October 22, 2012 (PLANSPONSOR.com) – T. Rowe Price launched FiduciarySource, an online program designed to help plan sponsors better understand and fulfill their fiduciary obligations.
The six training modules include:
- The Big Picture: What fiduciaries must do, not do and what happens when they make a mistake;
- The Practical Reality of Being a Fiduciary: How fiduciaries delegate authority and responsibilities;
- Service Providers: What they do, hiring them and reviewing their performance;
- Investing the Money: The use of investment policy statements, investment committees and investment managers;
- Day-to-Day Operations: What must be done in plan operations and who is responsible; and
- Communicating Financial Information to Workers: Whether sponsors are giving participants education, advice, or neither.
The online tool offers training that accommodates plan sponsors’ learning preferences and time constraints, said Michael Skinner, head of client experience and research for Retirement Plan Services (RPS). The program tracks progress and offers a certificate of completion at the end of training, which could be important in the event of a plan audit, he said.
FiduciarySource includes a series of seven training videos, corresponding print guides and an online quiz to test sponsor knowledge. Sponsors can use a computer or tablet device.
The program was developed by T. Rowe Price in collaboration with Bradford P. Campbell, former Assistant Secretary of Labor for Employee Benefits with the U.S. Department of Labor’s Employee Benefits Security Administration. Campbell also narrates and is featured in many of the training videos.
For more information, visit www.troweprice.com.