If your clients’ New Year’s resolutions include being a better plan fiduciary, they are certainly part of a small and heady group. Here’s a list of 10 resolutions they might consider, provided by the Bryan Cave law firm:
• Get fiduciary liability insurance.
• Three P’s — practice procedural prudence (and document it).
• Hold plan committee meetings regularly, not just to review investments.
• Review and revise the Investment Policy Statement — is it getting stale?
• Monitor plan investments and managers.
• Review and monitor plan expenses.
• Consider 404(c) and QDIA audits.
• Make sure all plan docs are in compliance and are not in conflict with each other.
• Hire professional help where needed.
• Provide training for plan fiduciaries.
Let’s hope these resolutions fare better than losing weight and exercising more. Consider yourself a personal plan fiduciary trainer.
