The Fiduciary Fitness Program™ is an independent compliance tool that measures the health of a retirement plan. Our program provides resources to help identify potential weaknesses in a plan and remedy those weaknesses through education, diligence and improved processes.
Retirement plans require prudent governance by plan sponsors and fiduciaries. We developed the Fiduciary Fitness Program as a well-designed decision-making process to confirm and document proper roles and execution of responsibilities in a prudent manner.
- Identify plan fiduciaries and understand the extent of their specific responsibilities
- Attempt to comply with ERISA §404(a) and §404(c)
- Document the hiring process for service providers
- Identify parties in interest to the plan and take steps to monitor transactions
- Understand major exemptions under ERISA that permit transactions with parties in interest
- Review plan documents in light of current plan operations and make necessary updates
- Comply with reporting and disclosure requirements
- Ensure that individuals are properly bonded and covered by liability insurance and more
BEST PRACTICES APPROACH
The Program offers a holistic approach to fiduciary best practices, and encompasses key deliverables, education and documentation modules:
- Fiduciary Diagnostic™: Demonstrates what plan sponsors and fiduciaries need to address and documents plan management responsibilities
- Fiduciary Plan Review: Examines plan design and documents prudent processes
- Education Modules: Contain 20+ education modules on topics from fiduciary responsibilities to employer securities, real property, and mergers and acquisitions
- Documentation Modules: Create positive evidence that fiduciaries’ activities meet their responsibilities under ERISA and the Internal Revenue Code
To learn more about the Fiduciary Fitness Program or to request a proposal, please contact email@example.com, and check out our Fiduciary Responsibility page.
Do you have Fiduciaries who would benefit from training? Training is two hours and held quarterly. It is for HR personnel, CFO/Controllers, Investment Committee members and Business Owners who are 401(k) Plan Fiduciaries. The cost is $69, and includes the program, handouts and light refreshments. The training is from 9:00 am to 11:00 am. Click on the box below to register. We will send you a confirmation email. Please bring payment to the training; checks should be made out to “Waterfront Financial Group.”