You’re a Fiduciary…But Are You An Expert?

As a sponsor of a qualified retirement plan, you are a fiduciary. Your HR department is acting as a fiduciary. Your payroll department is acting as a fiduciary. You may have a receptionist who is acting as a fiduciary. But are you or your staff considered a “prudent expert” as required by the Department of Labor? If you aren’t, you might want to consider outsourcing your fiduciary duties to an expert.

Why outsource your fiduciary duties?

Hire a fiduciary to do the work from start to finish so that you don’t have to.

Reduced
Staff
Time

+

Reduced
Plan
Headaches

+

Reduced
Plan
Penalties

=

A Stronger
More Effective
Retirement Plan

Other benefits

Avoid Costly Plan Audits

In 2013, the Department of Labor audited approximately 4,000 plans and found that 73% of them had fiduciary errors. The average fine for the plan sponsor was $600,000. We know you don’t want to be part of this statistic; a fiduciary assumes the liability for administering your plan.

Experience Added Benefits without the hassle

By adding features, like automatic enrollment, which you may have once declined because of the time commitment, your plan will experience increased participation. Let someone else take the responsibility of plan fiduciary and save your valuable time. Eliminating costly penalties for improper plan administration saves you money.

These services can be paid from the plan’s assets.

Find out more about Fiduciary services

Don’t be swayed by firms offering limited “Fiduciary Lite” services that still leave you liable. Contact Us Today to find out what we can do for you.

For more on fiduciaries, please read “A Quick Guide For Accidental Plan Fiduciaries”.