Fiduciary Outsourcing

About Fiduciary Outsourcing

The Retirement Readiness Institute is a professional fiduciary organization and retirement plan specialist whose principals have earned the highly prestigious Registered Fiduciary™ designation.  The Retirement Readiness Institute, uses industry-recognized best practices to reduce plan sponsor liability to the lowest potential levels allowed by law.

We step into your shoes and oversee the plan as if it were you. Now all plan related service providers report to and are managed by The Retirement Readiness Institute.

Outsourcing Fiduciary Duties

The Institute provides three critical assets “Insider” plan fiduciaries seldom have enough of:

  • TIME to manage the many diverse duties imposed by law
  • KNOWLEDGE of the ever-changing industry and regulatory environment
  • PRUDENT DOCUMENTATION PROCESSES that are vital to shielding you and your company from costly liability exposure

Too many plan sponsors rely on advisors, record-keepers, custodians, investment managers and third party administrators to instruct them on what to do, believing they’re receiving prudent advice that will protect them from fiduciary liability. That’s typically not the case—and those providers will likely distance themselves if litigation should ever occur.

These misplaced expectations are more dangerous than you might first realize.  Insider fiduciaries relying on non-fiduciaries, are still fully responsible for any activities resulting in a fiduciary breach.

Plan sponsors are held to the standards defined within the meaning of the Prudent Man Rule.  Federal regulations dictate that, if a fiduciary lacks the expertise to perform certain obligations, then the fiduciary must obtain expert help.

With our industry savvy, investment expertise and knowledge of service provider fee arrangements we step into your shoes positioning ourselves between you and the plan, dramatically reducing your fiduciary liability and responsibility.

Quite often for less money than the traditional non-fiduciary advisor charges, we manage everything from ERISA regulatory compliance, to plan operations, investments, enrollment, financial education and monitoring and replacing service providers when needed—freeing you and your staff to focus on your business. 

Process Used For Fiduciary Outsourcing

 

 

 

 

 

 

 

 

 

 

 

 

 

According to the latest Tillinghast Fiduciary Liability Survey Report, the average cost to defend a fiduciary breach is over $365,000—and that doesn’t include penalties, excise taxes and repayments to the plan.
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