Understanding Fiduciary Duty:
Hiring a Service Provider

At times, your retirement plan committee may find itself lacking the necessary expertise to prudently address all aspects of its fiduciary responsibilities. In such cases, the Department of Labor permits fiduciaries to engage service providers to manage fiduciary functions beyond the committee's expertise. However, it's important to note that this delegation does not absolve the committee of its responsibility; rather, it underscores the need for vigilant monitoring and oversight of the service provider and their associated fees.

In this webinar, we delve into a crucial segment of our Level 2 Fiduciary Training Program, focusing on service providers and their fee structures. Key takeaways include:

• Understanding when a service provider is necessary to fulfill a specialized function
• Identifying the range of services available from external providers
• Navigating ERISA guidance concerning the payment of plan expenses