Treichel Coaches Plan Sponsors on Fiduciary Governance + SECURE 2.0 in Oklahoma

Founder and Chief Solutions officer of Endeavor Retirement Bonnie Treichel spent a few days with the Kaci Skidgel, President of Summit Financial Group, Inc. and her team to train plan sponsors regarding fiduciary obligations and SECURE 2.0.

This event, sponsored in part by Brandon Helms and Columbia Threadneedle Investments, helped plan sponsors with these great highlights and tips every plan sponsor should know!

• Fiduciary Obligations: The program discussed core fiduciary obligations under ERISA Section 404 including the duty to follow a prudent process, pay no more than reasonable fees and do what is in the best interest of participants. Fiduciaries are also required to follow the plan document unless inconsistent with ERISA. This starts with ensuring you know where your signed plan document is located along with any amendments.
• Fiduciary responsibility and liability: One of the reasons it is important to understand if you are a fiduciary is because fiduciary responsibility accompanies personal liability. Fiduciaries should check to see if they have fiduciary liability coverage and the extent of the coverage. In addition, given the activity among cybercrime today, fiduciaries should also look into coverage related to cybersecurity.
• SECURE 2.0: SECURE 2.0 includes 92 provisions related to retirement plans. The good news for plan sponsors is that, in general, you don’t need to know all 92 provisions. Instead, it’s important to start assembling your SECURE 2.0 plan by working with a knowledgeable plan advisor and a group of trusted partners in your partnership wheel. These partners will help to identify which provisions apply, and how, to your plan.