To the Rescue!
March 2, 2017—Sharpened pencil in hand, I step out of my car. Under my arm I carry my binder with helpful retirement plan information and go-to resources. I have just pulled up to a corporate office suite, having recently disembarked from a meeting with another company owner nearby. I remember the smile of gratitude on his face just an hour earlier as I showed him ways to improve his company’s 401(k) plan with lower-cost investments, as well as save valuable time for his staff by making plan administration easier. The knowledge that these meetings are a genuine help to others is like a fresh breeze in my sails, reinvigorating me and propelling me forward to new explorations with other retirement plan sponsors.
Is Your Form 5500 an Errata Piñata?
February 2, 2017—Every year in Mexico around December 16th, in a tradition four centuries old, townsfolk begin the nine-day celebration of Las Posadas. This celebration features a dramatization of the Christian nativity, as well as the omnipresent and iconic piñata in the shape of a seven-pointed star. Historically, the seven points of the piñata represent the seven deadly sins, and the goodies inside represent a reward for fidelity to advised virtues.
Is Your Fiduciary a Chihuahua or a German Shepherd?
January 5,2017—“Fiduciary” is a word used frequently in the retirement industry, often to the confusion of plan sponsors and participants. “We have a fiduciary,” some employers tell me when we sit down to talk about their plan. “I am a fiduciary, and I have a fiduciary,” others will say. “We were issued a fiduciary warranty by our provider.” And so forth.
That’s how our discussions on fiduciaries often begin. When we dig in to the specifics of the financial services their hired “fiduciary” offers (and does not offer), many employers are surprised to learn that – contrary to what they were led to believe – their fiduciary does not reduce their responsibility or potential personal liability for selecting or monitoring the investments in their company’s retirement plan.