Social Science Economics Finance
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Terms in this set (162)
Under the DOL regulation, 3(21) fiduciaries. They will act alongside other fiduciary
many advisors to retirement service providers who are also not necessarily named in the
plans and their participants plan document but who exercise discretionary control over
will be plan provisions or plan investments.
plan sponsor about hiring fiduciary service providers,
including the different roles service providers, including the
The advisor should educate
different roles service providers may take on within the plan,
the
how to select a qualified candidate, and the plan sponsor's
ongoing responsibility to monitor them.
, who is a fiduciary
to what extent the person is a fiduciary
The fiduciary definition has
two parts:
Clarifying fiduciary status is arguably incomplete without
addressing both.
A best practice for a service a. an acknowledgment of fiduciary status
provider's formal description b. clarification as to the extent of responsibilities
of services might therefore
include two parts:
As a non-fiduciary advisor, educate your client and present possible investments for the
you can Retirement Plan Committee consideration.
If you recommend a specific giving investment advice and are therefore a functional
fund replacement to the plan fiduciary to the plan.
sponsor or plan participants,
you are considered to be
If fiduciaries of participants a fiduciary act
use your recommendations -
as opposed to information -
to make investment decisions,
this could be considered
As a non-fiduciary advisor, general investment reports or discussing the
you can meet with your client appropriateness of the investments to the plan without
on a recurring basis (quarterly, making specific investment suggestions.
annually, etc) if providing
Plan fiduciaries will almost service providers for their plan under their ERISA "duty to
always have to hire obtain expert assistance."
As a best practice, the advisor the service providers, which usually includes a TPA and a
can help fiduciaries select: record keeper.
In owner driven smaller plans, plan sponsor's HR staff - which is likely to be one person in
the advisor can assist the working with the various plan service providers.
In larger participant driven the HR director, CFO, and the retirement plan committee to
plans, the advisor can work evaluate service providers.
with
CPFA EXAM comprehensive questions and verified
accurate solution (detailed & elaborated) 2025 TEST!!
Leave the first rating
Save
Students also studied
Flashcard sets Study guides
TICO Exam practice quiz FINRA SERIES 7 EXAM (2025) (TESTI... Enrolled Agen
49 terms 135 terms Teacher 56 te
Preview ken_MEL22 Preview SSK234
Terms in this set (162)
Under the DOL regulation, 3(21) fiduciaries. They will act alongside other fiduciary
many advisors to retirement service providers who are also not necessarily named in the
plans and their participants plan document but who exercise discretionary control over
will be plan provisions or plan investments.
plan sponsor about hiring fiduciary service providers,
including the different roles service providers, including the
The advisor should educate
different roles service providers may take on within the plan,
the
how to select a qualified candidate, and the plan sponsor's
ongoing responsibility to monitor them.
, who is a fiduciary
to what extent the person is a fiduciary
The fiduciary definition has
two parts:
Clarifying fiduciary status is arguably incomplete without
addressing both.
A best practice for a service a. an acknowledgment of fiduciary status
provider's formal description b. clarification as to the extent of responsibilities
of services might therefore
include two parts:
As a non-fiduciary advisor, educate your client and present possible investments for the
you can Retirement Plan Committee consideration.
If you recommend a specific giving investment advice and are therefore a functional
fund replacement to the plan fiduciary to the plan.
sponsor or plan participants,
you are considered to be
If fiduciaries of participants a fiduciary act
use your recommendations -
as opposed to information -
to make investment decisions,
this could be considered
As a non-fiduciary advisor, general investment reports or discussing the
you can meet with your client appropriateness of the investments to the plan without
on a recurring basis (quarterly, making specific investment suggestions.
annually, etc) if providing
Plan fiduciaries will almost service providers for their plan under their ERISA "duty to
always have to hire obtain expert assistance."
As a best practice, the advisor the service providers, which usually includes a TPA and a
can help fiduciaries select: record keeper.
In owner driven smaller plans, plan sponsor's HR staff - which is likely to be one person in
the advisor can assist the working with the various plan service providers.
In larger participant driven the HR director, CFO, and the retirement plan committee to
plans, the advisor can work evaluate service providers.
with
