Page 227 - AugDefComp

• Understand and help shape plan review content and frequency.
• Incorporate essential performance standards and financial guarantees into all
requests for proposals and renegotiation of services by Providers.
• Supply sufficient communication of information and education.
• Wherever possible, screen and participate in the types of education programs
offered to participants (e.g. education, guidance and advice services, basic
Provider education programs).
1.3 Types of Educational Programs.

Below are a series of categories and types of information provided in education to
fiduciaries. These categories and informational types are meant to be illustrative, not
exhaustive.
• For new fiduciaries, a comprehensive review of basic plan features, documents
(e.g. Plan Document, Investment Policy Statement, Education Policy Statement,
By-Laws, Reserve Policy) forms, past fiduciary actions (prior year of minutes).
• Detailed review and understanding of charts / graphs used in Provider or third-
party fund performance reviews.
• Detailed review and understanding of performance standards and guarantees
used in Provider performance reviews.
• Familiarity with plan participant education, guidance and advice services,
• Understanding special plan responsibilities, even if the task is outsourced,
covering unforeseen emergencies, catch up provisions (both 50+ and traditional),
loan options, domestic relation orders and Roth options.
• Awareness of rollover options and strategies for encouraging plan participants to
remain in the plan after retirement.
• Coordination of defined benefit and defined contribution assets to influence both
asset allocation strategies as well as retirement objectives.
• Use of outside educational programs such as the National Association of Defined
Contribution Administrators (NAGDCA), International Foundation of Employee
Benefit Plans (IFEBP), International Foundation of Retirement Education (InFRE).

1.4 Process for Reviewing Education Objectives
At least annually, the Plan Sponsor will review the Education Policy Statement and
identify upcoming education based on Plan Sponsor priorities. The Plan Sponsors will
determine the frequency of fiduciary education with the intent of having short education
modules frequently and broader, more comprehensive education at least periodically.

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