He’s just published a two-part series that’s an excellent, common sense approach for fiduciaries that’s definitely worth keeping handy. It’s called “To Do” List: 10 Things You’re (Probably) Doing Wrong—or Not Doing Right—as a Plan Fiduciary.
His 10 things are:
- Not having a plan/plan investment committee.
- Not HAVING committee meetings.
- Not keeping minutes of committee meetings.
- Not having an investment policy statement.
- Not removing “bad” funds from your plan menu.
- Thinking your plan qualifies for 404(c) protection—and misunderstanding what that means.
- Depositing contributions on a timely basis.
- (Not) monitoring providers on a regular basis.
- Not following the terms of the plan document.
- Not realizing who is a fiduciary—and what that means.