Plan sponsors are held to a fiduciary standard most never trained for — on top of the job they were actually hired to do. Understanding their responsibilities, knowing which questions to ask, and learning how to evaluate service providers can help them reduce risk and make more informed decisions on behalf of plan participants. That gap is exactly why fiduciary education matters.
Brent McElveen, Senior Advisor at Marsh McLennan Agency, sat down with Fred Barstein following a TPSU program in Manhattan to unpack the real challenges plan sponsors face in meeting those responsibilities. His point was simple: no one expects a CFO or HR leader to become a retirement plan expert on top of their day job. What they can do is lean on the right specialists — advisors, TPAs, recordkeepers — to help manage fiduciary risk and keep decisions well-informed.
But hiring good people isn’t the finish line. McElveen was clear that bringing on a recordkeeper or service provider doesn’t transfer away a sponsor’s fiduciary responsibility — it just changes what oversight looks like. That’s where advisors earn their keep: monitoring vendors, making sure the services being paid for are actually being used, checking that fees are reasonable, and helping employers get real value from their providers while keeping legal and personal exposure in check.
Read the Full Transcript Here:
Fred Barstein: Greetings, this is Fred Barstein, Founder and CEO of The Plan Sponsor University (TPSU). We just completed a program in Manhattan at Broadridge’s offices on 39th Street and 3rd Avenue. I’m here with our adjunct lecturer who conducted today’s program, Brent McElveen. Did I get that right?
Brent McElveen: You have it right.
Fred: Very good. Welcome.
Brent: Thank you, Fred.
Fred: Do you mind if we ask you a few questions?
Brent: Absolutely.
Fred: Before we do, tell our audience a little about yourself and Marsh McLennan.
Brent: Sure. I’m Brent McElveen, one of the senior advisors in our 350 Madison Avenue office here in New York City. We’re part of Marsh McLennan Agency, one of the largest insurance and consulting organizations in the world. What differentiates us is that we’re a full-service firm. We provide health and benefits consulting, risk management services, and fiduciary consulting for retirement plans, allowing us to help employers manage a broad range of organizational risks.
Fred: Very good. One of the things we always emphasize at TPSU—and discussed today—is the significant fiduciary responsibility that plan sponsors have to act as prudent experts. That can be overwhelming. How do you help your clients fulfill that responsibility?
Brent: As we saw with many of the plan sponsors who attended today, their responsibility is to act prudently while balancing countless other priorities in their day-to-day jobs. It can become overwhelming, and many feel they have to become experts in retirement plans when, realistically, they aren’t.
The good news is they don’t have to do it alone. There are experts available to help, including advisors, third-party administrators, or TPAs, recordkeepers, accountants, and other retirement plan professionals. Our advice is always the same: recognize the liability that comes with being a fiduciary—both legal liability and potential personal liability—and lean on experienced professionals who can help you make informed decisions.
Fred: Exactly.
Brent: One important area where we help is vendor management. For example, recordkeepers offer a wide range of services, but many plan sponsors don’t fully utilize everything available to them. Our role is to monitor those vendors on behalf of the client, making sure they’re delivering the services they’ve promised and helping the client get the greatest value from those relationships.
Fred: Plus making sure the fees are reasonable.
Brent: Exactly. Monitoring fees, evaluating fee structures, and ensuring costs remain reasonable are all critical fiduciary responsibilities.
Fred: Final question. This was your first TPSU program, so thank you for participating. Why do you think plan sponsors should attend a TPSU program?
Brent: First, thank you for having me. It was an outstanding experience.
What really stood out today was the level of engagement. We had a great turnout, and attendees asked thoughtful questions throughout the program. The more participants engage, the more valuable the experience becomes.
I also met several attendees who were returning to TPSU because they found previous programs so beneficial. Many of them have recently taken on fiduciary responsibilities and understand the seriousness of that role. Naturally, there’s some uncertainty that comes with it.
What makes TPSU unique is that plan sponsors have access to multiple industry experts in one room. Throughout the day, they can ask questions, hear different perspectives, and discuss the issues that matter most to them. Even during our final session, when we talked about what an ideal retirement plan looks like, you could see people’s confidence growing. They left with smiles on their faces, offered great feedback, and seemed much more comfortable with their responsibilities than when they arrived.
That’s what makes TPSU valuable—it gives plan sponsors the knowledge and confidence to become better fiduciaries.
Fred: Well said. Brent, thank you very much for your time today.
Brent: Thanks, Fred. I appreciate it.
Fred: And thank you for watching 401kTV. We’ll see you next time.
