The Role of the Fiduciary is Active, Not Passive. The new “Fiduciary Rule” places even greater responsibility on plan sponsors to ensure that the plan is operating in the best interests of its participants. No plan is to small to be sued.
The Retirement Readiness Institute, an advocate for plan sponsors is “The Alternative Professional Plan Sponsor Solution (TAPPSS™).”
The Institute, neither a TPA nor record-keeper, maintaining complete independence, has the potential to reduce plan sponsor liability to the lowest levels allowed by law, undertaking one of the broadest ranges of fiduciary responsibility in the entire financial services industry.
Plan Trustees can significantly reduce their fiduciary liability, depending on their preference for engaging a
- 3(16) plan level fiduciary, having discretion over both fiduciary and non-fiduciary plan sponsor ministerial responsibilities (not to be confused with a TPA), including service provider monitoring and replacement,
- 3(38) plan level fiduciary, having discretion over the management and disposition of plan assets, and a
- 3(38) participant level fiduciary, providing participant level investment advice.
Under a 3(21) fiduciary “adviser” relationship a plan sponsor may only minimally, if at all, reduce its fiduciary liability because it retains full and final control over all administrative and investment decisions.
Improving a plan does not necessarily require a plan conversion, but can often be improved with a better understanding of service provider fee arrangements and better utilization of existing service provider services.
YOUR PATH TO PRUDENT DECISION MAKING AND PLAN OPERATIONS
As a Registered Fiduciary™ we accept responsibility for all ERISA fiduciary duties and responsibilities other than a few clearly identified functions that ensure protection against the potential abuse of plan assets and a few others that should only be conducted by the employer.