In this episode of Friday Fiduciary Five, Eric Dyson unpacks the seventh signature principle of fiduciary leadership: the “innovation conundrum.” He explains that while innovation in retirement plans can be valuable, it is not automatically a proven solution and must be evaluated as a tool to solve clearly defined problems. Drawing on Department of Labor public comments and ERISA litigation experience, Eric stresses that added complexity, cost, and uncertainty demand stronger evidence of improved participant outcomes. He concludes that fiduciaries should first execute the basics extraordinarily well and treat innovation as something to be carefully evaluated, not blindly pursued or reflexively avoided.

Connect with Eric Dyson: 

Website: https://90northllc.com/

Phone: 940-248-4800

Email: [email protected] 

LinkedIn: https://www.linkedin.com/in/401kguy/ 

The information contained herein is general in nature and is provided solely for educational and informational purposes.

It is not intended to provide a specific recommendation of any type of product or service discussed in this presentation or to provide any warranties, financial advice, or legal advice.

The specific facts and circumstances of all qualified plans can vary, and the information contained in this podcast may or may not apply to your individual circumstances or to your plan or client plan-specific circumstances.

The opinions expressed by guests on the Be More Than a Fiduciary podcast are not necessarily the same as the opinions held by 90 North Consulting or by Executive Director Eric Dyson.

A company with “nothing broken” in its 401(k) plan decides it still wants to be better—so what happens next? In this episode, you’ll hear how a benefits committee clarified its priorities, navigated the 3(21) vs 3(38) decision, and ran a disciplined advisor search that elevated both fiduciary governance and employee outcomes.

In this episode, Eric and Jeremy Burroughs discuss:

• Background on ESCO, Weir, and committee chair responsibilities
• Why a solid 401(k) plan still needed an advisor
• Setting clear priorities and using them as a “north star”
• 3(21) vs 3(38) advisors and committee composition
• Running finalist presentations and empowering every committee voice

Key Takeaways:

• A retirement plan can be functioning well on the surface and still benefit greatly from more structure, rigor, and the addition of an outside advisor.
• Defining a small set of clear priorities early in an advisor search—and returning to them often—keeps every decision aligned and consistent.
• The choice between a 3(21) and 3(38) advisor should reflect the actual strengths, bandwidth, and investment expertise of the committee, not just past experience.
• Effective searches invite honest, value-adding presentations from finalists and encourage every committee member to ask direct, practical questions.
• Having the confidence to share opinions, concerns, and preferences is essential; silence in the room can prevent the committee from reaching the best decision for participants.

“In business, the relationships that you develop over time are really important. And if you have trusted relationships, they're that much more important.” - Jeremy Burroughs

Jeremy C. Burroughs serves as the Weir Group Inc.'s President and Head of North American Tax. In his role, Mr. Jeremy oversees all Weir tax operations in North America as well as the global tax operations for the ESCO Division. Jeremy joined Weir as part of its acquisition of ESCO Corporation, where he served as the Company’s Vice President, Tax and Treasurer. Mr. Burroughs has served as Chairperson of the ESCO Division's North America benefit plans for over ten years. Mr. Burroughs is a Certified Public Accountant and, prior to joining ESCO Corporation, spent 11 years at Grant Thornton LLP and KPMG LLP.

Connect with Jeremy Burroughs:

Website: https://www.global.weir/ 

LinkedIn: https://www.linkedin.com/in/jeremy-burroughs-tax-exec/ 

Connect with Eric Dyson: 

Website: https://90northllc.com/

Phone: 940-248-4800

Email: [email protected] 

LinkedIn: https://www.linkedin.com/in/401kguy/ 

The information and content of this podcast are general in nature and are provided solely for educational and informational purposes. It is believed to be accurate and reliable as of the posting date, but may be subject to change.

It is not intended to provide a specific recommendation for any type of product or service discussed in this presentation or to provide any warranties, investment advice, financial advice, tax, plan design, or legal advice (unless otherwise specifically indicated). Please consult your own independent advisor as to any investment, tax, or legal statements made.

The specific facts and circumstances of all qualified plans can vary, and the information contained in this podcast may or may not apply to your individual circumstances or to your plan or client plan-specific circumstances.

The opinions expressed by guests on the Be More Than a Fiduciary podcast are not necessarily the same as the opinions held by 90 North Consulting or by Executive Director Eric Dyson.

In this episode of Friday Fiduciary Five, Eric Dyson talks about the sixth signature principle of fiduciary leadership: documentation should tell the entire fiduciary story. He emphasizes the importance of documenting not just decisions but also the process and purpose behind them. Eric uses the analogy of a ship's log versus a captain's log to illustrate the difference between recording facts and explaining the rationale behind decisions. He challenges fiduciary committees to ensure their documentation reflects both prudence and loyalty.

Connect with Eric Dyson: 

Website: https://90northllc.com/

Phone: 940-248-4800

Email: [email protected] 

LinkedIn: https://www.linkedin.com/in/401kguy/ 

The information contained herein is general in nature and is provided solely for educational and informational purposes.

It is not intended to provide a specific recommendation of any type of product or service discussed in this presentation or to provide any warranties, financial advice, or legal advice.

The specific facts and circumstances of all qualified plans can vary, and the information contained in this podcast may or may not apply to your individual circumstances or to your plan or client plan-specific circumstances.

The opinions expressed by guests on the Be More Than a Fiduciary podcast are not necessarily the same as the opinions held by 90 North Consulting or by Executive Director Eric Dyson.

As the Department of Labor reshapes how fiduciaries evaluate 401(k) investments, committees and advisors can’t afford to wing it. In this episode, Michael Welz breaks down the proposed DOL safe harbor, the six-factor framework, and what it really means to prudently add alternatives and private assets to defined contribution plans.

In this episode, Eric and Michael Welz discuss:

• Background and intent of the proposed DOL guidance
• Six-factor safe harbor framework for investment selection
• Applying risk-adjusted returns and appropriate time frames
• Incorporating private assets into defined contribution plans
• Investment policy statements, due diligence, and ERISA litigation risk

Key Takeaways:

• The proposed DOL regulation focuses less on picking “perfect” investments and more on whether fiduciaries follow a prudent, well-documented process.
• Evaluating performance now explicitly addresses risk-adjusted returns over an appropriate time frame, rather than just raw performance versus benchmarks.
• The proposed DOL guidance can be considered “investment option neutral”  for DC plans, provided liquidity, valuation, and complexity are properly understood and documented.
• Investment policy statements are the core roadmap for due diligence, and many committees need to revisit and realign them with the new six-factor framework.
• By aligning committee processes with the proposed safe harbor, fiduciaries can both expand investment menus and potentially reduce excessive ERISA litigation risk.

“On presumption of prudence, the process is the important part, not a checklist.” - Michael Welz

Michael Welz is President of USI Consulting Group and USI Advisors, Inc., leading the firm’s overall direction, strategy, and institutional investment solutions. With over 25 years of investment management experience, he oversees portfolio strategies, market research, and asset allocation, notably incorporating behavioral finance into defined contribution plan consulting. He previously served as USI Advisors' Chief Investment Officer and National Practice Leader for USICG’s defined contribution group following a decade with major financial firms. Michael holds a master's equivalent in economics from the University of Cologne, holds CFA, CAIA, and CIMA credentials, and maintains FINRA Series 7, 63, and 65 licenses.

Connect with Michael Welz:

Website: https://www.usicg.com/ 

LinkedIn: https://www.linkedin.com/in/michael-welz-cfa-12997821/ 

Connect with Eric Dyson: 

Website: https://90northllc.com/

Phone: 940-248-4800

Email: [email protected] 

LinkedIn: https://www.linkedin.com/in/401kguy/ 

The information and content of this podcast are general in nature and are provided solely for educational and informational purposes. It is believed to be accurate and reliable as of the posting date, but may be subject to change.

It is not intended to provide a specific recommendation for any type of product or service discussed in this presentation or to provide any warranties, investment advice, financial advice, tax, plan design, or legal advice (unless otherwise specifically indicated). Please consult your own independent advisor as to any investment, tax, or legal statements made.

The specific facts and circumstances of all qualified plans can vary, and the information contained in this podcast may or may not apply to your individual circumstances or to your plan or client plan-specific circumstances.

The opinions expressed by guests on the Be More Than a Fiduciary podcast are not necessarily the same as the opinions held by 90 North Consulting, or of Executive Director Eric Dyson.

In this episode of Friday Fiduciary Five, Eric Dyson talks about lessons learned from public comments on the Department of Labor's proposed guidance for investment selection in defined contribution plans. He outlines eight key principles for fiduciary decision-making, emphasizing the importance of defining problems, balancing process and purpose, using examples to inform rather than dictate, and integrating checklists with judgment.

As the title implies, this week he discusses flexibility and accountability and how they can appropriately coexist in a prudent governance framework.

Connect with Eric Dyson: 

Website: https://90northllc.com/

Phone: 940-248-4800

Email: [email protected] 

LinkedIn: https://www.linkedin.com/in/401kguy/ 

The information contained herein is general in nature and is provided solely for educational and informational purposes.

It is not intended to provide a specific recommendation of any type of product or service discussed in this presentation or to provide any warranties, financial advice, or legal advice.

The specific facts and circumstances of all qualified plans can vary, and the information contained in this podcast may or may not apply to your individual circumstances or to your plan or client plan-specific circumstances.

The opinions expressed by guests on the Be More Than a Fiduciary podcast are not necessarily the same as the opinions held by 90 North Consulting, or of Executive Director Eric Dyson.

Most fiduciaries are handed enormous responsibility with almost no practical training. In this episode, you’ll learn what it really means to be an “intelligent fiduciary” — and how to move beyond box‑checking to truly serving participants while protecting yourself from litigation.

In this episode, Eric and Carol Buckmann discuss:

• Fiduciary training gap under ERISA and why it matters
• The three core traits of an “intelligent fiduciary”
• Practical RFPs and monitoring service providers
• Prohibited transactions, 408(b)(2), and Cunningham v. Cornell
• Service provider myths and emerging risks in welfare benefit plans

Key Takeaways:

• ERISA plan fiduciaries are held to some of the highest legal standards despite having no built-in requirement for training, which creates a potentially dangerous knowledge gap for committee members.
• An “intelligent fiduciary” is committed to best practices, prioritizes participants’ interests above all else, and stays current on legal and investment developments.
• Regular RFPs and systematic evaluation of service providers are not optional extras; they are core fiduciary functions that often require outside experts to do well.
• Prohibited transaction rules are highly technical, and even arrangements that feel “fair” can be violations if they involve related parties and don’t fit within an exemption.
• Welfare benefit plans and pharmacy benefit arrangements are becoming hot targets for litigation, making it increasingly important to have clear governance, disclosures, and specialized oversight.

“You can't be an intelligent fiduciary if you don't engage outside experts when you need them.” - Carol Buckmann

Carol Buckmann is a co-founding partner of Cohen & Buckmann p.c. and Chair of its Fiduciary and Plan Governance practice. With more than 40 years of experience, much of it at major law firms, she is widely recognized for her expertise in plan qualification and design, fiduciary responsibilities and investment fund formation, advising global and U.S. companies on complex problems. Carol writes for the firm’s blog, Insights, contributes to Bar association comment letters and industry publications such as Law 360, Practical Law, and LEXIS Practice Advisor, and speaks frequently at industry events. She serves on Worldwide Employee Benefits’ National Board and Law 360’s Employee Benefits Advisory Board and has written a practical guide for fiduciaries available on Amazon called The Intelligent Fiduciary. 

Carol Buckmann is a co-founding partner of Cohen & Buckmann p.c. and Chair of its Fiduciary and Plan Governance practice. With more than 40 years of experience, much of it at major law firms, she is widely recognized for her expertise in plan qualification and design, fiduciary responsibilities and investment fund formation, advising global and U.S. companies on complex problems. Carol writes for the firm’s blog, Insights, contributes to Bar association comment letters and industry publications such as Law 360, Practical Law, and LEXIS Practice Advisor, and speaks frequently at industry events. She serves on Worldwide Employee Benefits’ National Board and Law 360’s Employee Benefits Advisory Board and has written a practical guide for fiduciaries available on Amazon called The Intelligent Fiduciary. 

Author, The Intelligent Fiduciary- Your Guide to ERISA Fiduciary Duties.

The Intelligent Fiduciary makes ERISA responsibilities easier to understand and apply. Learn more about the book here: https://us.amazon.com/Intelligent-Fiduciary-Practices-Navigating-Responsibilities/dp/B0HB5TLJ4F 

Connect with Carol Buckmann:

Website: https://cohenbuckmann.com/carol-i-buckmann 

LinkedIn: https://www.linkedin.com/in/carol-buckmann-6b44276/ 

Connect with Eric Dyson: 

Website: https://90northllc.com/

Phone: 940-248-4800

Email: [email protected] 

LinkedIn: https://www.linkedin.c

In this episode of Friday Fiduciary Five, Eric Dyson talks about eight signature principles from DOL proposed guidance for investment selection. Key principles included evaluating problems before solutions, prudence in process versus loyalty in purpose, and the importance of checklists in organizing judgment but not replacing it.

Connect with Eric Dyson: 

Website: https://90northllc.com/

Phone: 940-248-4800

Email: [email protected] 

LinkedIn: https://www.linkedin.com/in/401kguy/ 

The information contained herein is general in nature and is provided solely for educational and informational purposes.

It is not intended to provide a specific recommendation of any type of product or service discussed in this presentation or to provide any warranties, financial advice, or legal advice.

The specific facts and circumstances of all qualified plans can vary, and the information contained in this podcast may or may not apply to your individual circumstances or to your plan or client plan-specific circumstances.

The opinions expressed by guests on the Be More Than a Fiduciary podcast are not necessarily the same as the opinions held by 90 North Consulting or of Executive Director Eric Dyson.

In this episode of Friday Fiduciary Five, Eric Dyson talks about the DOL's proposed guidance on investment selection for defined contribution plans, based on over 40,000 public comments. He outlines eight signature principles, emphasizing that examples should inform fiduciary judgment but not define it.

This episode discusses the DOL’s use of examples in their guidance and how they should be interpreted to inform fiduciary judgment and not replace it.

Connect with Eric Dyson: 

Website: https://90northllc.com/

Phone: 940-248-4800

Email: [email protected] 

LinkedIn: https://www.linkedin.com/in/401kguy/ 

The information contained herein is general in nature and is provided solely for educational and informational purposes.

It is not intended to provide a specific recommendation of any type of product or service discussed in this presentation or to provide any warranties, financial advice, or legal advice.

The specific facts and circumstances of all qualified plans can vary, and the information contained in this podcast may or may not apply to your individual circumstances or to your plan or client plan-specific circumstances.

The opinions expressed by guests on the Be More Than a Fiduciary podcast are not necessarily the same as the opinions held by 90 North Consulting or of Executive Director Eric Dyson.

In this episode of Friday Fiduciary Five, Eric Dyson talks about the importance of prudence and loyalty working together in fiduciary duties, emphasizing that prudence focuses on process while loyalty focuses on purpose. He references 29 U.S. Code § 1104, highlighting the statutory definitions of prudence and loyalty. Eric stresses that fiduciary duties, including prudence, loyalty, diversifying assets, and following the plan document, must be for the exclusive benefit of participants. 

Connect with Eric Dyson: 

Website: https://90northllc.com/

Phone: 940-248-4800

Email: [email protected] 

LinkedIn: https://www.linkedin.com/in/401kguy/ 

The information contained herein is general in nature and is provided solely for educational and informational purposes.

It is not intended to provide a specific recommendation of any type of product or service discussed in this presentation or to provide any warranties, financial advice, or legal advice.

The specific facts and circumstances of all qualified plans can vary, and the information contained in this podcast may or may not apply to your individual circumstances or to your plan or client plan-specific circumstances.

The opinions expressed by guests on the Be More Than a Fiduciary podcast are not necessarily the same as the opinions held by 90 North Consulting or of Executive Director Eric Dyson.

In this episode of Friday Fiduciary Five, Eric Dyson talks about the proposed Department of Labor (DOL) guidance on investment selection in defined contribution plans, emphasizing the importance of defining the problem before evaluating solutions. The DOL's guidance aims to allow for innovation and a path for different asset types in 401(k) plans without over-defining prudence.

Connect with Eric Dyson: 

Website: https://90northllc.com/

Phone: 940-248-4800

Email: [email protected] 

LinkedIn: https://www.linkedin.com/in/401kguy/ 

The information contained herein is general in nature and is provided solely for educational and informational purposes.

It is not intended to provide a specific recommendation of any type of product or service discussed in this presentation or to provide any warranties, financial advice, or legal advice.

The specific facts and circumstances of all qualified plans can vary, and the information contained in this podcast may or may not apply to your individual circumstances or to your plan or client plan specific circumstances.

The opinions expressed by guests on the Be More Than a Fiduciary podcast are not necessarily the same as the opinions held by 90 North Consulting, or of Executive Director Eric Dyson.