by Lance Roberts
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| Understanding fiduciary responsibility is one of the most important — and misunderstood — aspects of managing a retirement plan. Tom Allen and Janeanne Smith, Ascension Regional VP, explore the evolution of ERISA and why fiduciary oversight has become increasingly critical as retirement plans have expanded across small businesses nationwide. We break down what it means to act as a fiduciary, the legal and ethical responsibilities involved, and the real-world consequences employers can face when retirement plans are mismanaged. This discussion also explains the different fiduciary roles within retirement plans, including: 3(21) Co-Fiduciaries 3(38) Investment Managers 3(16) Plan Administrators 402(a) Named Fiduciaries We also examine how modern retirement plan structures like PEPs and MEPs are changing the responsibilities of business owners, including the tradeoffs between maintaining control and reducing liability. Finally, we discuss the broader mission behind retirement planning: helping more Americans save more effectively, improving employee financial wellness, and giving businesses the tools they need to support long-term retirement success. Whether you are a business owner, plan sponsor, HR professional, or retirement saver, this conversation provides valuable insight into the responsibilities, risks, and opportunities involved in retirement plan management. 0:00 - INTRO 2:32 - The Concept of Fiduciary Responsibility 4:33 - The Evolution of ERISA 7:05 - What is a Fiduciary? 8:34 - The North Star of ERISA & Role of Plan Fiduciary 11:31 - The Small Business Explosion 13:18 - The Real Consequences of Getting it Wrong 16:24 - You Don't Have to Do This Alone 16:42 - 3(21) Co-Fiduciary 18:54 - 3(38) Investment Manager 22:58 - 3(16) Plan Administrator 28:13 - 402(a) Named Fiduciary 29:43 - Business Owners' Roles vs PEPS & MEPS 31:44 - What you give up/What you gain with PEPS & MEMPS 35:30 - The Purpose of Ascensus - "Help More Savers Save More" 37:53 - Providing Financial Wellness Tools for Employees ➢ Listen daily on Apple Podcasts: https://podcasts.apple.com/us/podcast/the-real-investment-show-podcast/id1271435757 ➢ Watch Live Mon-Fri, 6a-7a Central on our Youtube Channel: www.youtube.com/c/TheRealInvestmentShow ➢ Upcoming personal finance free online events: https://riaadvisors.com/events/ ➢ Sign up for the Newsletter: https://realinvestmentadvice.com/newsletter/ ➢ RIA SimpleVisor: Analysis, Research, Portfolio Models, and More. https://www.simplevisor.com/register-new Visit our Site: www.realinvestmentadvice.com Contact Us: 1-855-RIA-PLAN https://twitter.com/RealInvAdvice https://twitter.com/LanceRoberts https://www.facebook.com/RealInvestmentAdvice/ https://www.linkedin.com/in/realinvestmentadvice/ NBC - "Pensions' Broken Promises" #ERISA #Fiduciary #401k #RetirementPlanning #FinancialWellness |
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