Employers providing a retirement plan to their employees are Plan Sponsors and must work within the parameters of the ERISA laws that govern retirement plans. Increased regulations and new laws allow Plan Participants to take legal action against Plan Sponsors that do not have a formalized process in place that validates a prudent fiduciary process.

If you are involved in this process, whether you have formally accepted the title of Investment Steward or not, you can be held to a fiduciary standard of care if you are assisting in making decisions for Plan Participant’s Retirement Accounts. Are you hiring TPA’s or selecting which money managers will be on your investment menu? Then you may be considered an Investment Steward and held to a fiduciary standard of care.

Many Investment Stewards have never implemented a formalized plan to provide a prudent process in making decisions for the participants they serve. This can expose the Plan Sponsor and the Investment Steward to liabilities from Plan Participants.

To manage these risks you should work with organizations that specialize in fiduciary standard of care issues. Fi360 is a globally recognized organization that promotes the highest global fiduciary standards of care when acting as an Investment Steward.

Fi360 has created two documents for Investment Stewards. “Prudent Practices for Investment Stewards” defines a global fiduciary standard of excellence for investment stewards.

“Self Assessment of Fiduciary Excellence” is a 22 question assessment that will assist investment stewards in determining if their fiduciary process meets a global fiduciary standard of care.

Bosch Financial will assist you in completing a Self-Assessment of Fiduciary Excellence to determine if your fiduciary process meets a global fiduciary standard of care.

We will help you Organize, Formalize, Implement and Monitor your process to assist you in managing the risks of being an Investment Steward for a Plan Sponsor.

We do this by helping you create an Investment Policy Statement, provide due diligence on money managers and service providers and monitor the process to make sure you have a prudent process that is consistently applied.

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