401(k) Fridays Podcast

An offer to outsource or delegate your fiduciary responsibility for your workplace retirement plan can be pretty tempting! When you think about all the rules, tasks, processes, approvals and for that matter the time that you could save if you didn’t have to do all that work, it might sound really good!  However, before you sign on the dotted line, my conversation with J.D. Carlson and Chad Johansen, TPAs with Plan Design Consultants and half of the infamous Retireholi(ks) could be really helpful to gauge what you are signing up for.  We start with some best practices and things to know before outsourcing various administrative functions to an ERISA 3(16) fiduciary.  As you will hear, if someone flashes their fancy 3(16) fiduciary badge, it can mean a lot of different things.  We also share few thoughts on how some of these concepts either do or don’t relate to hiring an ERISA 3(38) investment fiduciary, another way to delegate.  And, we had a first on the podcast, I assigned homework.  With both of my parents