Fiduciary Governance

Fiduciary Liabilities: What Are They? How Can They Be Mitigated?
Team SummitEmployer Resource Center, Fiduciary GovernanceComments are off for this post
“Risk comes from not knowing what you are doing.”-Warren Buffett Being an ERISA fiduciary may entail personal liability. In addition to making the plan whole for any losses resulting from a breach of fiduciary duty, a fiduciary may be required to disgorge any profits obtained in committing the breach, and be subject to “such other  Read More →
Fee Payment Methods in 401(k) Plans: Know Your Options
Team SummitEmployer Resource Center, Fiduciary Governance, Plan Operations & AdminComments are off for this post
A plan sponsor (i.e. employer) can elect to pay or allocate plan fees in a number of different ways, and it is important to understand all available options, as this is a fiduciary decision. In fact, the DOL observed in Field Assistance Bulletin (FAB) 2003-03 that plan sponsors and fiduciaries have considerable discretion in determining,  Read More →
401(k) or 403(b)? Best Choice for a 501(c)(3) Nonprofit Organization
Team SummitEmployer Resource Center, Fiduciary Governance, Plan Operations & AdminComments are off for this post
403(b)s and 401(k)s share more similarities than they do differences, however the glaring difference is that 403(b)s are exclusive to nonprofit organizations. Many think that nonprofits must utilize a 403(b) when choosing a retirement plan vehicle for their employees, but this is a commonly held misbelief. In fact, many nonprofit organizations have established 401(k)s in recent  Read More →

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