Page 171 - NovDefComp

Understanding Fiduciary Responsibilities

Fiduciary liability insurance carriers taking notice

Excessive fee questionnaire requiring following disclosures:

Recordkeeping fees
• Describe process for selecting and monitoring fees.
• Last time RFI or RFP was issued.
• Disclose recordkeeping fees.
Investment fees
• Describe process for evaluating, benchmarking, and monitoring funds.

• Confirm least-expensive share classes offered.
• Does plan offer low-cost index funds?
Documentation
• Include any plan fee disclosures.
Proprietary funds/Services
• Disclose any use of proprietary funds or services.

• How much of the plan is invested in these funds and how much is paid for services?
Inquiries by plaintiff litigators
• Have you received any inquiries by a law firm regarding your plan?

13
© 2022 Innovest Portfolio Solutions, LLC