We find that with our clients, the term ‘fiduciary’ may be confusing or intimidating to them as the sponsor of a retirement plan. Fiduciary actions are very important and carry a high level of responsibility. LHD Retirement is committed to offering fiduciary management services to our clients. Our first step is to help our plan sponsor clients, and their committees, understand what makes them a fiduciary, what responsibilities come with that title, and the ultimate liabilities that they could have as a fiduciary. LHD Retirement also offers fiduciary services such as:
- Discretionary investment changes (if LHD is serving as a IRC 3(38) fiduciary). If LHD serves as an IRC 3(21) fiduciary, investment recommendations are made for plan sponsor approval.
- Ongoing investment monitoring
- Assistance in preparing or reviewing an Investment Policy Statement
- Providing model portfolios (IRC 3(38) plans only)
- Providing assistance with Qualified Default Investment Alternative (“QDIA”) selection and monitoring
- Plan benchmarking for services provided and fees charged to the plan.
If you’re unsure of your fiduciary role or need assistance with some of your plan’s fiduciary needs, contact LHD Retirement for a consultation.