Maggie Younis is the VP, Head of Consultant Relations at Lincoln Financial Group, where she has worked since 2010. With over 20 years of industry experience, Maggie holds a bachelor's degree in Economics from DePauw University and multiple professional designations, including CPC, QPA, QKA, TGPC, APA, APR, and ERPA. She was awarded ASPPA’s Educator of the Year in 2018.

Alice Palmer is the vice president and RPS chief counsel at Lincoln Financial, overseeing the legal and compliance teams for their retirement plans business. She has been in formal leadership roles since 2013, previously leading the retirement plans legal team at Nationwide Financial. Alice serves on the U.S. Department of Labor’s ERISA Advisory Council and is active with several industry organizations including ACLI and NSCP. She was also an adjunct professor at the University of Pennsylvania’s Carey Law School. Alice is dedicated to fostering a culture of compliance and supporting various professional communities.

In this episode, Eric, Maggie Younis, and Alice Palmer discuss:

• The importance of process in selecting a plan recordkeeper, with cost as a due consideration
• Prudence in record-keeping 
• Understanding the needs of the workforce 
• Analyzing the fit of proprietary products 

Key Takeaways:

• The DOL emphasizes the importance of process over cost in meeting fiduciary duties. Consider the complexities of plan design, such as eligibility criteria, employer contributions, and financial savviness of the workforce. Create a process that evaluates all relevant factors, including the cost in order to ensure the best interests of participants are met.
• Prudence in evaluating record keepers is all about making informed decisions based on expertise and understanding the goals of the plan. Understand the facts and make decisions that would be considered good by similarly situated experts.
• The planning committee must understand the goals and options available. Advisors shouldn’t focus solely on cost in the initial stages of the RFP process. There needs to be a clear understanding of the breadth of options to achieve the plan’s goals. Understand the demographics and needs of the workforce to determine what’s needed. 
• Proprietary products can be a significant lever for pricing but should be evaluated based on their appropriateness for the plan.

“Prudence is about making a decision that is informed by expertise, and if you don't have the expertise, then you should go out and find the expertise, but you need to make decisions that are informed by an appropriate level of expertise given the goals that you have set forth in front of you.” - Alice Palmer

Connect with Maggie Younis:

LinkedIn: https://www.linkedin.com/in/maggie-younis/ 

Connect with Alice Palmer:

LinkedIn: https://www.linkedin.com/in/alice-palmer-jd-cebs-she-her-b7509524/ 

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 is general in nature and is 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.