Good article posted this AM on NAPA.net authored by John Lekel. Within the article it cites a webinar that was conducted for NAPA in January presented by Dr. Greg Kasten of Unified Trust Company regarding fiduciary duty for retirement plan fiduciaries. Within the webinar, Dr. Kasten offers a variety of good pointers on best practices and some warnings about what is being sold in the market vs. what clients think they are buying. Here's a short list of best practices;
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"Prudence is key, Kasten argued, in exercising fiduciary duty. He offered these pointers:
• consider what information is relevant to the decision;
• obtain the information;
• analyze the information;
• make a reasoned decision that other experts in similar situations would make; and
• document the decision"
Thanks John and thanks Dr. Kasten.
A forum to discuss all issues pertaining to qualified retirement plans; including 401(k), profit sharing, defined contribution, defined benefit and employee benefits. Included will be fiduciary responsibility and liability, ERISA Sections 3(21) and 3(38), Fee Disclosure, fiduciary delegation, discretionary trustees, participant education, plan governance, Defined Goal investing, mutual funds, collective funds (CIFs), ETFs, Asset Allocation Models, Target Date/Risk and glide paths.
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