Be More Than A Fiduciary

In this episode of Friday Fiduciary Five, Eric Dyson talks about the recent surge of forfeiture lawsuits and urges plan fiduciaries, advisors, and committee members to scrutinize their fiduciary processes rigorously. Referencing previous episodes on the topic, Dyson summarizes lawsuits filed by the Schlichter Bogard law firm, which allege that plan sponsors violated fiduciary duties by not using f...

For over 20 years, Shannon and her team at TriStar Pension Consulting have acted as a secret weapon for financial advisors, CPAs, small businesses, and plan sponsors. They are the go-to resource for plan design, fixing broken retirement plans, client presentation support, and high-touch customer service. Since starting the firm over two decades ago, her goal has been to provide a deeper level of r...

In this episode of Friday Fiduciary Five, Eric Dyson talks about the Cunningham vs. Cornell Supreme Court decision and its implications for ERISA plans and the potential implications for Health Plans based on the Consolidated Appropriations Act (“CAA”). He emphasizes that the decision does not change how fiduciaries should operate but highlights guidance that is already in place. Eric explains pro...

Gina Alsdorf has more than 15 years of experience in employee benefits, working on complex issues involving ERISA, employee benefit plans, and related laws.  Her past clients include trustees, plan committees, plan sponsors, consultants, registered investment advisors, broker-dealers, banks, insurance companies, third-party administrators, and recordkeepers for retirement plans and individual...

In this episode of Friday Fiduciary Five, Eric Dyson presents a follow-up to the previous Friday Fiduciary Five regarding the Supreme Court’s Decision on Cunningham v Cornell.  Eric talks about the concept of affirmative defense. He explains that affirmative defense allows for exceptions to prohibited transactions if certain conditions are met, particularly the proper disclosure of fees throu...

In this episode of Friday Fiduciary Five, Eric Dyson talks about the anatomy of an ERISA class action lawsuit. He explains that attorneys often scrutinize IRS Form 5500s for high fees and underperforming investments. If issues are found, former employees may become named plaintiffs. After a complaint is filed, a motion to dismiss is typically the first defense. If this fails, discovery involves ex...

In this episode of Friday Fiduciary Five, Eric Dyson talks about lessons learned from the Supreme Court case Cunningham v Cornell, focusing on the distinction between prohibited transactions and exempt prohibited transactions under ERISA. He emphasizes the importance of proper disclosures, such as ERISA 408(b)(2) disclosures, to ensure arrangements are reasonable and not prohibited. Eric highlight...

Terry Crocker, CEO of Tropical Texas Behavioral Health, holds master’s degrees in psychology and business. Since 2003, Terry has led the agency’s growth into one of Texas’s largest community centers, now serving 34,000 people annually with a $123M budget and 1,400 staff. Honors include Behavioral Healthcare Champion (2013), the National Council’s Visionary Leadership Award (2018), and appointment...

In this episode of Friday Fiduciary Five, Eric Dyson talks about the potential risks of including cryptocurrencies in ERISA retirement plans. He emphasizes that sophisticated, highly volatile investments like cryptocurrencies may not be suitable for group retirement plans. Eric references a Senate bill introduced by Senator Tommy Tuberville that seeks to reverse the Department of Labor's guidance...

After earning a Sociology degree from Texas Tech University, Justin pursued graduate studies in Marriage and Family Counseling at Southwestern Seminary in Fort Worth. While in school, he worked part-time in the accounting department of a multi-state organization, eventually transitioning into a role in Human Resources—a better fit for his background and passion for helping people thrive at work. W...

In this episode of Friday Fiduciary Five, Eric Dyson talks about the ARA Leadership Triangle: Authority, Responsibility, and Accountability. He emphasizes that while authority can be delegated, responsibility cannot. Eric uses examples from leadership roles to illustrate the consequences of lacking these elements: apathy without accountability, frustration without authority, and boredom without re...

With over 25 years of experience in financial services, Kelly has a passion for helping employers optimize their retirement plans and empower their employees to achieve financial security and retire with confidence. Combining financial expertise with wellness coaching, Kelly enjoys crafting comprehensive strategies that support employees throughout their health and wealth journey. She holds key ce...

In this episode of Friday Fiduciary Five, Eric Dyson talks about two key principles in financial planning on his podcast. First, he asserts that individuals with debt problems often lack a written budget. Second, he notes that no one has ever regretted saving too much for retirement. Eric emphasizes the importance of starting early with retirement savings, using the example of a middle-income hous...

Mike Dullaghan is the 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. Previously, at Putnam I...

In this episode of Friday Fiduciary Five, Eric Dyson talks about the 80/20 rule, also known as the Pareto Principle, in the context of ERISA plans. He explains that 70-80% of assets and contributions are in target date funds, yet much time is spent evaluating the core lineup. Eric emphasizes the need to focus on the 20% of issues that drive 80% of outcomes, particularly in target date funds and ma...

Kevin has dedicated his career to helping people prepare for retirement. He assists corporate plan sponsors and their committees in meeting fiduciary responsibilities while guiding employees toward their financial goals. With over 25 years in financial services, he is a Certified Investment Management Analyst and Accredited Investment Fiduciary Analyst. His expertise spans corporate retirement pla...

In this episode of Friday Fiduciary Five , Eric Dyson breaks down the key differences between ERISA 3(21) investment advisors and ERISA 3(38) investment managers. He explains how these roles impact plan sponsors, committee responsibilities, and investment decision-making. Eric highlights the main advantage of hiring a 3(38) investment manager. He also discusses the cost structure, the importance o...

Marcia Wagner is the founder of The Wagner Law Group, one of the nation’s largest and most highly regarded law firms specializing in ERISA, employee benefits, and executive compensation, and has practiced employee benefits law for over 38 years. Ms. Wagner is an authority on qualified and non-qualified plans, fiduciary issues, deferred compensation, and welfare benefit arrangements, with experienc...

In this episode of Friday Fiduciary Five, Eric Dyson talks about the importance of investment policy statements (IPS) for target date funds (TDFs). He emphasizes the need for well-crafted IPS sections specifically for TDFs, cautioning against over-reliance on custom benchmarks that often fail to provide meaningful comparisons. Eric likens TDF evaluation to a fruit salad, underscoring the complexit...

In 1989, entrepreneur and sales professional David White began using payroll deductions through his successful companies, The Corporate Shoe and Corporate Warehouse Club. He operated seven employee stores at major companies like Texas Instruments, Lockheed Martin, and Frito-Lay and sponsored sales at Fortune 500 companies nationwide. In 2002, he applied this model to onsite sale events at over 40...

In this episode of Friday Fiduciary Five, Eric talks about the importance of the Investment Policy Statement (IPS) as a plan document under ERISA. He references Interpretive Bulletin 2016-1, which clarifies that the IPS is a written guideline for fiduciaries, essential for maintaining plan investments. Eric emphasizes that drafting an IPS is a fiduciary act and must be adhered to unless it would b...

Chelle O'Keefe, SPHR is a seasoned HR executive with over 20 years of experience, specializing in fostering growth and vibrant workplace cultures. As Chief People Officer at Platinum Dermatology Partners, she drives initiatives that build cohesive cultures, optimize processes, and elevate company results. Previously, as EVP and CHRO at Associa, Chelle championed innovative HR methodologies and div...

In this episode of Friday Fiduciary Five, Eric Dyson talks about Field Assistance Bulletin 2012-02R, focusing on participant-directed accounts and disclosure regulations (404(a)-5). Eric points out some details that are not commonly understood by many advisors and plan fiduciaries. He emphasizes the need for clear, understandable fee disclosures to participants, particularly those using revenue sh...

Jason is a key advisor at Great Gray Trust Company, specializing in CIT eligibility and investment-related matters. He negotiates agreements with plans, subadvisors, and service providers. Previously, Jason spent 13 years at Covington & Burling LLP, focusing on ERISA investing and policy issues. Committed to retirement policy, he has a proven track record of legislative and policy changes. Jas...

In this episode of Friday Fiduciary Five, Eric Dyson talks about the Department of Labor Field Assistance Bulletin 2003-03, which provides guidance on how to allocate plan expenses among participants. He discusses that plan sponsors should consider writing checks for plan expenses as an effective way to manage risks in regard to plan fees.  Eric explains that per FAB 2003-03 ERISA does not sp...