. This series is designed to help fiduciaries maintain fee transparency, reasonableness, and regulatory compliance.
In this first video, we discuss a fiduciary’s responsibility to ensure only reasonable plan expenses are paid, detailing key fee types—administrative, investment, and participant elective—and methods of payment like direct billing, asset-based fees, and revenue sharing.
This video explains the components of an investment fund’s expense ratio, including investment management fees and various types of revenue-sharing fees—such as 12b-1, sub-TA, 28(e), and wrap fees—and highlights how these often undisclosed fees impact total plan costs.
This video reviews the impact of share classes on plan costs, explaining how identical funds can have different expenses based on share class selection. It highlights the importance of choosing lower-expense share classes to reduce costs and align with the plan sponsor’s cost-sharing philosophy.
This video explains consulting and advisory fees, their structure, and payment options, and highlights ERISA’s strict disclosure requirements under sections 408(b)(2) and 404(a)(5). It underscores the importance of transparent fee reporting to ensure participants and plan sponsors understand all costs.
This video covers best practices for managing plan fees, including hiring providers, assessing fiduciary roles, monitoring service quality, ensuring transparent fee disclosures, and regularly benchmarking costs. It emphasizes the importance of procedural prudence and negotiating for cost-effective options to protect both the plan and its participants.
Next module coming soon, contact Scott or Julia to be added to the announcement for the module releases.
SCOTT HIGGINS
AIF®, CFP®, CPFA® | Financial Advisor
Since 2012 at Rose Street, Scott has been responsible for helping the firm’s individual wealth management clients with income strategies for retirement and consulting with employers with their employee retirement plans. In free time, he enjoys golf, biking, skiing, cooking, and traveling. Fun fact, Scott has a hobby of filling growlers with coins!
JULIA SANDERS
AIF®, CPFA® | Retirement Relationship Manager
Meet Julia, a people-focused life-long learner with several years of experience in the retirement plan industry. Throughout her career, Julia has been committed to maintaining strong client relationships by providing incredible customer service. She is passionate about helping clients define and plan for their retirement goals. Julia’s daily role at the firm energizes and reinforces her commitment to client-focused work.
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