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Retirement Committee Trustee Accepts Fiduciary Responsibility Immediately 


Retirement committee trustee accepts fiduciary responsibility right from the start.  Therefore, new retirement committee trustees don’t always realize the magnitude of the commitment they have made to the plan participants.  Learning the nuances associated with serving as retirement committee trustees can sometimes take 6 to 12 months – or 2 to 4 quarterly meetings.  Retirement committees are now turning to professional plan fiduciaries for assistance.  When overseeing retirement plan assets, committees have the option of hiring a 3(38) retirement fiduciary to help.  It is not a simple task to maintain a prudent fiduciary process.  At the conclusion of a Plan Sponsor University (TPSU) Fiduciary Education Program, which was held at the location of the University of California Irvine – UC  Irvine, TPSU Founder and CEO Fred Barstein spoke with Steve.  Steve is a plan sponsor and frequent attendee at The Plan Sponsor University in Irvine, California.  Fred and Steve discuss his firm’s history and experience in utilizing a 3(38) fiduciary investment professional.  Steve’s retirement committee trustees employ such a fiduciary professional, and they have become comfortable with the functions and reporting.  The retirement committee trustees are aware the committee is still responsible for the plan investment results, however, the committee members are most comfortable when mitigating some investment risk by using the services of a 3(38) fiduciary.

Steff Chalk

Steff Chalk

Managing Editor at 401kTV
Steff C. Chalk is Executive Director of The Retirement Advisor University, a collaboration with UCLA Anderson School of Management Executive Education. Steff also serves as Executive Director of The Plan Sponsor University and is current faculty of The Retirement Adviser University.
Steff Chalk

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