According to the DOL, the primary responsibility of fiduciaries is to run the retirement plan solely in the interest of participants and beneficiaries. Fiduciaries who do not follow these guidelines can be held personally responsible. Being a fiduciary comes with significant responsibility and should involve sufficient training. The 2021 Plan Sponsor Survey from XPonential Growth Solutions of 700+ retirement plan sponsors gives us insight into who gets FIDUCIARY training and who has had training before. Below you will find a few highlights from the survey, which shows that the need for Fiduciary Training is growing.
While there is one plan type (DB) and two asset sizes that have received training, those have not had training are in the lead. Another item that the survey highlights (below) are the topics of interest they would like training on. The number one topic of interest is fiduciary responsibilities. These are plan sponsors asking for training on fiduciary responsibilities, more than likely their fiduciary responsibilities.
As a retirement plan consulting firm, we believe that your plan consultant should assist you in receiving fiduciary training. We know that ERISA law and DOL guidance seem to be changing more frequently than not, and it can be hard to keep up. This is something that we take very seriously and help our plan sponsors with. An example of this training and guidance would be our latest whitepaper on Cybersecurity and a Plan Sponsor’s Fiduciary Duty.
If you are a Plan Sponsor and find yourself wondering who can help you get the training you need, based on this survey, you are not alone. We invite you to contact us today.
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This information is not intended as authoritative guidance or taxor legal advice.
Securities oﬀered through LPL Financial, Member FINRA/SIPC. Investment advisory services are oﬀered through Global Retirement Partners, an SEC Registered Investment Advisor. Global Retirement Partners and Strategic Retirement Partners (SRP) are separate entities from LPL Financial.
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