Fiduciary Oversight- Scott (Large)

As a plan sponsor, you are likely faced with many responsibilities when it comes to retirement plans. InTrust Fiduciary Group helps plan sponsors, like you, fulfill their fiduciary obligations so you can focus on what you do best.

Our oversight services include:

  • Regular Plan Reviews and meeting documentation
  • Plan fee analysis and benchmarking
  • Assistance with developing a formal committee charter
  • Employee education and communication strategies
  • Review of plan documents and disclosures
  • Fiduciary training on administrative, legislative, and regulatory issues
  • 3(21) or 3(38) fiduciary capabilities

ERISA and other DOL regulations stipulate that plan sponsors and fiduciaries are held accountable for demonstrating proper diligence with the plan and acting in the best interest of the plan participant. It’s no wonder many plan sponsors feel uneasy about their level of liability as fiduciary.

According to Department of Labor’s guidance, a plan fiduciary should hire and monitor external experts if the sponsor lacks the expertise internally. DOL Regulation 2509.95-1(c)(6) states: “unless a fiduciary possesses the necessary expertise to evaluate such factors, he would need to obtain the advice of a qualified, independent expert.”

Our fiduciary oversight program was created to ease the burden placed on plan sponsors by offering ongoing, independent consulting. While you wear many hats, we wear one: retirement plan consulting. Our clients trust us with their fiduciary oversight because of our transparent processes and expertise in mitigating their fiduciary risk.