Company Retirement Plans: Delegation

Reduce Fiduciary Risk and Responsibility

Business owners and retirement plan sponsors are challenged with managing an increasingly complicated fiduciary burden, and the burden of proof falls on you to demonstrate you have jumped through all the required fiduciary hoops. ERISA (Employ­ee Retirement Income Security Act of 1974) requires that you act as a prudent expert. This means you are to act in the best interests of the plan, participants, and beneficiaries. This makes it critical to understand and manage your fiduciary risk or delegate it wherever possible.

Administering a workplace retirement plan requires the concerted effort of many players with different responsibilities. By far the greatest obligation falls on the employer as the sponsor of the plan. Many employers are unaware of their responsibilities as fiduciaries, particularly when it comes to selecting and overseeing the plan’s service providers.

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Scales of Justice Legal Website Spotlight

What It Means to Be a Fiduciary

“Fiduciary” is a legal term with a very specific meaning. A fiduciary is a person or organization that owes a duty of trust and confidence to another party. In other words, a fiduciary is someone in whom you can place your trust – someone who will act in your best interests. Retirement plans require a fiduciary standard of care to be carried out by multiple roles. That’s who we are and what we do.

We are certified by the Centre for Fiduciary Excellence (CEFEX) as adhering to the highest global fiduciary standards.


Delegate Your Fiduciary Responsibility and Risk

Savant Retirement Plan Services assumes the role of ERISA §3(38) investment manager, as well as ERISA §3(16) plan administrator fiduciary. Because of this, you are able to transfer a vast majority of your fiduciary responsibility and administrative burden.

Want to learn more about what all these terms really mean? Dig into our glossary of terms related to retirement plans.