Be More Than A Fiduciary

In this episode of Friday Fiduciary Five, Eric Dyson discusses the importance of ERISA fiduciary training for plan committee members and industry professionals. He announces the launch of a new training platform, which will offer SHRM professional development credits, CE for advisors with the Fi-360 designation, and CFP certification. Eric emphasizes the need for regular, foundational fiduciary tr...

In this episode of Friday Fiduciary Five, Eric Dyson talks about the differences between ERISA bonds and fiduciary liability insurance. ERISA bonds protect against fraud and theft, while fiduciary liability insurance covers fiduciary breaches. Eric emphasizes the importance of having both types of insurance, noting that ERISA bonds are required by the Department of Labor, while fiduciary liability...

In this episode of Friday Fiduciary Five, Eric Dyson talks about a common and easily fixable cybersecurity risk in retirement plans: participants who have not set up user IDs and passwords for their accounts. This oversight is the most frequent cause of cyber breaches, not the fault of plan sponsors or record keepers. Eric shares an anecdote about an employee discovering unauthorized 401(k) loan d...

Ellen Alphonso, CPA, is a Senior Manager at Boyum Barenscheer PLLP and a recognized expert in employee benefit plan audits, with extensive experience guiding plan sponsors through the complexities of employee benefit plan compliance. Licensed as a Certified Public Accountant in Minnesota, Ellen has led audits for retirement plans ranging from under $500,000 to over $5 billion in assets, offering a...

In this episode of Friday Fiduciary Five, Eric Dyson talks about the McDonald v LabCorp lawsuit, focusing on part three and float compensation. He recaps previous episodes on record-keeping fees and investment share classes. The court found the plan's fee monitoring process sufficient. Float income, earned on stale checks, is a plan asset under ERISA, and fiduciaries must ensure it's managed in pa...

In this episode of Friday Fiduciary Five, Eric Dyson talks about the McDonald v. LabCorp ERISA litigation, focusing on investment share classes and collective investment trusts. He highlights that institutional share classes offer lower costs, and LabCorp moved participants to these classes within a reasonable timeframe. Eric emphasizes the importance of exploring collective trusts for plans of al...

As Vice President of Human Resources at Glazer’s Beer & Beverage, Jonathan collaborates with his GBB colleagues to establish, implement, and improve people strategies and processes. Prior to joining GBB, Jonathan held HR executive roles across various industries, spanning over 20 years. His previous roles include stops at M&M Manufacturing (a Berkshire Hathaway operating company), Southern...

In this episode of Friday Fiduciary Five, Eric Dyson talks about the LabCorp case, focusing on record-keeping fees. Plaintiffs argued fees should be $20-$25 per person per year, while the plan completed RFIs in 2017, 2019, and benchmarked in 2021 and 2022. The court found the process met the standard of care, though some argue a competitive bid process might have been more effective. Eric emphasiz...

Jenny Kiesewetter has more than 24 years of experience advising businesses in ERISA, employee benefits, compensation, fiduciary responsibility, and compliance matters. As a member of the firm’s Employee Benefits and Tax Practice in Nashville, she advises clients on all aspects of employee benefits and executive compensation, including qualified and nonqualified retirement plans, health and welfare...

In this episode of Friday Fiduciary Five, Eric Dyson talks about the August 2025 Executive Order by President Trump on alternative investments in 401(k) plans. He references his article in 401(k) Specialist Magazine, Private Equity in 401(k) Plans: Policy Shift or Practical Reality?  and the 90 North newsletter - Private Equity in 401(k) Plans: What Fiduciaries Must Know . The order does not...

Tom Kmak is the co-founder and Chief Executive Officer of Fiduciary Decisions (FDI, formerly Fiduciary Benchmarks). During his 16 years with the firm, FDI has become the industry’s leading firm for benchmarking retirement plans using a patented approach that recognizes the mathematical truth that “Fees Without Value is a Meaningless Comparison.”  Tom is pleased to say that FDI’s benchmarking...

In this episode of Friday Fiduciary Five, Eric Dyson discusses intricate details of retirement plan record-keeping fee structures, emphasizing the importance of understanding those details. He references a case where a plan with several hundred million dollars and thousands of participants decided to eliminate revenue sharing and conduct an advisor search. Eric explains the nuances of fee assessme...

Now “retired” (whatever that means), Nevin is the former Chief Content Officer and Head of Retirement Research for the American Retirement Association. One of the retirement industry’s most prolific writers, these days he’s “retired”, which means he writes less, but continues to keep his eye on developments in, and threats to, the nation’s private retirement system. He’s the Chief Advisor Strategi...

In this episode of Friday Fiduciary Five, Eric Dyson discusses the importance of details in fiduciary work, referencing Admiral Hyman Rickover's saying, "The devil's in the details, but so is salvation." He explains his process of conducting advisor searches for plan sponsors, emphasizing the need to understand pricing models, particularly asset-based pricing. Eric highlights a case where a plan's...

Mike DiCenso is a seasoned professional in the retirement industry, carrying over three decades of rich experience. His expertise spans a broad range of competencies: Crafting visionary strategies and direction, marked by critical thinking and market leadership Proficient in practice management and mastering business metrics Demonstrated organizational leadership, with a focus on revenue, asset, a...

In this episode of the Friday Fiduciary Five, Eric Dyson discusses the current “Hot Topics” for ERISA plans. Leading the list is the Cunningham v. Cornell decision, which shifts the burden of proving exemptions in prohibited transactions to fiduciaries. Fee and forfeiture litigation remains active, with dozens of new cases this year. Health plan fiduciary risks—such as mental health parity rules a...

Mike Dullaghan is Director of Retirement Sales Execution for Franklin Templeton. He is responsible for providing thought leadership, promoting new content, and delivering the tools and resources that help enable the Retirement team to effectively market Franklin Templeton products. Mr. Dullaghan is a regular contributor to Kiplinger’s “Building Wealth” newsletter.  In this episode, Eric and M...

In this episode of Friday Fiduciary Five, Eric Dyson discusses the Department of Labor’s (DOL) position in the forfeiture-related case Hutchins vs. Hewlett Packard, Inc. The DOL submitted an amicus brief supporting the court’s dismissal of the plaintiffs’ complaint, agreeing that Hewlett Packard acted within the discretion granted by its plan document. Dyson stresses the importance of following pl...

In this episode of Friday Fiduciary Five, Eric Dyson talks about trends in advisor RFPs, emphasizing the importance of likability, participant engagement, and support for HR teams. He highlights that committees still prioritize fiduciary consulting and support.  However, this has become table stakes. The difference that many plan sponsors and committees look for is in the value advisors can b...

Jamie Greenleaf is the Co-Founder of Fiduciary In A Box (FIAB) and a recognized expert in fiduciary governance. With a career dedicated to helping employers design and implement fiduciarily sound retirement programs, she has consistently focused on driving better financial outcomes for employees. In response to the Consolidated Appropriations Act (CAA) of 2021, Jamie co-founded Fiduciary In A Box...

In this episode of Friday Fiduciary Five, Eric Dyson discusses the implications of the Cunningham v Cornell Supreme Court decision for health plans, emphasizing the need for 408(b)(2) disclosures under the Consolidated Appropriations Act. He explains that health plans subject to ERISA must now disclose fees and services provided by vendors, such as third-party administrators and pharmacy benefit m...

In this episode of Friday Fiduciary Five, Eric Dyson talks about two recent ERISA cases: Cunningham v. Cornell University and Steen v. Sonoco. In Cunningham, the court ruled that prohibited transactions can move a case forward, emphasizing the importance of 408(b)(2) disclosures and a documented process. In Steen, the court dismissed the case for lack of factual allegations, highlighting the need...

In this episode of Friday Fiduciary Five, Eric Dyson talks about the frequency of benchmarking retirement plans, focusing on fee benchmarks rather than employer contributions or eligibility periods. Using data from Callan's 2023 and 2025 defined contribution trend surveys, Eric notes that 80% of large plans reviewed fees in 2022 and 75% plan to do so in 2023. He highlights that 70-80% of these pla...

In this episode of Friday Fiduciary Five, Eric Dyson talks about the Department of Labor's (DOL) Compliance Assistance Release 2025-01, effective May 28, 2025, which rescinds previous DOL and EBSA guidance on cryptocurrency in 401(k) plans.  The DOL clarifies that the "extreme care" standard mentioned in the 2022 release does not exist in ERISA; instead, it refers to the duty of loyalty and p...

In this episode of Friday Fiduciary Five, Eric Dyson talks about the true meaning of Memorial Day;  to honor those who died serving the country, rather than celebrating personal freedoms or retail sales. Eric encourages listeners to remember and never forget the sacrifices made by service members and their families, particularly the Gold Star families who have lost loved ones. He suggests wat...