What should be the Priorities for a Plan Fiduciary?

Fiduciaries have a very critical role to fulfill through their oversight of a Retirement Plan. Given the complexity of ERISA rules and regulations and the importance successful investment management has to the Plan's participants and beneficiaries, the Plan Fiduciary needs to set clear priorities in its administration of the Plan.

PlanToACT has identified five such Priorities. Plan Fiduciaries will rank them in different orders of importance, given the design objectives of their Plans and the demographics of the Employer's work force. Ideally, the Plan achieves all of them with the assistance of service providers who place equal importance on the following:

1. Reduction in fiduciary liability;
2. Access to top-performing investment management;
3. Minimized aggravation to the HR Department's involvement with day-to-day operations;
4. Lower Plan expenses, both for services and in funding costs; and
5. Recognition from employees that their Employer's Retirement Plan is a great benefit.