How much do Defined Contribution plan sponsors understand about the intricacies of their fiduciary duties? From the looks of it, not enough – but with good reason. Juggling fiduciary duties alongside their other responsibilities can be quite a challenging task. Navigating this can often be a challenging endeavor, leading to a need for clearer guidance and education in this critical aspect of plan management. A good start for plan sponsors to gain guidance and education, is to consider attending a TPSU half-day training program, where the mission of TPSU is to help plan sponsors in their understanding of both – establishing a firm foundation for the plan, and the baseline measures of success for their own plan.
RPAs can help guide plan sponsors through the intricate landscape of fiduciary responsibilities. With their expertise and insights, they can provide valuable assistance in clarifying obligations, offering proactive strategies, and ensuring that the plan is aligned with the best practices. By understanding the need for clear communication and simple walk throughs, RPAs can empower plan sponsors with the knowledge and tools necessary to navigate the complexities of fiduciary duties effectively.
To read more about Fred Barstein’s take on the subject, you can read his detailed insights and perspectives in the full article titled “What is on the Minds of DC Plan Sponsors?”
