In this episode of Friday Fiduciary Five, Eric Dyson outlines three common process hiccups he believes need to stop. He emphasizes that an Investment Policy Statement (IPS) is a binding plan document under DOL guidance and warns against including language that suggests it does not have to be followed, while still allowing for reasonable flexibility. Eric also advises fiduciaries to stop keeping meeting minutes too brief, stressing that minutes should clearly document decisions, rationale, and demonstrate prudence and loyalty. Lastly, he discusses the cautious but potential value of retaining AI-generated meeting summaries, suggesting their benefits may outweigh discovery concerns. Overall, Eric encourages fiduciaries to review these practices with advisors and ERISA counsel to strengthen compliance and governance.

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 are not necessarily agreed by, or the same opinions of 90 North Consulting or of Eric Dyson.