ARE YOU AT RISK?

If you are like most plan sponsors, you believe that you have taken all of the necessary measures to protect yourself personally as a fiduciary as well as the company you represent. But just in case – as a plan fiduciary you should be able to quickly answer the following questions, based on specific policies and procedures you actively perform:

• Can you accurately articulate your current fiduciary risk exposure?
• Have you adopted a formal governance policy statement?
• Are you exposed to unnecessary liability? Are you sure? How do you know?
• Have you taken advantage of liability exemption opportunities offered by Congress?
• Are your employees on track to reach their retirement goals? How do you know?
• Do you offer an employee education program? Does it meet the needs of ALL employees or simply certain demographic groups? How do you measure its effectiveness on each “individual” employee?
• Do you engage an independent party to review your fiduciary practices on an annual basis? Are you certain of their independence?
• Do you share your fiduciary role with an Independent Plan Fiduciary? Are they a legal fiduciary? Do they focus on the whole plan or investment specific issues?
• Do you believe your service providers are liable for the services and advice they provide?

If you cannot fully articulate an accurate answer for each of these questions, you are not alone. Leading retirement plan service providers themselves have recently found themselves on the loosing end of large class actions suits claiming breach of fiduciary duties on their own plans.

What can you do to find out more about the security and success of your retirement plan? You can start by scheduling a consultation with Fiduciary Risk Management, the leading Independent Governing Plan Fiduciary and a subsidiary of one of the top independent accounting firms in the country. We are confident that you will find our comprehensive fiduciary governance program, employee education solution, and audit & litigation support services to be an indispensable partner for your organization.