Framework for Defined Contribution Plans: Fiduciary Training

In this course, Greg Ungerman, DC practice leader at Callan, and Brianne Weymouth, a senior consultant at Callan, outline a recommended fiduciary process in five steps: conducting a fiduciary review, designing an optimal plan, formalizing the investment policy, implementing the policy, and monitoring the structure. They emphasize the importance of understanding fiduciary duties and potential personal liabilities and outline who has fiduciary responsibilities versus non-fiduciary plan functions. They also discuss compliance with ERISA, and good governance practices including the creation of investment and fee policy statements. Ungerman concludes with an eight-step checklist for fiduciary conduct and key takeaways on the importance of establishing sound, documented processes and staying updated with regulations.