Head of Retirement Advisory Services Julie Doran Stewart spoke on important processes plan sponsors should follow at PLANSPONSOR's National Conference, as quoted in the article "Non-Intuitive Ways to Be a Good Fiduciary."
From the treatment of revenue sharing to proper documentation, Julie explains that there are many important processes plan sponsors often overlook when it comes to ERISA standards. She recommends that plan sponsors "document in [their] investment policy statement what the committee and plan’s approach is to something like revenue sharing" so that it is easier to "point back to a philosophical decision [that was] made and [show] it is something that everyone on the committee is aware of."
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Read the full article here.