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Outsourced 401k Fiduciary? Do You Have Signed Service Agreements?


Outsourced 401k Fiduciary Do you have Signed Service Agreements?

Regardless of what happens with the DOL fiduciary rule now that the 5th Circuit Court of Appeals has vacated it, more and more 401k and 403b plan sponsors are employing outsourced fiduciary advisors.

Hear from TPSU Lecturer Tim Dougherty about a client he recently on-boarded that thought they had a service agreement in place but actually did not. Sometimes recordkeepers using 3rd party fiduciaries like Morningstar or Envestnet will change vendors leaving the plan sponsor in the lurch.

Or, even worse, the plan’s advisor claims to be a fiduciary but there’s nothing in writing.

Hear from Tim about what plan sponsors should do as well as a heartwarming story about his grandfather who lost the pension he worked his entire life for and why Tim got into the retirement business.


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