PLANADVISER - March/April 2019 - 42
servicing strategies
Coaching the Committee
I
What advisers should ensure that members understand
f your clients' retirement plan committees fail to get the
training they need, the Department of Labor (DOL) and
IRS may take notice.
" There are many committee members who have not
gone through training, " says adviser Tony Franchimone, a
principal at Retirement Benefits Group (RBG) in San Diego.
" We're talking to our clients and prospects about how this is
something the DOL and IRS are now looking for when they're
out conducting an audit: If committee members haven't had
training and don't understand their responsibilities and
potential liability, maybe there are things that are slipping
through the cracks that could potentially warrant an investigation
and bring in money to those agencies. "
Fiduciary training is more of an emerging best practice
than an existing industry standard, says adviser Joshua
Itzoe, partner and managing director, institutional client
group at Greenspring Advisors in Towson, Maryland. " I
think it's fair to say that the vast majority of retirement plan
committee members have not received any formal fiduciary
training, " he says. " So, we're setting those people up to fail
or to achieve sub-optimal outcomes. "
Timing Issues
Attorney Emily Seymour Costin has heard rumors that the
DOL is asking about fiduciary training, during audits. " I have
heard they want to know the last time that fiduciary training
was given to a committee and, in particular, whether it's
been given in the past year, " says Costin, a partner at Alston
& Bird in Washington, D.C. " I have seen people starting to
wonder if that's a signal-but not yet formal guidance-that
the DOL expects committee training to be done once a year. "
In her opinion, the frequency of training should depend
on several factors. " I don't think there should be a brightline
rule, " Costin says. " It depends on the number of people
on the committee, how sophisticated their knowledge of the
plan is, and whether there has been any refresher training. "
Costin says it is not necessary that a lawyer conduct
the fiduciary training. " There are plenty of advisory and
consulting firms that are able to speak to these issues
generally, " she says. " And, if a lawyer gives the committee
training, any discussion that happens during the meeting
might not necessarily be protected by attorney-client privilege
in a potential future lawsuit. "
42 | planadviser.com March-April 2019
Art by Lily Snowden-Fine
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PLANADVISER - March/April 2019
Table of Contents for the Digital Edition of PLANADVISER - March/April 2019
2019 PLANSPONSOR Retirement Plan Advisers of the Year
Coaching the Committee
When Savers Exceed the Limit
The Role of Alternatives
Buyer Beware!
Are Personal Advisers ERISA Fiduciaries
Unrelated Taxable Income and Pensions
An IPS Is Not Required
PLANADVISER - March/April 2019 - C1
PLANADVISER - March/April 2019 - FC1
PLANADVISER - March/April 2019 - FC2
PLANADVISER - March/April 2019 - C2
PLANADVISER - March/April 2019 - 1
PLANADVISER - March/April 2019 - 2
PLANADVISER - March/April 2019 - 3
PLANADVISER - March/April 2019 - 4
PLANADVISER - March/April 2019 - 5
PLANADVISER - March/April 2019 - 6
PLANADVISER - March/April 2019 - 7
PLANADVISER - March/April 2019 - 8
PLANADVISER - March/April 2019 - 9
PLANADVISER - March/April 2019 - 10
PLANADVISER - March/April 2019 - 11
PLANADVISER - March/April 2019 - 12
PLANADVISER - March/April 2019 - 13
PLANADVISER - March/April 2019 - 14
PLANADVISER - March/April 2019 - 15
PLANADVISER - March/April 2019 - 16
PLANADVISER - March/April 2019 - 17
PLANADVISER - March/April 2019 - 18
PLANADVISER - March/April 2019 - 19
PLANADVISER - March/April 2019 - 20
PLANADVISER - March/April 2019 - 21
PLANADVISER - March/April 2019 - 2019 PLANSPONSOR Retirement Plan Advisers of the Year
PLANADVISER - March/April 2019 - 23
PLANADVISER - March/April 2019 - 24
PLANADVISER - March/April 2019 - 25
PLANADVISER - March/April 2019 - 26
PLANADVISER - March/April 2019 - 27
PLANADVISER - March/April 2019 - 28
PLANADVISER - March/April 2019 - 29
PLANADVISER - March/April 2019 - 30
PLANADVISER - March/April 2019 - 31
PLANADVISER - March/April 2019 - 32
PLANADVISER - March/April 2019 - 33
PLANADVISER - March/April 2019 - 34
PLANADVISER - March/April 2019 - 35
PLANADVISER - March/April 2019 - 36
PLANADVISER - March/April 2019 - 37
PLANADVISER - March/April 2019 - 38
PLANADVISER - March/April 2019 - 39
PLANADVISER - March/April 2019 - 40
PLANADVISER - March/April 2019 - 41
PLANADVISER - March/April 2019 - Coaching the Committee
PLANADVISER - March/April 2019 - 43
PLANADVISER - March/April 2019 - 44
PLANADVISER - March/April 2019 - 45
PLANADVISER - March/April 2019 - When Savers Exceed the Limit
PLANADVISER - March/April 2019 - 47
PLANADVISER - March/April 2019 - 48
PLANADVISER - March/April 2019 - 49
PLANADVISER - March/April 2019 - The Role of Alternatives
PLANADVISER - March/April 2019 - 51
PLANADVISER - March/April 2019 - Buyer Beware!
PLANADVISER - March/April 2019 - 53
PLANADVISER - March/April 2019 - Are Personal Advisers ERISA Fiduciaries
PLANADVISER - March/April 2019 - Unrelated Taxable Income and Pensions
PLANADVISER - March/April 2019 - An IPS Is Not Required
PLANADVISER - March/April 2019 - C3
PLANADVISER - March/April 2019 - C4
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