Shane Wayland

The Price of Neglect: Consequences of Failing ERISA Fiduciary Responsibilities Section 1: Understanding ERISA Fiduciary Duties Explaining ERISA Fiduciary Duties: ERISA imposes significant responsibilities on fiduciaries managing retirement plans. Fiduciaries must act prudently, solely in the interest of plan participants, diversifying investments, and ensuring reasonable plan expenses. The duty of loyalty mandates avoiding conflicts of …

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Fiduciary benchmarking expectations The Department of Labor (DOL) provides guidelines and regulations for employers regarding the management and administration of 401(k) plans. They emphasize the importance of fiduciary responsibility and prudent management, which includes benchmarking as a part of ongoing plan review and evaluation. They recommend benchmarking every 3 years for plan maintenance. At VWA, …

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Benchmarking your 401k plan Evaluating Plan Effectiveness Benchmarking serves as a critical tool for evaluating the effectiveness of a company’s retirement plan. Here’s why assessing plan effectiveness through benchmarking is paramount: In essence, evaluating plan effectiveness through benchmarking provides invaluable insights for ensuring that the retirement plan aligns with the company’s objectives and meets the …

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Understanding Fiduciary Responsibility: ERISA Plan Sponsor’s Role Demystified What is a Fiduciary? Fiduciary Role and Definition: Fiduciaries are entrusted with managing retirement plans and are legally obligated to act in the best interests of plan participants and beneficiaries. They must exercise prudence, loyalty, and diligence in their decision-making processes. This responsibility entails making informed and …

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Unraveling the Mystery of 401(k) Fees: A Guide to Understanding and Calculating Costs Types of 401(k) Fees 401(k) plans come with various fees, each impacting your retirement savings differently. Administrative Fees encompass the operational costs of managing the plan, covering services like record-keeping, legal compliance, and customer service. These fees are typically expressed as a …

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