Plan Fiduciaries Should Take Advantage Before Needing to Pay
A million-dollar education is available to retirement plan fiduciaries if they are willing to spend the time. Adults learn in a number of different ways, whether it occurs in the class room, on-the-job training or by conducting their own research. Some learning methods require a substantial time commitment. It is expensive in the form of either time or money to learn the correct way to carry out a job or task and most learning requires a large cash outlay. Colleges, universities and specialty schools make a substantial commitment to the student when preparing curriculum. Assembling the right resources and structuring those resources into an efficient deliverable is no simple task.
Retirement Plan Sponsor Education Choices
Retirement Plan Fiduciaries today have the option of attending regional education programs to learn the latest techniques and requirements associated with overseeing a tax qualified retirement program. But Plan Sponsors and their plan fiduciaries have at their fingertips – a method for obtaining a crash course in how to oversee the plan for the benefit of all employees. This quick fiduciary update for plan sponsors to obtain a well-rounded education in overseeing retirement plans is now available at no cost via the internet.
The Education Cost Most Plan Sponsors Cannot Afford
W. Scott Simon, principal at Prudent Investor Advisors, recently authored a summary of the interaction between the Department of Labor and City National Bank – including and the seven members of the Benefit Committee. The DOL complaint is more interesting than most, since City National Bank and the staff of fiduciaries should have known better. Mr. Simon offer the facts, interpretation and instruction for every plan fiduciary on “What to do, At what level a Benefits Committee is required to perform and examples of How not to operate a 401(k) plan.” As a Plan Sponsor, it is much less expensive to read the facts instead of paying for the $6 millon-dollar education through DOL complaints or Court actions.
