Principal Financial Group has released a fiduciary management handbook.
This resource was created to assist plan fiduciaries in identifying and executing their responsibilities in sponsoring a defined contribution plan (such as a 401(k) or 403(b) plan) or a defined benefit retirement plan that is subject to ERISA. The handbook examines the role of the Employee Retirement Income Security Act (ERISA), the definition of fiduciary, general standards of conduct for fiduciaries, guiding principles for fiduciaries and fiduciary protection.
In addition, Principal provides a fiduciary log report which provides space to record the activities plan sponsors complete during the year for their defined contribution plans. Principal notes, “In the event of a Department of Labor (DOL) or IRS audit, it’s important to have detailed documentation to prove you’ve followed the rules of your plan and those outlined by ERISA.”The fiduciary document catalog offered by Principal helps plan sponsors keep track of their retirement plan’s fiduciary documents. This list includes documents Principal suggests plan sponsors store and retain.