Fiduciaries’ Duties Regarding Service Providers

August 23, 2012 at 6:42 pm Leave a comment

The EBSA has a resource describing how a fiduciary for retirement plans should handle service providers on their website at http://www.dol.gov/elaws/ebsa/fiduciary/q4f.htm.   They have tips for monitoring providers such as checking reports and fees charges.  In addition, the EBSA suggested focusing on four areas when looking for a provider:  stability of the firm, competence of the provider, the provider’s business methodologies, and expenses charged.  In particular, the credentials and the ability to accurately perform the provider’s function is a problem area that I have seen fiduciaries either not thoroughly or accurately research.

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Christine Gurney

A pension professional who shares her thoughts and ideas about the pension world for industry members and anyone else interested.

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