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ARE YOU AT RISK?

Take the Fiduciary Quiz

Today's plan fiduciaries have more things to deal with than ever before. We invite you to take the Fiduciary Quiz below and score your answers. While it is for fun and generates thought, it also serves to give you an idea of how well you are covering current fiduciary issues.

Print this page to tally your scores!

   
Yes/No
Value
Score
1
Are you familiar with the DOL's fiduciary requirements in the Voluntary Fiduciary Compliance program?
 
yes = 0
no = 10
 
2
Did you or your Committee customize your provider's Investment Policy Statement (IPS) for your plan?
 
yes = 0
no = 20
 
3
In the last few Committee meetings, was investment performance based in IPS standards and criteria?
 
yes = 0
no = 10
 
4
Does someone on your Committee take detailed minutes of each meeting?
 
yes = 0
no = 10
 
5
Did discrimination test results get discussed at your last Committee meeting or a meeting this year?
 
yes = 0
no = 10
 
6
Is your provider up front about how he/she gets paid? Do they disclose where all their compensation comes from?
 
yes = 0
no = 10
 
7
Have you reviewed the service agreement(s) of your providers in the last year?
 
yes = 0
no = 10
 
8
Do you know who all the plan fiduciaries are?
 
yes = 0
no = 10
 
9
Do you know for sure if you are a fiduciary?
 
yes = 0
no = 10
 
10
Do you have fiduciary insurance? (different than a fidelity bond)
 
yes = 0
no = 15
 
 
Total Quiz Score
 

Quiz Scoring Comments

0 -
Outstanding: Congratulations! You are doing a great job. Let's meet and you can show us a few things! We'll buy the coffee!
1-20 -
Slight Fiduciary Exposure: You are addressing all the major pieces but one or two items may be getting away. We'd like to meet with you and address the outstanding items.
21-45 -
Some Fiduciary Exposure: You may be missing some important pieces in your plan governance and these could bite you back. We'd like to call on you to discuss your governance.
46-100 -
Significant Fiduciary Exposure: You may be missing significant process pieces in your plan governance. We'd like to call and discuss how we can work with you to improve your governance
101 and above -
High Fiduciary exposure: Please calls us right away and we can quickly help you improve your governance.

Send us your quiz scores and contact information!
We will call to discuss how we can help you improve your fiduciary governance.

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