Question: We’ve had a lot of turnover with our plan committee over the past year. As a result, we are planning to prioritize fiduciary training in future meetings. Is there a good foundational overview on fiduciary responsibilities that you would recommend?
Answer: Your decision to prioritize fiduciary training is smart. Sponsors of retirement plans, especially those covered by the Employee Retirement Income Security Act, must ensure their retirement plan committee members are trained to understand and execute their fiduciary duties. Besides your plan advisor, other resources for educational content include your recordkeeper, TPA or other service providers, ERISA attorney (if using one),
and nonprofit professional human resources management associations. In addition, the U.S. Department of Labor’s comprehensive publication “Meeting Your Fiduciary Responsibilities” covers everything you need to know about being a retirement plan fiduciary.
