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Fiduciary Role
The Employee Retirement Income Security Act (ERISA) sets high standards of conduct for those employers who sponsor a retirement plan — the fiduciaries of the plan — and requires that those fiduciaries satisfy many important responsibilities.
Plan Sponsors face a challenge in trying to provide quality retirement programs and managing the risk associated with offering those plans. Typically they lack the time, resources and tools to understand and fulfill their fiduciary duties to the plan. The challenge is that fiduciary liability arises when the process is not defined or is inconsistently applied.
Corporate Benefit Advisors, Inc., assists plan sponsors with meeting their fiduciary duties. Our Total Plan Management approach is designed to guide fiduciaries through the matrix of retirement plan committee training, investment selection and monitoring, plan governance, provider monitoring, and proper documentation.
CBA's investment professionals help clients meet their fiduciary duties in four ways:
- Educate the plan sponsor representatives on the fiduciary process and their responsibilities
- Identify and resolve fiduciary shortfalls
- Implement and manage a prudent process
- Sign on to the plan as a fiduciary and recognize our duties under ERISA**
**This service is only available to clients that contract through an registered investment advisory agreement.