In a simple but complete checklist, T. Rowe Price details all the duties of a plan fiduciary, along with guidelines on how to best complete them. The checklist includes areas like:
• Roles and responsibilities – who, what and how
• Investments – IPS monitoring and compliance
• Admin – process and compliance
• Plan audit best practices
• Participant communication
• Ways to limit liability
Both experienced and newer plan advisors can use the checklist as a guideline for clients. It also serves as a way to engage prospects who may not be aware of their roles and responsibilities, may not be complying or don’t have an expert to guide them through the serious repercussions of non-compliance.
