In this episode, Eric discuss:

• Going beyond obligations 
• The difference stewardship makes
• Procedural and substantive prudence
• Behavioral governance 

Key Takeaways:

• Being a fiduciary is about meeting legal obligations, but being "more than a fiduciary" involves going beyond just meeting obligations to focus on achieving favorable participant outcomes through good stewardship.
• Fiduciary obligations are the foundation, but in defined contribution plans, you can meet all legal obligations and still get zero results for participants. Stewardship focuses on advocating for things like increased employer contributions even if not legally required.
• The fiduciary standard of care involves both procedural and substantive prudence, such as having a sound investment policy statement and monitoring process. Fiduciary best practices include proper education, documentation, and implementing industry best practices.
• Behavioral governance is about providing leadership, stewardship, and governance, even if you are not the most senior person on the committee. Fiduciaries have an equal say regardless of organizational hierarchy.

“[Being a fiduciary] is a leadership role. As a fiduciary, as a committee member, and advisor, you are in a leadership role.” - Eric Dyson

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.