5 best practices for retirement plan fiduciaries

The current legal and regulatory environment makes it more important than ever that employers and their benefit advisers understand the role of a retirement plan fiduciary and stay abreast of the latest developments and guidance. When considering what plan sponsors can do to most effectively satisfy their fiduciary duties, Dave Burns, a senior ERISA consultant and manager in Vanguard Strategic Retirement Consulting, says these five best practices rise to the top of the list.

Committees should include qualified people who know their responsibilities and duties as a plan fiduciary and have the necessary training and expertise to perform in that role properly, says Burns.