It is best practice to name an Independent ERISA Fiduciary, choosing a specified entity that will knowingly assume fiduciary responsibility for the administration and operation of the plan.
Advisory Board: Provide knowledge and counsel on firm governance and client best practices
CEFEX Certification: Annual independent assessment of fiduciary investment advisor practices (2010-2016)
Compliance Report: Independent formation and review of SEC compliance program
Organizational Documents: Independent formation and review of governance documents by legal counsel
Disciplinary Information: No reportable legal or disciplinary events material to our integrity
Third Party Custodian or Corporate Trustee: Third parties safekeep and hold plan assets
Withdrawals and Transfers: Plan sponsor must authorize plan withdrawals and transfers
Fiduciary Acknowledgement: Acknowledge in writing our status as a Named Fiduciary
Named Fiduciary: Accept authority to manage plan investment and plan administration
Annual Certification: Enable boards of directors to monitor committee delegation
Duties of Loyalty and Prudence: Protect against service provider conflicts and self-dealing
Exclusive Benefit Rule: Protect against excessive plan fees and investment expenses
Plan Document Rule: Effect operational compliance with plan documentation
Plan Governance Structure: Implement retirement plan committee and best practices
Shared Plan Governance: Recommend and execute plan transactions with approval
Plan Investments: Manage in accordance with investment policy statement criteria
Plan Administration: Manage in accordance with plan document and vendor agreements
Credentialed ERISA Professional: Sheldon M. Geller, Esq., serves plan sponsor directly
Daily: Manage plan operation, respond to emails, provide advice, and monitor service providers
Monthly: Review custodial statements, vendor reports, plan transactions, and communications
Quarterly: Review investment performance, actual plan operation, and fiduciary decisions
Annually: Document service quality, platform capabilities, fees, expenses, and compliance
Triennially: Conduct a formal documented review of marketplace capabilities, services, and fees