Fiduciary Responsibilities

Many retirement plan sponsors are under-informed about their ongoing fiduciary duty when making decisions regarding their retirement plan.  Plan sponsors have responsibilities to put the financial interest of a plan’s participants above their own.  Legacy not only ensures that our client’s are aware of all fiduciary responsibilities, but limits their liability by accepting a co-fiduciary role allowing Legacy to act in the best interest of your company and its participants.  By acting as an ERISA 3(21) or 3(38) co-fiduciary, Legacy takes responsibility to...

  • Establish Retirement Plan Committee
    • Provide a clear understanding of roles/responsibilities, conduct committee meetings, record detailed meeting minutes documenting all decisions, create/implement service calendar, track/improve participant outcomes
  • Draft/Monitor/Maintain Investment Policy Statement
  • Provide Administrative Support
    • Ensure compliance with various plan testing (ADP, ACP, Top Heavy), review plan service providers, and review plan documents
  • Provide/Implement Annual Checklist for Fiduciaries