Understanding Fiduciary Duty:
Hiring a Service Provider

Fiduciary Training Program webinar recording

In some instances, your retirement plan committee may lack the expertise to prudently address all areas of its fiduciary responsibility. The Department of Labor allows fiduciaries to hire service providers to handle fiduciary functions where the committee lacks expertise. This does not absolve the committee of their responsibility in that area but necessitates prudent monitoring and oversight of the service provider and their fees.

During this Fiduciary Training, you will learn:

  • How to assess if a service provider is needed to perform a specialized function
  • What services can be obtained from outside providers
  • ERISA guidance related to the payment of plan expense​s

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