Page 165 - DCAC May 2023 Files

Organize Implement Document Who is a fiduciary? Retirement Plan Fiduciaries are anyone who has responsibility for other people’s money and involved in exercising discretion. Who is generally not a fiduciary? Attorneys, Recordkeepers, Accountants, Actuaries, Brokers

evaluation of the plan’s recordkeeper and investment managers. Committees must follow the most basic
and authority for retirement plan fiduciaries. Other employer departments may be the more appropriate
retirement plan‐related educational and guidance resources. If the service involves the utilization of plan
Evaluation and approval of many financial wellness programs may lie outside the scope of responsibility
participant data or generates revenue for the recordkeeper, additional due‐diligence may be required.
Services offered to participants that generate revenue for a recordkeeper, such as managed accounts,
Employee benefit plan service providers are actively soliciting various services under the “financial
Provided the service is deemed appropriate and necessary, a recordkeeper may be a resource for
wealth management and financial planning should be subject to the same prudence and care as
Are financial wellness services already being offered through other resources available from the
fiduciary standards –determining the necessity of the services and reasonableness of fees.

entities to evaluate and implement financial wellness programs for employees.

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Fiduciary Topics & Trends Financial Wellness High-Level Evaluation • wellness” umbrella. • Individual Program Evaluation • employer? Redundancy can be confusing. • •