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PSCA Offers Plan Sponsor Education About Third-Party Fiduciaries

Topics discussed include how often plan sponsors should review their third-party fiduciaries.

By PLANSPONSOR staff editors@plansponsor.com | November 14, 2016

The Plan Sponsor Council of America (PSCA) has published an article and a two-part podcast on third-party fiduciaries.

Stephen Abramson, president of APS Pension Services and author of “Advisor’s Guide to Qualified Plans” and co-author of “Plan Smart, Retire Rich,” wrote the article for DC Insights Magazine and sat down with PSCA executive director Tony Verheyen for a two-part interview.

Topics discussed include:

  • How often plan sponsors should review their third-party fiduciaries;
  • What plan sponsors are doing to become better fiduciaries; and
  • How retirement plan managers can convince plan fiduciaries to take their responsibility seriously.

“This is an important topic given the Department of Labor’s new fiduciary rule and intensifying scrutiny of fiduciaries in the courts,” says Stephan McCaffrey, senior counsel for National Grid and PSCA Board Chairman. “We encourage readers and listeners to understand the nuanced world of fiduciary services, to educate colleagues about the role and importance of the fiduciary, and to lead their organizations through conversations about whether outsourcing fiduciary services will work for the organization.”

To read Abramson’s article and listen to his discussion with Verheyen, follow these links:

PSCA also offers a formal, three-hour online fiduciary training program to members and non-members. The program will contain information related to the Department of Labor's fiduciary rule in 2017. Click here for more information.

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