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How Can Plan Fiduciaries Discharge Duties Without Formal Training?

While the DOL has not yet required plan fiduciaries to get formal training, it seems to be leaning strongly in that direction, according to the law firm of Bryan Cave. It certainly does make sense to question how people without the right training can govern and run a retirement plan under ERISA’s complex requirements — requirements that involve personal liability, including (and perhaps especially) for business owners.

To help plan fiduciaries with best practices and internal controls, Bryan Cave created a 25-question self-auditing tool that plan advisors can use to foster good plan governance. The questionnaire can also be helpful in enlightening and informing plan sponsors.

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