Be More Than A Fiduciary

LinkedIn: https://www.linkedin.com/in/401kguy/

The information contained herein is general in nature and is provided solely for educational and informational purposes.

It is not intended to provide a specific recommendation of any type of product or service discussed in this presentation or to provide any warranties, financial advice, or legal advice.

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.

The opinions expressed by guests on the Be More Than a Fiduciary podcast are not necessarily the same as the opinions held by 90 North Consulting, or of Executive Director Eric Dyson.

Will Hansen: Plan Sponsor Council of America

Wed, 22 Apr 2026 10:00:00 GMT

Discover how plan sponsors, HR, and benefits professionals can move from “figuring it out as they go” to confidently running sophisticated 401(k) and 403(b) plans—with free training, powerful credentials, and a national community behind them. This episode breaks down the CPSP credential, PSCA membership, and why better‑educated committees lead to better retirement outcomes.

In this episode, Eric and Will Hansen discuss:

American Retirement Association and its five member organizations
History and mission of the Plan Sponsor Council of America (PSCA)
CPSP credential: who it’s for and how it works
Free virtual classrooms sponsored by advisors and providers
PSCA membership benefits, governance, and fiduciary training for committees

Key Takeaways:

American Retirement Association and its five member organizations
History and mission of the Plan Sponsor Council of America (PSCA)
CPSP credential: who it’s for and how it works
Free virtual classrooms sponsored by advisors and providers
PSCA membership benefits, governance, and fiduciary training for committees

“An educated client is an engaged client.” - Will Hansen

Will Hansen joined the American Retirement Association (ARA) in January 2019 as Chief Government Affairs Officer. Since January 2020, he has also served as Executive Director of the Plan Sponsor Council of America, which is a part of ARA. Previously, Will served as an employee benefits attorney at a multi-national law firm, legislative counsel to a United States Senator, staff director of the United States Congress’ Joint Economic Committee, global employee benefits manager for a Fortune 200 company, and SVP for Retirement & Compensation Policy at The ERISA Industry Committee (ERIC).

Connect with Will Hansen:

Website: https://araadvocacy.org/

Connect with Eric Dyson:

Website: https://90northllc.com/

Phone: 940-248-4800

LinkedIn: https://www.linkedin.com/in/401kguy/

The information and content of this podcast are general in nature and are 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 opinions expressed by guests on the Be More Than a Fiduciary podcast are not necessarily the same as the opinions held by 90 North Consulting, or of Executive Director Eric Dyson.

FF5 #98 - DOL/EBSA Enforcement Priorities

Fri, 17 Apr 2026 10:00:00 GMT

In this episode of Friday Fiduciary Five, Eric Dyson talks about the Department of Labor's (DOL) new enforcement priorities, as outlined in Field Assistance Bulletin 20-2601. The DOL will focus on egregious conduct, the duty of loyalty, timely investigations, and senior-level reviews.

Connect with Eric Dyson:

Website: https://90northllc.com/

Phone: 940-248-4800

LinkedIn: https://www.linkedin.com/in/401kguy/

The information contained herein is general in nature and is provided solely for educational and informational purposes.

It is not intended to provide a specific recommendation of any type of product or service discussed in this presentation or to provide any warranties, financial advice, or legal advice.

The opinions expressed by guests on the Be More Than a Fiduciary podcast are not necessarily the same as the opinions held by 90 North Consulting, or of Executive Director Eric Dyson.

Joel Shapiro: Even More on DOL and EBSA Proposed Guidance on Investment Selection

Wed, 15 Apr 2026 10:00:00 GMT

The Department of Labor’s new proposed safe harbor could fundamentally reshape how retirement plan fiduciaries think about prudence, litigation risk, and innovation. In this episode, you’ll hear a practical roadmap for committees and advisors to prepare now, before the rule is finalized.

In this episode, Eric and Joel Shapiro discuss:

Scope and intent of the DOL’s proposed investment safe harbor
Prudence as process and the shift from products to frameworks
The six-factor test: performance, fees, liquidity, valuation, benchmarking, complexity
Litigation risk, meaningful benchmarks, and documentation standards
Practical guidance for plan committees, advisors, and the use of 3(21)/3(38) experts

Key Takeaways:

The DOL’s proposed safe harbor is intentionally asset-class neutral and process-focused, offering fiduciaries a clearer roadmap rather than product-specific rules.
Meeting the six factors—performance, fees, liquidity, valuation, benchmarking, and complexity—can create a presumption of prudence, but that presumption is still rebuttable.
Proper documentation of analysis and decisions is just as critical as conducting a prudent process; “showing your work” is central to defending fiduciary actions.
The proposal directly targets perceived abuses in litigation and encourages innovation (including alternatives) without sacrificing participant protections.
Committees should honestly assess their internal expertise and strongly consider engaging a 3(21) or 3(38) fiduciary to help operationalize the safe harbor and ongoing monitoring responsibilities

“For you as fiduciaries, don't pursue innovation for innovation's sake, or don't just jump on whatever the train is for the current trend; you still have to take control of the fiduciary wheel.” - Joel Shapiro

Links referenced during the podcast recording:

Joel Shapiro brings over 30 years of ERISA and fiduciary consulting experience to the firm’s retirement advisory platform. A former ERISA attorney and seasoned consultant, he focuses on translating complex regulations into practical strategies for Plan Sponsors and strengthening the firm’s ERISA framework. He has advised large Plan Sponsors on plan design, fiduciary governance, and compliance, and is widely recognized for developing ERISA playbooks and best-practice fiduciary models that balance rigor with efficiency. Joel holds degrees from Tufts University, American University’s Washington College of Law (J.D.), and Georgetown University Law Center (LL.M. Taxation), and is a frequent speaker at national retirement conferences.

Connect with Joel Shapiro:

Website: https://www.wealthspire.com/

LinkedIn: https://www.linkedin.com/in/joel-shapiro-wealthspire/

Connect with Eric Dyson:

Website: https://90northllc.com/

Phone: 940-248-4800

LinkedIn: https://www.linkedin.com/in/401kguy/

The opinions expressed by guests on the Be More Than a Fiduciary podcast are not necessarily the same as the opinions held by 90 North Consulting, or of Executive Director Eric Dyson.

Fiduciary Duties in Selecting Designated Investment Alternatives (Part 2)

Wed, 08 Apr 2026 10:00:00 GMT

In this episode, Eric discusses:

Reinforcing process over prediction
Formalizing the six-factor evaluation framework
Strengthening benchmarking practices
Ensuring governance through documentation and monitoring

Key Takeaways:

The proposed guidance emphasizes that prudence under ERISA is about having a sound, defensible process, not choosing perfect investments. The focus remains on consistency and documentation to reduce litigation risk.
Performance, fees, liquidity, valuation, benchmarking, and complexity are now structured into a clearer framework. These factors guide decisions but still require judgment, not checklist thinking.
Poor benchmarking, especially over-relying on custom or self-referential indexes, can hide weak decisions. Fiduciaries should use independent benchmarks that allow for meaningful comparison.
Prudence extends beyond selection into ongoing oversight. A clear Investment Policy Statement, regular monitoring, and the use of qualified advisors help demonstrate a strong fiduciary process.

“If you don't have the expertise to accomplish what you'd like, you should hire it... best practice is for just about all plans to hire an advisor.” - Eric Dyson

Connect with Eric Dyson:

Website: https://90northllc.com/

Phone: 940-248-4800

LinkedIn: https://www.linkedin.com/in/401kguy/

The opinions expressed by guests on the Be More Than a Fiduciary podcast are not necessarily the same as the opinions held by 90 North Consulting, or of Executive Director Eric Dyson.

FF5 #97 - Fiduciary Duties in Selecting Designated Investment Alternatives (Part 1)

Fri, 03 Apr 2026 10:00:00 GMT

In this episode of Friday Fiduciary Five, Eric Dyson talks about the Department of Labor and Employee Benefits Security Administration’s proposed rule on fiduciary duties in selecting investment options for participant-directed plans like 401(k)s, emphasizing prudence, documentation, and due diligence while exploring expanded fiduciary discretion. He expresses his own feedback, raising concerns about the lack of some specificity on required benchmarks and questions the lack of guidance on the use of formal investment policy statements.

Connect with Eric Dyson:

Website: https://90northllc.com/

Phone: 940-248-4800

LinkedIn: https://www.linkedin.com/in/401kguy/

The information contained herein is general in nature and is provided solely for educational and informational purposes.

It is not intended to provide a specific recommendation of any type of product or service discussed in this presentation or to provide any warranties, financial advice, or legal advice.

The opinions expressed by guests on the Be More Than a Fiduciary podcast are not necessarily the same as the opinions held by 90 North Consulting, or of Executive Director Eric Dyson.

FF5 #96 - An Update - Private Assets in DC Plans

Fri, 27 Mar 2026 10:00:00 GMT

In this episode of Friday Fiduciary Five, Eric Dyson talks about the Department of Labor's (DOL) proposed rule on private assets like private equity, credit, and real estate in defined contribution plans. The rule, expected for public comment very soon, will likely emphasize the fiduciary process for selecting and monitoring investments rather than setting specific asset allocation caps. Dyson highlights the importance of liquidity, valuation, and fee transparency in managing private assets. He suggests that committees and advisors should develop a clear evaluation framework, document decision-making processes, and align these with appropriate experts.

Connect with Eric Dyson:

Website: https://90northllc.com/

Phone: 940-248-4800

LinkedIn: https://www.linkedin.com/in/401kguy/

The information contained herein is general in nature and is provided solely for educational and informational purposes.

It is not intended to provide a specific recommendation of any type of product or service discussed in this presentation or to provide any warranties, financial advice, or legal advice.

The opinions expressed by guests on the Be More Than a Fiduciary podcast are not necessarily the same as the opinions held by 90 North Consulting, or of Executive Director Eric Dyson.

George Fraser: Creating Opportunity and Easing Financial Stress with GigMatch

Wed, 25 Mar 2026 10:00:00 GMT

George Fraser is Founder and Chief Revenue Officer at GigMatch. This new “APP” will address the 96% of Americans who are currently feeling financial stress daily. Developed with his partner Tom Kmak, GigMatch will provide “HOPE” through opportunities to enhance income and lifestyle both today and in retirement. Before GigMatch, Fraser spent 34 years partnering with employers to craft exemplary retirement plans, execute their fiduciary responsibilities, and change the dynamic for retirement plan participants with a simple and easy-to-understand model. Shlomo Benartzi and his team at UCLA, Carnegie Mellon, and Cornell conducted extensive research based on his “Pennies on the Dollar®” educational concept. In 2017, Fraser was named the inaugural recipient of 401 (k) Specialist Magazine's “TAPO”, Top Advisor for Participant Outcomes. In 2022, Fraser was named PLAN ADVISER Retirement Plan Adviser of the Year in the Community Impact and Giving Back category. He is a Chartered Retirement Plans Specialist (CRPS), Accredited Investment Fiduciary (AIF), Professional Plan Consultant (PPC), and Certified Behavioral Financial Analyst (CBFA).

In this episode, Eric and George Fraser discuss:

Shifting retirement messaging
Visualizing financial progress
Leveraging side gigs
Empathizing with real-life challenges

Key Takeaways:

Focusing on hope and empathy instead of fear or shame helps participants feel capable of saving and encourages proactive financial behavior.
Concrete, relatable examples like pennies or props make abstract concepts such as compounding and long-term savings easier to grasp and remember.
Connecting personal skills, passions, or unused assets to curated income opportunities allows people to increase earnings while maintaining lifestyle and meaning.
Acknowledging individual circumstances and offering practical, achievable solutions builds trust, reduces shame, and motivates consistent financial action.

“How have we been making people feel in this country about saving for retirement? It’s time to stop shaming them to save. It’s time to stop creating fear. We can have hope and optimism, and that is key. We need to have empathy.” - George Fraser

Connect with George Fraser:

LinkedIn: https://www.linkedin.com/in/drgeorgecfraser/

Connect with Eric Dyson:

Phone: 940-248-4800

The opinions expressed by guests on the Be More Than a Fiduciary podcast are not necessarily the same as the opinions held by 90 North Consulting, or of Executive Director Eric Dyson.

FF5 #95 - 404c Protection

Fri, 20 Mar 2026 10:00:00 GMT

In this episode of Friday Fiduciary Five, Eric Dyson talks about ERISA 404(c) protection. He emphasizes the importance of this regulatory Safe Harbor, which shields fiduciaries from liability for participant-directed investment outcomes if certain conditions are met. Key requirements include offering a broad range of investment options, daily liquidity (although not explicitly stated in 404(c) - the norm for these days), and sufficient information for informed decisions. Also required disclosures to participants that the plan intends to comply with ERISA 404(c). Eric notes that many plans may not fully comply, especially with explicit 404(c) disclosures. He advises plan fiduciaries to revisit their compliance, confirm distribution of 404(c) notices, and document their processes to ensure they meet all requirements.

Connect with Eric Dyson:

Website: https://90northllc.com/

Phone: 940-248-4800

LinkedIn: https://www.linkedin.com/in/401kguy/

The information contained herein is general in nature and is provided solely for educational and informational purposes.

It is not intended to provide a specific recommendation of any type of product or service discussed in this presentation or to provide any warranties, financial advice, or legal advice.

The opinions expressed by guests on the Be More Than a Fiduciary podcast are not necessarily the same as the opinions held by 90 North Consulting, or of Executive Director Eric Dyson.

Mike Dever: Brandywine Risk Replacement Strategies

Wed, 18 Mar 2026 10:00:00 GMT

Mike is the founder (in 1982) and CEO of Brandywine Asset Management, a featured subject of three books, numerous interviews and articles, and the author of a best-selling investment book. Brandywine has invested significant amounts over the past four decades in research to develop proprietary investment strategies and manage client assets pursuant to several successful investment programs. All of Brandywine’s investment programs are characterized by their ability to provide always-on downside protection while maintaining unconstrained upside exposure.

In this episode, Eric and Mike Dever discuss:

Maintaining upside exposure while limiting losses
Combining protection with additional return sources
Taking advantage of market dips through discipline
Controlling risk beyond traditional diversification

Key Takeaways:

Focus on participating fully in growth opportunities while implementing strategies that actively reduce the impact of market declines. This approach allows you to capture most of the upside while protecting against large losses, ultimately supporting stronger long-term performance.
Integrate downside protection with small, diversified return-driving strategies that work systematically. This combination helps cover the cost of protection while still generating incremental gains, ensuring that safety measures don’t come at the expense of growth.
Use structured, rules-based approaches to respond to temporary market declines. By reinvesting strategically during these dips, you can take advantage of lower prices and improve compounded long-term results, turning volatility into opportunity rather than risk.
Embed risk management directly into your investment approach rather than relying solely on shifting asset allocations. This method provides a more consistent, predictable way to manage volatility, ensuring that downside protection is built into the strategy itself instead of left to chance.

“If we can stop a loss from being down 20% but it's only down 13, now we're recovering from a higher level.” - Mike Dever

Connect with Mike Dever:

Website: www.brandywine.com

LinkedIn: https://www.linkedin.com/in/mikedever/

Connect with Eric Dyson:

Website: https://90northllc.com/

Phone: 940-248-4800

LinkedIn: https://www.linkedin.com/in/401kguy/

Brandywine Asset Management Inc. is a Registered Investment Adviser with the United States Securities and Exchange Commission (SEC). Brandywine's Form CRS and other disclosure documents can be found on the SEC's website at www.adviserinfo.sec.gov, using CRD#307564. Registration does not imply a certain level of skill or training. BRANDYWINE'S PRODUCTS ARE NOT FDIC INSURED. PAST PERFORMANCE IS NOT NECESSARILY INDICATIVE OF FUTURE RESULTS. THERE IS THE RISK OF LOSS AS WELL AS THE OPPORTUNITY FOR GAIN WHEN INVESTING WITH BRANDYWINE. NOT FDIC INSURED. MAY LOSE VALUE. NO BANK GUARANTEE. FOR FINANCIAL PROFESSIONALS.

The opinions expressed by guests on the Be More Than a Fiduciary podcast are not necessarily the same as the opinions held by 90 North Consulting, or of Executive Director Eric Dyson.

Don Trone - The Behavioral Governance Institute - Special Purpose Avatar

Wed, 11 Mar 2026 10:00:00 GMT

For a demo of the Behavioral Governance Special Purpose Avatar - contact Eric Dyson at edyson@90northllc.com

Don Trone, GFS™, is the CEO of the Behavioral Governance Institute (BGI), where he leads the development of Special Purpose Avatars (SPAs) designed to accelerate the professional development of leaders, stewards, and fiduciaries with governance responsibility. Widely known as the “Father of Fiduciary,” he has spent decades shaping fiduciary standards and governance practices. He was the founding CEO of fi360, the Center for Board Certified Fiduciaries, and the Foundation for Fiduciary Studies, and previously directed the Institute for Leadership at the U.S. Coast Guard Academy.

A former U.S. Coast Guard helicopter rescue pilot, Don brings real-world experience from high-stakes environments to his focus on clarity, foresight, and accountability in governance. He has also testified before the U.S. Senate Finance Committee and the Department of Labor on fiduciary best practices.

In this episode, Eric and Don Trone discuss:

The origins of the Behavioral Governance Institute and why fiduciary standards alone are not enough
How leadership behaviors and decision-making frameworks influence retirement outcomes
The development of “Special Purpose Avatars” is designed to support governance professionals
How AI-powered avatars can deliver personalized professional development and training

Key Takeaways:

Behavioral governance expands the traditional fiduciary framework. Instead of focusing only on procedural prudence, it integrates leadership, judgment, ethics, and decision-making into governance responsibilities.
AI-powered avatars are emerging as powerful tools for professional development. By curating expert knowledge in closed systems, these avatars help professionals strengthen their understanding of complex governance and fiduciary responsibilities.
The future of professional education is shifting from traditional classroom-style programs to on-demand learning experiences. AI avatars enable a “Netflix-style” training model where professionals control when, how, and what they learn.
Mastery-based learning loops represent a major advancement in professional education. Instead of allowing professionals to pass certification tests with partial understanding, avatars keep users in a training loop until they demonstrate full mastery of the subject.

“If we had a better understanding of how certain leadership behaviors impact the quality of decision-making outcomes, we could have a material positive impact on the management of investment decisions.” - Don Trone

Connect with Don Trone:

Website: https://www.3ethos.com/

LinkedIn: https://www.linkedin.com/in/don-trone-89873013/

Connect with Eric Dyson:

Website: https://90northllc.com/

Phone: 940-248-4800

LinkedIn: https://www.linkedin.com/in/401kguy/

The opinions expressed by guests on the Be More Than a Fiduciary podcast are not necessarily the same as the opinions held by 90 North Consulting, or of Executive Director Eric Dyson.

FF5 #94 - Which Hat Are You Wearing?

Fri, 06 Mar 2026 11:00:00 GMT

In this episode of Friday Fiduciary Five, Eric Dyson talks about the importance of understanding different fiduciary roles, particularly for ERISA plan committee members. He emphasizes the duty of loyalty, which requires acting exclusively in the best interest of plan participants, and the duty of prudence, which involves conducting oneself like an expert. Eric shares an example of a CFO recognizing the need to put the plan's interests above personal preferences. He also stresses that all committee members, regardless of their position, should have equal weight in fiduciary decisions and that personal interests should be set aside for the benefit of the plan participants.

Connect with Eric Dyson:

Website: https://90northllc.com/

Phone: 940-248-4800

LinkedIn: https://www.linkedin.com/in/401kguy/

The information contained herein is general in nature and is provided solely for educational and informational purposes.

It is not intended to provide a specific recommendation of any type of product or service discussed in this presentation or to provide any warranties, financial advice, or legal advice.

Robin Green - What Plan Sponsors Want

Wed, 04 Mar 2026 11:00:00 GMT

For over 30 years, Robin has helped Investment Consultants, Retirement Plan Advisors, and recordkeepers better understand their competition, improve efficiency, elevate client service, and win new business. She began her career as a retirement plan sponsor in healthcare and manufacturing before moving into consulting roles with Deloitte and North Highland, and later serving as Head of Research at Ann Schleck & Co. Following its sale to fi360, she became a Senior Vice President overseeing the Fiduciary Score.

In 2018, Robin founded WinMore Plans and relaunched the Practice Management Benchmarking Study for retirement plan advisors. Today, she partners with hundreds of advisory firms nationwide, providing benchmarking, coaching, win/loss analysis, and valuation services to help advisors implement practical growth strategies.

In this episode, Eric and Robin Green discuss:

Positioning the advisor as a true business partner
Capturing a history of plan accomplishments
Delivering meaningful financial wellness support
Clarifying contracts, data use, and rising expectations

Key Takeaways:

Advisors should be treated as strategic partners, not just investment technicians. Committees can formalize this by adding a recurring Strategic Business Discussion as the first agenda item each year. This ensures the retirement plan aligns with the company’s broader goals and workforce strategy.
An important and very useful deliverable to consider; a concise document that tracks major milestones like fee reductions, vendor changes, and plan design improvements. This goes beyond an annual report by highlighting long-term strategic progress. It strengthens continuity during leadership turnover and supports the advisor’s value in RFP situations.
In many cases, employers now expect help for participants beyond the retirement plan itself. Advisors should support broader financial wellness, including debt, budgeting, and outside assets. For many participants, this may be their only access to professional financial guidance.
Sponsors should review recordkeeper contracts to understand participant outreach and data usage. Decisions about who can contact participants must be intentional and documented. Advisors who provide strategic insight and participant-level impact will stand out in today’s higher-expectation environment.

“The plan sponsor, I want you to focus on your advisor as your business partner. Ask them, What am I missing? What else should we be doing here? And will you be my strategic business partner, not just tactical investment information?” - Robin Green

Connect with Robin Green:

Website: https://winmoreplans.com/

LinkedIn: https://www.linkedin.com/in/robingreen/

Connect with Eric Dyson:

Website: https://90northllc.com/

Phone: 940-248-4800

LinkedIn: https://www.linkedin.com/in/401kguy/

The opinions expressed by guests are not necessarily agreed by, or the same opinions of 90 North Consulting or of Eric Dyson.

FF5 #93 - USA! USA!

Fri, 27 Feb 2026 11:00:00 GMT

In this episode of Friday Fiduciary Five, Eric Dyson talks about the pride and privilege of fiduciary duty, drawing parallels to Team USA's Olympic gold in hockey. He highlights the significance of the USA's gold medal win, emphasizing the team's unity and Coach Mike Sullivan's simple yet powerful message. Eric compares this to the fiduciary duty of ERISA professionals, urging them to see it as a privilege rather than a burden.

Connect with Eric Dyson:

Website: https://90northllc.com/

Phone: 940-248-4800

LinkedIn: https://www.linkedin.com/in/401kguy/

The information contained herein is general in nature and is provided solely for educational and informational purposes.

It is not intended to provide a specific recommendation of any type of product or service discussed in this presentation or to provide any warranties, financial advice, or legal advice.

David Witz: Consistently Good Occasionally Great

Wed, 25 Feb 2026 11:00:00 GMT

David J. Witz is a nationally recognized fiduciary governance expert with more than 44 years of experience in retirement plan consulting, ERISA compliance, and fintech solutions. He is the CEO and founder of Fiduciary Risk Assessment LLC, CEO of PlanTools, LLC, and co-founder and COO of Catapult HQ, Inc., where he leads executive management, product design, SaaS development, and fiduciary consulting. Over his career, he has served as an expert witness in major ERISA litigation, advised national financial institutions, authored and presented extensively on fiduciary risk and governance, and helped shape industry best practices through technology, education, and thought leadership.

In this episode, Eric and David discuss:

Using scorecards to filter, not decide
Preferring consistency over hero-to-zero performance
Making fiduciary decisions visible and defensible
Risk must be understood, not assumed

Key Takeaways:

IPS scorecards narrow the universe, but they don’t tell you which “10 out of 10” is actually better. “Consistently Good Occasionally Great” (CGOG) steps in as an alternate but compatible filter to evaluate pattern, persistence, and risk consistency. Selection becomes intentional, not defaulting to the lowest cost or the best recent return.
CGOG favors “singles and doubles” over volatile home runs and strikeouts. Rolling-period analysis reveals whether excess returns are repeatable or masked by boom-and-bust cycles. The goal is to minimize large losses and avoid unpleasant fiduciary surprises.
Clear visuals and documented processes allow committees to understand risk and return without deep technical expertise. IPS, monitoring reports, and CGOG together create a repeatable decision framework. If challenged, the process—not hindsight—becomes the defense.
Rolling data and deeper analysis reveal behavior that point-in-time returns can hide. Looking beyond recent performance leads to more intentional portfolio construction.

“Your scorecard is great at whittling down, filtering the universe into a smaller group where you can go deeper, but utilizing the scorecard as a baseline for selecting your funds is not a good idea. It does not give you the ability to look under the hood and determine why one 10 is a better 10 than another 10.” - David Witz

Connect with David Witz:

Website: www.plantools.com

LinkedIn: https://www.linkedin.com/in/david-witz/

Connect with Eric Dyson:

Website: https://90northllc.com/

Phone: 940-248-4800

LinkedIn: https://www.linkedin.com/in/401kguy/

The opinions expressed by guests are not necessarily agreed by, or the same opinions of 90 North Consulting or of Eric Dyson.

FF5 #92 - EBSA Proposed Regs on PBM Fee Transparency

Fri, 06 Feb 2026 11:00:00 GMT

In this episode of Friday Fiduciary Five, Eric Dyson talks about the Employee Benefit Security Administration's January 29, 2026, proposal to enhance transparency into pharmacy benefit manager (PBM) fee disclosures. The proposal aims to provide ERISA plan fiduciaries with clearer information on PBM compensation, including direct and indirect revenue streams. If finalized, PBMs and associated brokers must disclose detailed compensation at regular intervals for the benefit of plan sponsors.

Connect with Eric Dyson:

Website: https://90northllc.com/

Phone: 940-248-4800

LinkedIn: https://www.linkedin.com/in/401kguy/

The information contained herein is general in nature and is provided solely for educational and informational purposes.

It is not intended to provide a specific recommendation of any type of product or service discussed in this presentation or to provide any warranties, financial advice, or legal advice.

The opinions expressed by guests are not necessarily agreed by, or the same opinions of 90 North Consulting or of Eric Dyson.

Jamie Hayes - The Advisor RFP from the Advisor's Seat

Wed, 04 Feb 2026 11:00:00 GMT

Jamie Hayes is the Senior Vice President at Wealthspire Retirement. She specializes in employer retirement plan fiduciary management and investment consulting. With over 20 years of experience in the retirement industry, Jamie works directly with corporations and governments, providing progressive, unique ideas and solutions to enhance retirement plan success while maximizing the fiduciary protection of the committee members. Jamie is a University of Michigan graduate. She and her husband, Bobby, have two teenage daughters.

In this episode, Eric and Jamie Hayes discuss:

Understanding fiduciary models in practice
Evaluating pricing, access, and conflicts thoughtfully
Choosing a fiduciary structure as a risk and trust decision
Designing smarter advisor searches and RFP processes

Key Takeaways:

The real difference between 3(21) and 3(38) shows up less in meetings and more in authority, liability, and documentation. Under 3(38), advisors direct changes and assume more responsibility, enabling faster action while committees remain informed and oversight-focused.
Not all 3(38) offerings are created equal, with some firms limiting fund choices or charging materially different fees. An open architecture approach can preserve customization, reduce conflicts, and unlock lower-cost share classes that meaningfully cut expenses.
Committees often begin with 3(21) and move to 3(38) as confidence grows in the advisor’s process and judgment. Even in a discretionary model, fiduciary duty remains active through monitoring, questioning, and ensuring the advisor never runs on autopilot.
Well-run RFPs emphasize context, clarity, and fit rather than volume, secrecy, or recycled templates.
Clear timelines, focused questions, right-sized finalist pools, and experienced search consultants lead to better decisions and cleaner outcomes.

“You don't want to just pick a template off the internet and go with that… The more information that you can give to the advisor in the beginning, the quicker and easier it's going to be for them to make a decision.” - Jamie Hayes

Connect with Jamie Hayes:

Website: https://www.wealthspire.com/

LinkedIn: https://www.linkedin.com/in/jamiehayesqpfc/

Connect with Eric Dyson:

Phone: 940-248-4800

The opinions expressed by guests are not necessarily agreed by, or the same opinions of 90 North Consulting or of Eric Dyson.

FF5 #91 - Please Stop!

Fri, 30 Jan 2026 11:00:00 GMT

In this episode of Friday Fiduciary Five, Eric Dyson outlines three common process hiccups he believes need to stop. He emphasizes that an Investment Policy Statement (IPS) is a binding plan document under DOL guidance and warns against including language that suggests it does not have to be followed, while still allowing for reasonable flexibility. Eric also advises fiduciaries to stop keeping meeting minutes too brief, stressing that minutes should clearly document decisions, rationale, and demonstrate prudence and loyalty. Lastly, he discusses the cautious but potential value of retaining AI-generated meeting summaries, suggesting their benefits may outweigh discovery concerns. Overall, Eric encourages fiduciaries to review these practices with advisors and ERISA counsel to strengthen compliance and governance.

Connect with Eric Dyson:

Website: https://90northllc.com/

Phone: 940-248-4800

LinkedIn: https://www.linkedin.com/in/401kguy/

The information contained herein is general in nature and is provided solely for educational and informational purposes.

It is not intended to provide a specific recommendation of any type of product or service discussed in this presentation or to provide any warranties, financial advice, or legal advice.

Matthew Patrick: Selecting and Monitoring Managed Accounts

Wed, 21 Jan 2026 11:00:00 GMT

Matthew Patrick is a senior manager on CAPTRUST’s Defined Contribution team. Matt joined CAPTRUST in 2014 and serves as a senior manager on the defined contribution team. His role encompasses the strategic planning and leadership of the team that manages CAPTRUST's discretionary services for defined contribution plans. He holds a Bachelor of Business Administration degree in finance from James Madison University and is a member of DCIIA. Matt holds the designation of Chartered Retirement Plans Specialist℠ (CRPS®).

In this episode, Eric and Matthew Patrick discuss:

Personalizing investing effectively
Measuring success by outcomes, not benchmarks
Applying a documented fiduciary framework
Prioritizing transparency in provider selection

Key Takeaways:

Managed accounts tailor portfolios using plan and participant data, often combining core and non-core funds. Their true value comes from thoughtfully aligning the portfolio design with participant needs and plan demographics.
Traditional benchmarking struggles when each participant has a unique portfolio. Committees should evaluate fees, engagement, and behavioral changes like savings rates and retirement readiness to gauge meaningful impact.
DOL target-date guidance provides a practical model for evaluation. Committees should review methodology, underlying investments, fees versus value, fiduciary roles, and plan fit, while thoroughly documenting their rationale and process.
Managed accounts can be offered by third parties, recordkeepers, or advisor-managed structures. Committees must clearly understand payments, fiduciary responsibilities, and ensure the sponsor actively engages and oversees participant outcomes.

“You’ve got to start with best fit. You’ve got to start with appropriateness.” - Matthew Patrick

Connect with Matthew Patrick:

Website: https://www.captrust.com/

LinkedIn: www.linkedin.com/in/matthew-patrick-39759555

Connect with Eric Dyson:

Phone: 940-248-4800

The opinions expressed by guests are not necessarily agreed by, or the same opinions of 90 North Consulting or of Eric Dyson.

FF5 #90 - We're Going to War!

Fri, 16 Jan 2026 11:00:00 GMT

In this episode of Friday Fiduciary Five, Eric Dyson discusses the concept of preparing for potential regulatory scrutiny, drawing a parallel between military readiness and fiduciary responsibilities. He suggests that fiduciaries should assume the Department of Labor (DOL) could audit a plan within six months, prompting them to focus on defensive and proactive measures like updating plan documents and ensuring due diligence. Eric emphasizes the importance of both defensive and offensive strategies, including proactive participant education. He advises fiduciaries to anticipate regulatory scrutiny and prepare accordingly to mitigate risks and ensure compliance.

Connect with Eric Dyson:

Website: https://90northllc.com/

Phone: 940-248-4800

LinkedIn: https://www.linkedin.com/in/401kguy/

The information contained herein is general in nature and is provided solely for educational and informational purposes.

It is not intended to provide a specific recommendation of any type of product or service discussed in this presentation or to provide any warranties, financial advice, or legal advice.

Kristen Deere - Keep Your Auditor in the Loop

Wed, 14 Jan 2026 07:00:00 GMT

Kristen Deere is a Director in the Employee Benefit Plan Audit Services practice at Weaver & Tidwell, LLP. With over 20 years of experience in public accounting, she has specialized in auditing employee benefit plans throughout most of her career. Kristen leads audits for both private and public plan sponsors, covering a wide range of plan types, including defined contribution (401(k), 403(b), ESOP, 11-K), defined benefit, and health & welfare plans. Kristen has led audits for plans ranging from under $1 million to over $45 billion in assets, ensuring compliance with complex ERISA, DOL, and SEC compliance requirements. Her industry expertise spans not-for-profit organizations, government entities, financial services, energy, and a diverse portfolio of employee benefit plan administrators. She also champions technology innovation initiatives that enhance audit quality and efficiency.

In this episode, Eric and Kristen Deere discuss:

Understanding why benefit plan audits exist
Using technology to reduce audit burden
Preparing proactively for smooth audits
Following the plan document above all else

Key Takeaways:

Department of Labor audits are required for large plans to confirm that operations follow the plan document. Their goal is to protect participants and ensure promised benefits are delivered accurately. Audits may surface issues or risks, but they are not designed as fraud detection guarantees.
Employee benefit plan audits rely heavily on payroll, census, and record-keeper data. Audit software, structured spreadsheets, and direct system access improve accuracy and efficiency. When used well, technology makes audits less disruptive for plan sponsors.
Successful plan sponsors stay organized throughout the year, not just during audit season. They maintain clear documentation, communicate changes early, and reconcile data regularly. This preparation prevents last-minute scrambles and repeated audit findings.
Most audit issues trace back to operations drifting from the written plan document. Payroll, record keepers, and processes must all align with what the plan actually says. Reading, understanding, and following the document is the strongest safeguard against errors.

“They can outsource the function, but they can’t outsource the responsibility.” - Kristen Deere

Connect with Kristen Deere:

Website: https://weaver.com/

LinkedIn: https://www.linkedin.com/in/kristen-derryberry/

Connect with Eric Dyson:

Website: https://90northllc.com/

Phone: 940-248-4800

LinkedIn: https://www.linkedin.com/in/401kguy/

The opinions expressed by guests are not necessarily agreed by, or the same opinions of 90 North Consulting or of Eric Dyson.

FF5 #89 - An Open Call for Podcast Guests - Case Studies

Fri, 09 Jan 2026 11:00:00 GMT

In this episode of Friday Fiduciary Five, Eric Dyson talks about seeking more plan sponsors as podcast guests to provide valuable insights to other committee members and peers, service providers, advisors, and other professionals in the ERISA retirement and healthcare sectors.

Connect with Eric Dyson:

Phone: 940-248-4800

The information contained herein is general in nature and is provided solely for educational and informational purposes.

It is not intended to provide a specific recommendation of any type of product or service discussed in this presentation or to provide any warranties, financial advice, or legal advice.

The opinions expressed by guests are not necessarily agreed by, or the same opinions of 90 North Consulting or of Eric Dyson.

FF5 #88 - New Year's Resolutions or Written Goals?

Fri, 02 Jan 2026 11:00:00 GMT

In this episode of Friday Fiduciary Five, Eric Dyson encourages plan fiduciaries and advisors to set structured, written goals for 401(k) plans in 2026, contrasting them with the low success rate of New Year's resolutions. He cites a Harvard MBA study showing that only 3% of the graduating class had written goals. Their success far exceeded the remainder. Eric emphasizes the importance of specificity, measurability, and accountability in goal setting. He shares personal experiences with fitness apps and discusses key performance indicators (KPIs) for defined contribution plans, such as average projected income replacement ratios.

Connect with Eric Dyson:

Website: https://90northllc.com/

Phone: 940-248-4800

LinkedIn: https://www.linkedin.com/in/401kguy/

The information contained herein is general in nature and is provided solely for educational and informational purposes.

It is not intended to provide a specific recommendation of any type of product or service discussed in this presentation or to provide any warranties, financial advice, or legal advice.

Shannon Edwards: What's in a Number?

Wed, 31 Dec 2025 11:00:00 GMT

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 retirement plan knowledge and service for clients, as well as a flexible workplace for employees. Today, they are one of the leading providers of retirement plan administration for small businesses.

She has also served on several fundraising committees and supports many non-profits locally, such as Infant Crisis Services, Make a Wish Oklahoma, and Cleats for Kids.

If you are a financial advisor, CPA, or business owner with retirement plan questions, please be sure to connect with Shannon on LinkedIn. You can also email her at shannon@tristarpension.com.

The podcast mentions a resource on the Tristar Pension webpage. It is available at - https://www.tristarpension.com/tpa/compliance-administration-checklist

In this episode, Eric and Shannon Edwards discuss:

Understanding fiduciary roles clearly
Evaluating service providers carefully
Comparing plan structures strategically
Building knowledge and relationships proactively

Key Takeaways:

Different fiduciary types—3(16), 3(21), 3(38), and 402(a)—carry distinct responsibilities and authority levels. Plan sponsors must still monitor and fulfill their duties, even when delegating to these fiduciaries.
Reading service agreements and using checklists clarifies who does what and prevents misunderstandings. Tools like the ARA TPA Checklist help sponsors ask better questions and assess compliance partners effectively.
Pooled Employer Plans (PEPs) can expand access but may introduce higher costs, operational complexity, and exit challenges. Sponsors should weigh total cost, services, and fiduciary responsibilities when choosing between PEPs and standalone plans.
New benefits managers and advisors benefit from targeted education and responsive compliance partners. Continuous learning and relationship-building ensure fiduciary effectiveness and confident plan management.

“Your fiduciary duties are not gone. You are still submitting contributions, you are still supposed to be monitoring your 3(16) fiduciary, you’re still supposed to be checking to make sure things are done properly.” - Shannon Edwards

Connect with Shannon Edwards:

Website: https://www.tristarpension.com/

LinkedIn: https://www.linkedin.com/in/shannonedwardsplanconsultant/

Connect with Eric Dyson:

Website: https://90northllc.com/

Phone: 940-248-4800

LinkedIn: https://www.linkedin.com/in/401kguy/

FF5 #87 - A Special Christmas Episode

Fri, 26 Dec 2025 11:00:00 GMT

In this episode of Friday Fiduciary Five, Eric Dyson talks about the origins of Christmas, explaining its historical roots and its transformation by Emperor Constantine into a Christian holiday. He highlights the significance of December 25 as the day that we celebrate Christ's birth and its integration into Roman life. Eric draws a parallel between Jesus Christ as the ultimate fiduciary, who acted selflessly for others, and the responsibilities of fiduciaries in the financial sector.

Connect with Eric Dyson:

Website: https://90northllc.com/

Phone: 940-248-4800

LinkedIn: https://www.linkedin.com/in/401kguy/

The information contained herein is general in nature and is provided solely for educational and informational purposes.

It is not intended to provide a specific recommendation of any type of product or service discussed in this presentation or to provide any warranties, financial advice, or legal advice.

Dan Fay: Managed Account Solutions

Wed, 24 Dec 2025 11:00:00 GMT

Dan Fay serves as Chief Distribution Officer, overseeing Stadion’s sales and business development teams. In this role, he is responsible for distribution through Stadion’s institutional relationships, which include retirement recordkeeping partners, retirement advisor firms, and asset managers. With Dan’s leadership, Stadion has expanded our nationwide distribution of retirement managed accounts and raised awareness of the benefits of personalization. Prior to being Chief Distribution Officer, he was Stadion’s SVP, Sales and Business Development. Dan has spent his entire 25+ year career in the retirement industry. Prior to joining Stadion in 2018, Dan served as Senior Advisor Relations Manager at Financial Engines with responsibility for establishing and managing relationships with leading financial advisor and consulting firms. He identified and developed new business opportunities through advisors and consultants, leading to the distribution of the firm’s managed account service. Prior to that, Dan was a National Accounts Manager with responsibility for business development at MassMutual Retirement Services. While there, he developed retirement plan opportunities and sales through financial advisor firms.

In this episode, Eric and Dan Fay discuss:

Recognizing the value of true personalization
Strengthening participant confidence through guidance
Evaluating solutions with a fiduciary mindset
Leveraging managed accounts as a strategic advantage

Key Takeaways:

Personalized allocations built on multiple data points lead to better decisions than age-based defaults. They guide participants toward healthier savings habits and steadier long-term outcomes.
When participants feel supported, they make calmer, wiser financial choices. This confidence often leads to higher contribution rates and more consistent engagement.
Committees must review fees, reporting, demographics, and engagement regularly. Documenting decisions ensures a strong, compliant process that protects participants.
Advisors who bring personalized solutions early reinforce trust and stay ahead of competitors. Proactive education becomes a distinct advantage in maintaining strong client relationships.

“For the advisor, it's, how do you differentiate yourself, right, from your competition?... If that competing advisor makes [the sponsor] aware of something or brings something of value to them that you haven't, that could obviously jeopardize that client relationship.” - Dan Fay

Connect with Dan Fay:

Website: www.stadionmoney.com

Connect with Eric Dyson:

Website: https://90northllc.com/

Phone: 940-248-4800

LinkedIn: https://www.linkedin.com/in/401kguy/

Past performance is no guarantee of future results. Investments are subject to risk, and any of Stadion’s investment strategies may lose money.

Stadion Money Management, LLC (“Stadion”) is a registered investment adviser under the Investment Advisers Act of 1940. Registration does not imply a certain level of skill or training. More information about Stadion, including fees, can be found in Stadion’s ADV Part 2, which is available free of charge.

SMM-2512-34

FF5 #86 - A Thought for 2026

Fri, 19 Dec 2025 11:00:00 GMT

In this episode of Friday Fiduciary Five, Eric Dyson explores why plan sponsors and finance professionals should carefully consider how record-keeping fees are paid in 401(k), 403(b), and 457 plans. He explains that having companies directly write checks for these fees can reduce fiduciary risk and enhance transparency. Dyson notes that the Department of Labor (DOL) does not take a position on how fees are paid, as long as plan participants are not unfairly burdened. He also discusses the potential use of plan forfeitures to offset these expenses, while pointing out that Safe Harbor plans typically generate minimal forfeitures. The episode concludes with a call for plan sponsors to proactively address this topic and educate employees about their plan’s fee structure.

Connect with Eric Dyson:

Website: https://90northllc.com/

Phone: 940-248-4800

LinkedIn: https://www.linkedin.com/in/401kguy/

The information contained herein is general in nature and is provided solely for educational and informational purposes.

It is not intended to provide a specific recommendation of any type of product or service discussed in this presentation or to provide any warranties, financial advice, or legal advice.

Jennifer Giannini: The Annual Plan Financial Audit and Internal Controls

Wed, 17 Dec 2025 11:00:00 GMT

Jennifer Giannini brings more than 30 years of experience leading independent audit engagements for corporate clients across a wide range of industries. Throughout her career, she has developed deep expertise in employee benefit plan audits, making this a primary focus area. After many years of working at Baker Tilly, a national CPA firm, Jennifer recently joined LJB CPA to lead the firm’s audit practice. Passionate about building strong client relationships, Jennifer returned to a smaller firm to work more closely with clients and deliver a personalized, value-added experience. Her experience at both mid-sized and national firms gives her a unique ability to tailor services to meet each client’s specific needs and complexities. In her years of auditing employee benefit plans, she has pretty much seen just about everything- and enjoys helping plan sponsors navigate the tough issues that keep them up at night.

In this episode, Eric and Jennifer Giannini discuss:

Protecting participants through disciplined plan audits
Making audit readiness a year-round responsibility
Owning fiduciary controls that cannot be outsourced
Avoiding costly errors through informed governance

Key Takeaways:

Plan audits protect participant assets and confirm the plan follows its governing documents. They ensure contributions, matches, distributions, and eligibility are applied consistently. They also help identify fraud or embezzlement risks early.
Audits run smoothly when preparation happens throughout the year. Developing processes that represent a living checklist keeps documentation complete. Retaining internal records prevents gaps that auditors will flag.
Some fiduciary duties remain with the plan sponsor at all times. Regular reconciliations and documented committee oversight demonstrate prudence. Simple tracking helps surface issues before they escalate.
Operational errors often stem from payroll misalignment with plan terms. Early engagement with experienced ERISA auditors reduces surprises. Committees must weigh cost, complexity, and fiduciary risk together.

“The early bird always gets the worm. The earlier you start that process with your auditor, the better.” - Jennifer Giannini

Connect with Jennifer Giannini:

Website: https://ljbcpa.com

LinkedIn: linkedin.com/in/jennifer-giannini-875071a

Connect with Eric Dyson:

Phone: 940-248-4800

FF5 #85 - America's Game

Fri, 12 Dec 2025 11:00:00 GMT

In this episode of Friday Fiduciary Five, Eric Dyson talks about America’s Game! Army - Navy Football that is! He encourages everyone to show appreciation to service members during the holiday season and throughout the year. Eric suggests small gestures like buying meals or snacks for service members, emphasizing that while they may politely decline, the gesture is appreciated. He relates this to the appreciation of fiduciaries' efforts, which often go unnoticed. He ties it to the significance of the Army-Navy game, highlighting the values of service and sacrifice.

Connect with Eric Dyson:

Website: https://90northllc.com/

Phone: 940-248-4800

LinkedIn: https://www.linkedin.com/in/401kguy/

The information contained herein is general in nature and is provided solely for educational and informational purposes.

It is not intended to provide a specific recommendation of any type of product or service discussed in this presentation or to provide any warranties, financial advice, or legal advice.

Tamra Miller: The Advisor RFP Process

Wed, 10 Dec 2025 11:00:00 GMT

Tamra Miller is a prime example of the “Break the Paper Ceiling” movement—building her career from the ground up after starting work right out of high school and rising through determination, capability, and earned trust. She is deeply grateful for the leaders who recognized her talent without requiring a college degree, and her recent completion of the CEBS exam reflects her continued pursuit of growth and excellence.

In this episode, Eric and Tamra discuss:

Managing complex vendor strategy
Empowering a focused subcommittee
Evaluating personality and precision
Balancing change with institutional knowledge

Key Takeaways:

Tamra created a structured, multi-year review plan to evaluate retirement and actuarial providers with the intention. She prioritized risk mitigation, like the 401(k), due to fiduciary exposure. Treating the review as a staged project ensured clarity, accountability, and prudent oversight.
Instead of relying on a C-suite-heavy committee with limited time, she formed a small, agile group. This team handled weekly deep dives, vendor screens, and detailed RFP analysis. The full committee engaged only at key decisions, improving efficiency and clarity.
Beyond technical competence, personality and working style became major differentiators. Short “fit checks” revealed which teams were enjoyable, responsive, and easy to partner with. Finalist success hinged on concise, tailored presentations that proved real understanding.
While most services went to market, Tamra retained a long-time actuary with deep union expertise. This preserved crucial institutional memory and proactive problem-solving. Sometimes the best choice isn’t new—it’s the partner who already understands your complexity.

“Remember who you're there to support and what's the best way to go about doing that… I can't support my employees if I don't have good relationships with my vendors, because those are the people that I'm going to for problem resolution when I can't fix it myself.” - Tamra Miller

Connect with Tamra Miller:

LinkedIn: https://www.linkedin.com/in/tamra-miller-cebs-shrm-cp-19b1102b

Connect with Eric Dyson:

Phone: 940-248-4800

FF5 #84 - Thanksgiving Message 2025

Fri, 28 Nov 2025 11:00:00 GMT

In this episode of Friday Fiduciary Five, Eric Dyson expresses gratitude to his podcast audience, which includes ERISA advisors, service providers, and listeners. He highlights the importance of committee members and plan sponsors as guests, noting that episodes featuring them are the most popular. Dyson also thanks his production team at Turnkey Productions for their hard work. He encourages listeners to suggest guests and emphasizes the significance of basic life comforts, using a humorous anecdote to illustrate the abundance most Americans experience. Dyson concludes by wishing his audience a happy Thanksgiving and encouraging them to be thankful for their blessings.

Connect with Eric Dyson:

Website: https://90northllc.com/

Phone: 940-248-4800

LinkedIn: https://www.linkedin.com/in/401kguy/

The information contained herein is general in nature and is provided solely for educational and informational purposes.

It is not intended to provide a specific recommendation of any type of product or service discussed in this presentation or to provide any warranties, financial advice, or legal advice.

Richard Clarke: ERISA Bond and Fiduciary Liability Insurance

Wed, 26 Nov 2025 11:00:00 GMT

Richard Clarke is the chief insurance officer at Colonial Surety. With more than three decades of experience, he leads insurance strategy and operations for the expansion of Colonial Surety’s SMB-focused product suite, building out the online platform into a one-stop shop for America’s SMBs.

In this episode, Eric and Richard “Dick” Clarke discuss:

Understanding ERISA safeguards
Distinguishing required and optional coverage
Reviewing and strengthening insurance layers
Collaborating and acting proactively

Key Takeaways:

ERISA governs all employee benefit plans and requires fidelity bonds for protection. Coverage must equal ten percent of plan assets with specific federal limits in place. Knowing these basics sets the foundation for every other insurance decision.
With the baseline set, organizations must separate required bonds from optional insurance. Fiduciary liability coverage protects decision makers from personal responsibility. Understanding both layers prevents blind spots in compliance and leadership risk.
Once the insurance types are clear, each policy must be examined for sufficiency. Adequate limits, full inclusion of parties, and clear cyber provisions are essential. This careful review ensures protection keeps pace with evolving responsibilities.
These evaluations work best when risk teams, counsel, and providers move together. Shared tools and coordinated reviews uncover gaps that one group might miss. Since no single formula applies, proactive teamwork becomes the safest path forward.

“The specific answer to the question on the fidelity is that it is absolutely required. You have to have it. The brutal truth is, if you don’t have it as an employer, you are in technical violation of federal law, because ERISA is a federal law.” - Richard Clarke

Connect with Richard Clarke:

Website: https://www.colonialsurety.com/

LinkedIn: https://www.linkedin.com/in/dick-clarke-cpcu-cic-rplu-605b13a/

Connect with Eric Dyson:

Phone: 940-248-4800

FF5 #83 - The IPS and Interpretive Bulletin 2016-1

Fri, 21 Nov 2025 11:00:00 GMT

In this episode of Friday Fiduciary Five, Eric Dyson discusses the importance of clear and specific investment policy statements (IPS) for ERISA plans and non-ERISA plans like 403(b) and 457(b). He emphasizes that IPSs should not include language that suggests the committee or advisor is not bound by the terms, as this undermines the purpose of having an IPS. Dyson references the Department of Labor's Interpretive Bulletin 2016-1, which states that IPSs are documents governing the plan and must be followed by investment managers. He advises against vague IPSs and suggests including concrete rules while still allowing for discretion.

Connect with Eric Dyson:

Website: https://90northllc.com/

Phone: 940-248-4800

Website: https://www.troweprice.com/institutional/us/en/bios/biodetails.bio-brandon-shea.html

LinkedIn: https://www.linkedin.com/in/401kguy/

The information contained herein is general in nature and is provided solely for educational and informational purposes.

It is not intended to provide a specific recommendation of any type of product or service discussed in this presentation or to provide any warranties, financial advice, or legal advice.

Brandon Shea - The Evolving DC Landscape: What's Next for 2025 and Into 2026?

Wed, 19 Nov 2025 11:00:00 GMT

Brandon Shea is a defined contribution strategist for the Global Retirement Strategy team. The team leads an enterprise retirement strategy, advises on the development of new products and services, and helps amplify the firm’s voice in retirement security-related public policy initiatives. Brandon is a vice president at T. Rowe Price Associates, Inc.

In this episode, Eric and Brandon Shea discuss:

Adapting retirement strategies
Exploring investment opportunities
Personalizing participant experience
Leveraging innovation responsibly

Key Takeaways:

In this episode, Eric and Brandon discuss the highlights of T. Rowe Price’s annual Consultant Survey. For more detailed information, please visit - https://www.troweprice.com/financial-intermediary/us/en/insights/defined-contribution-consultant-study.html
The retirement plan industry is rapidly evolving with technology, personalization, and blended investment approaches. Staying informed helps sponsors and participants navigate these changes effectively. Learning about possible new strategies can help plan committees keep their offering relevant and aligned with long-term goals.
Private assets like credit and equity are gaining attention for diversification and return potential. Balancing growth with liquidity and risk management is essential. Thoughtful investment selection can possibly strengthen retirement plan outcomes.
Managed accounts, dynamic QDIA programs, and financial wellness initiatives allow plans to meet individual needs. Personalized strategies boost engagement, satisfaction, and retention. Tailored support prepares participants for a confident retirement.
AI, technology, and legislation like Secure 2.0 are transforming plan management and advice. When applied thoughtfully, innovation enhances efficiency while complementing human expertise. Focusing on the mission ensures participants retire with dignity and confidence.

“Private credit compared to private equity is seen as having a more liquid investment, and it's had a really good return, historical return on investment relative to other asset classes. So when we look at it, I think people are very excited about potentially bringing in private credit in the next couple of years to DC marketplaces.” - Brandon Shea

Connect with Brandon Shea:

LinkedIn: https://www.linkedin.com/in/brshea/

Connect with Eric Dyson:

Website: https://90northllc.com/

Phone: 940-248-4800

LinkedIn: https://www.linkedin.com/in/401kguy/

FF5 #82 - Back to Basics - Plan Documents

Fri, 14 Nov 2025 11:00:00 GMT

In this episode of Friday Fiduciary Five, Eric Dyson emphasizes the importance of ERISA plan committee members and retirement plan professionals reviewing their plan documents and investment policy statements (IPS). He notes that forfeiture lawsuits can arise from non-compliance with plan documents. In addition to forfeiture issues, compensation definitions, eligibility, and auto-enrollment provisions of a plan document can be problematic if not observed correctly. Dyson outlines the four fiduciary duties under ERISA: prudence, loyalty, diversification, and adherence to plan documents. He advises regular reviews of these documents and IPSs, including understanding benchmarks, modern portfolio theory, and metrics like the Sharpe ratio. Dyson encourages a 12-month rolling agenda for committee meetings to ensure these reviews are conducted regularly.

Connect with Eric Dyson:

Website: https://90northllc.com/

Phone: 940-248-4800

LinkedIn: https://www.linkedin.com/in/401kguy/

The information contained herein is general in nature and is provided solely for educational and informational purposes.

It is not intended to provide a specific recommendation of any type of product or service discussed in this presentation or to provide any warranties, financial advice, or legal advice.

FF5 #81 - Advisor Cost Structure

Fri, 07 Nov 2025 11:00:00 GMT

In this episode of Friday Fiduciary Five, Eric Dyson discusses why advisors and plan sponsors should consider including recordkeeper searches in advisor base pricing. This in consideration of an RFP interval every three to five years as assumed by the Department of Labor. He explains that this approach would simplify the process for plan sponsors, who often lack the expertise to perform these searches themselves.

Connect with Eric Dyson:

Website: https://90northllc.com/

Phone: 940-248-4800

LinkedIn: https://www.linkedin.com/in/401kguy/

The information contained herein is general in nature and is provided solely for educational and informational purposes.

It is not intended to provide a specific recommendation of any type of product or service discussed in this presentation or to provide any warranties, financial advice, or legal advice.

FF5 #80 - Custom Investment Benchmarks

Fri, 24 Oct 2025 10:00:00 GMT

In this episode of Friday Fiduciary Five, Eric Dyson talks about how custom benchmarks in target date funds can potentially create a false sense of success. He cautions that using a custom benchmark as the only benchmark to measure performance does not necessarily reflect strong performance if, for example, the underlying strategy is weak. Citing the CFA Institute and the Department of Labor, he stresses the importance of using independent and multiple benchmarks for accurate evaluation. He encourages plan sponsors and advisors to apply a balanced, transparent approach to investment performance reviews.

Connect with Eric Dyson:

Website: https://90northllc.com/

Phone: 940-248-4800

LinkedIn: https://www.linkedin.com/in/401kguy/

The information contained herein is general in nature and is provided solely for educational and informational purposes.

It is not intended to provide a specific recommendation of any type of product or service discussed in this presentation or to provide any warranties, financial advice, or legal advice.

Justin Witz - Catapult HQ and the RFP Process

Wed, 22 Oct 2025 10:00:00 GMT

Justin, a seasoned U.S. Air Force veteran with extensive experience in Operation Iraqi Freedom and Enduring Freedom, is the Co-Founder and CEO of Catapult HQ, Inc. Catapult provides a flexible Request for Proposal (RFP) platform designed to serve multiple industries and project types, including RFPs, RFIs, RFQs, DDQs, Cybersecurity, Government, Healthcare, and more. Catapult enhances the RFx workflow for organizations worldwide, improving efficiency by over 90% and standardizing internal processes. To date, Catapult has managed over $400 billion in RFPs. Justin is also highly regarded for his technological innovations, serving on the Forbes Technology Council, the advisory board for 20+ companies, and as an Atlassian Leader in North Carolina. He was a part of a team that built the online community with over 13 million monthly viewers and has made a significant impact in the Financial Services - Retirement industry. He has developed three Target Date Solutions for significant institutions such as AllianzGI, Merrill Lynch, and Principal Financial Group’s successful Target Date Analyzer.

In this episode, Eric and Justin Witz discuss:

Using innovation to reclaim time and focus
Designing tools that adapt to real needs
Balancing efficiency with human connection
Leading with clarity and transparency

Key Takeaways:

Automation and AI can transform exhausting tasks into quick, efficient systems. When technology handles repetition, people gain space to think, connect, and lead with purpose.
Flexibility and usability ensure that innovation serves more people. Platforms that adjust to varied industries and workflows stay relevant and valuable over time.
Even with automation, genuine service builds trust. A responsive, people-first culture turns technology into a partnership rather than a replacement.
Simple, open systems foster accountability and confidence. When processes are fair and information is shared, teams make better decisions and relationships thrive.

“What kills companies is the amount of time it takes to respond. So what if we could take the industry average of 39 hours and drop it to, say, 20 minutes? How much more effective can you be in handling more opportunities?” - Justin Witz

Connect with Justin Witz:

Website: https://catapulthq.com/

LinkedIn: https://www.linkedin.com/in/justin-witz/

Connect with Eric Dyson:

Website: https://90northllc.com/

Phone: 940-248-4800

LinkedIn: https://www.linkedin.com/in/401kguy/

Important clarification from the podcast show dialogue: “If an ERISA plan exceeds 100 participants with an account balance but remains under 120 in perpetuity, then the plan would not require an audit for each subsequent year that it remains under 120 participants with a balance. Please verify current rules and check with your plan record-keeper, advisor, or CPA to ensure compliance with this requirement.”

FF5 #79 - ERISA 3(21) v 3(38)

Fri, 17 Oct 2025 10:00:00 GMT

In this episode of Friday Fiduciary Five, Eric Dyson talks about the differences between ERISA 3(21) investment advisor and 3(38) investment manager arrangements in retirement plans. A 3(21) advisor provides investment advice but lacks discretion, while a 3(38) investment manager has discretion over fund selection. Eric emphasizes the importance of plan committees monitoring both types of advisors and maintaining an investment policy statement. He also highlights the need for clear communication and understanding of the advisor's roles, including whether they manage QDIA selections and perform record keeper searches, and which role [3(21), 3(38), or other] they are acting under.

Connect with Eric Dyson:

Website: https://90northllc.com/

Phone: 940-248-4800

LinkedIn: https://www.linkedin.com/in/401kguy/

The information contained herein is general in nature and is provided solely for educational and informational purposes.

It is not intended to provide a specific recommendation of any type of product or service discussed in this presentation or to provide any warranties, financial advice, or legal advice.

Donovan Ryckis & Brenda Kruse: ERISA Fiduciary Responsibilities for Health & Welfare Plans

Wed, 15 Oct 2025 10:00:00 GMT

Donovan Ryckis is the award-winning founder and CEO of Ethos Benefits, leading the charge in fiduciary-driven healthcare strategies for employers. A former Securities Advisor, he shifted from investment advising after uncovering inefficiencies in employer healthcare plans—achieving 40% savings for a client without reducing benefits. Alongside his wife and business partner, Chelsea, Donovan applies a fiduciary financial process to help organizations cut costs and improve outcomes.

Brenda Kruse, CFO of Axiom Healthcare Services, brings over 26 years of financial leadership in healthcare and senior living. A licensed CPA, she excels in strategic planning, compliance, and cost management, driving both financial strength and quality care across her organization.

In this episode, Eric, Donovan, and Brenda discuss:

How employers can apply a fiduciary mindset to healthcare plans under ERISA.
The importance of data transparency in managing plan costs and pharmacy benefit managers (PBMs).
Aligning advisor compensation with employer and employee interests.
Real-world examples of reducing costs while improving employee benefits.

Key Takeaways:

Many employers don’t realize their healthcare plans carry ERISA fiduciary liability just like retirement plans. Creating a formal benefits committee ensures decisions are documented, consistent, and defensible.
Data ownership and transparency are critical. Without detailed claims and pharmacy data, employers can’t pinpoint where costs are being driven or negotiate effectively.
Pharmacy Benefit Managers (PBMs) are often overlooked sources of cost savings. Changing PBMs can reduce plan expenses by up to 50–70% with minimal disruption to employees.
Aligning broker and consultant incentives with the employer’s goals prevents conflicts of interest and ensures decisions are made in the plan participants’ best interests.

“If we don’t have data, we don’t know where our costs are being spent… 60% of our costs were in pharmacy, and yet our previous broker really wasn’t even trying to change our pharmacy plan at all.” — Brenda Kruse

“Even disclosing fees is only since the CAA of 2021, even still today, companies are doing it very poorly… They say it’s part of their entire book of business, so they can’t calculate it per client—that’s certainly a bad starting point.” — Donovan Ryckis

Connect with Donovan Ryckis & Brenda Kruse:

Website: https://ethosbenefits.com/ & https://www.axmservices.com/

LinkedIn: https://www.linkedin.com/in/donovanryckis/ / https://www.linkedin.com/in/brenda-kruse-1a90592b/

Connect with Eric Dyson:

Website: https://90northllc.com/

Phone: 940-248-4800

LinkedIn: https://www.linkedin.com/in/401kguy/

Important clarification from the podcast show dialogue: "If an ERISA plan exceeds 100 participants with an account balance but remains under 120 in perpetuity, then the plan would not require an audit for each subsequent year that it remains under 120 participants with a balance. Please verify current rules and check with your plan record-keeper, advisor, or CPA to ensure compliance with this requirement."

FF5 #78 - ERISA Fiduciary Training

Fri, 10 Oct 2025 10:00:00 GMT

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 training, noting that those with the most responsibility and liability often have the least amount of training. He highlights the prevalence of ERISA training questions in litigation and encourages committee members and advisors to prioritize this education.

Connect with Eric Dyson:

Website: https://90northllc.com/

Phone: 940-248-4800

LinkedIn: https://www.linkedin.com/in/401kguy/

FF5 #77 - ERISA Bond v Fiduciary Liability Insurance

Fri, 19 Sep 2025 10:00:00 GMT

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 insurance is not required, but is highly recommended. He advises that committees should ensure their policies cover past, present, and future committee members and highlights the need for clear communication between risk management and the 401(k) plan committee to determine adequate coverage.

Connect with Eric Dyson:

Website: https://90northllc.com/

Phone: 940-248-4800

LinkedIn: https://www.linkedin.com/in/401kguy/

The information contained herein is general in nature and is provided solely for educational and informational purposes.

It is not intended to provide a specific recommendation of any type of product or service discussed in this presentation or to provide any warranties, financial advice, or legal advice.

FF5 #76 - A Cyber Risk That's Simple to Fix

Fri, 12 Sep 2025 10:00:00 GMT

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 deductions, highlighting the importance of security measures like user IDs, passwords, and two-factor authentication. He urges plan sponsors and advisors to communicate the necessity of these security steps to participants to prevent cyber breaches.

Connect with Eric Dyson:

Website: https://90northllc.com/

Phone: 940-248-4800

LinkedIn: https://www.linkedin.com/in/401kguy/

The information contained herein is general in nature and is provided solely for educational and informational purposes.

It is not intended to provide a specific recommendation of any type of product or service discussed in this presentation or to provide any warranties, financial advice, or legal advice.

Ellen Alphonso: Employee Benefit Plan Audit Best Practices

Wed, 10 Sep 2025 10:00:00 GMT

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 rare depth of insight across a wide spectrum of plan sizes and structures.

Known for her collaborative approach and clear communication style, Ellen excels at translating technical audit findings into actionable strategies for fiduciaries and plan management. Her work emphasizes not only regulatory compliance but also the importance of accountability, transparency, and a participant-first mindset.

Ellen leads Boyum Barenscheer’s training initiatives for employee benefit plan audits, a vital component of the firm’s ongoing compliance with its EBPAQC (Employee Benefit Plan Audit Quality Center) credentials. She also contributes her expertise as a member of the Minnesota Society of CPAs’ Audits of Employee Benefit Plans Conference Task Force, helping shape educational programming for practitioners across the state. Beyond her professional work, Ellen serves as the board treasurer for In the Heart of the Beast Puppet and Mask Theater, supporting the organization’s mission to foster creativity and community through the arts.

In this episode, Eric and Ellen Alphonso discuss:

Prioritizing specialized expertise
Strengthening audit scope and practices
Addressing common pitfalls
Leveraging auditors as partners

Key Takeaways:

Auditors with deep experience in employee benefit plan audits reduce errors and ensure compliance. Choosing specialists, especially for first-time audits, safeguards accuracy.
Effective audits go beyond financials to include compliance checks, reconciliations, and verification of new employee contributions, building stronger systems.
Errors often stem from overextended HR/payroll departments, manual processes, or system changes. Proactive integration and training minimize risks.
Strong audit firms provide more than compliance—they communicate with service providers, share best practices, assist with onboarding, and support fraud prevention through security measures.

“Absolute best practice I see in my superstar clients is they do reconciliations regularly and on an annual basis.” - Ellen Alphonso

Connect with Ellen Alphonso:

Website: https://myboyum.com/leadership/ellen-alphonso/

Connect with Eric Dyson:

Website: https://90northllc.com/

Phone: 940-248-4800

LinkedIn: https://www.linkedin.com/in/401kguy/

FF5 #75 - McDonald v LabCorp Decision - Part 3

Fri, 05 Sep 2025 10:00:00 GMT

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 participants' best interests. Eric advises plan fiduciaries to inquire about float income from record keepers and to review old service agreements. In the LabCorp case, the court concluded that float income was disclosed and monitored appropriately. Eric emphasizes regular benchmarks and RFPs for service providers.

Connect with Eric Dyson:

Website: https://90northllc.com/

Phone: 940-248-4800

LinkedIn: https://www.linkedin.com/in/401kguy/

The information contained herein is general in nature and is provided solely for educational and informational purposes.

It is not intended to provide a specific recommendation of any type of product or service discussed in this presentation or to provide any warranties, financial advice, or legal advice.

FF5 #74 - McDonald v LabCorp Decision - Part 2

Fri, 29 Aug 2025 10:00:00 GMT

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 all sizes, recommending a thorough analysis to determine eligibility and potential savings. He also addresses the issue of new share classes with short track records, suggesting they be monitored alongside existing ones to ensure similar performance.

Connect with Eric Dyson:

Website: https://90northllc.com/

Phone: 940-248-4800

LinkedIn: https://www.linkedin.com/in/401kguy/

The information contained herein is general in nature and is provided solely for educational and informational purposes.

It is not intended to provide a specific recommendation of any type of product or service discussed in this presentation or to provide any warranties, financial advice, or legal advice.

Jonathan Lee: A CHRO's Perspective

Wed, 27 Aug 2025 10:00:00 GMT

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 Glazer’s Wine & Spirits, Lennox International, Carrier Enterprise, and Alliance Data (now Bread Financial). Jonathan earned his BBA from Southern Methodist University in Dallas, TX, and his MBA from Regis University in Denver, CO.

Jonathan resides in Plano, TX, with his wife and has two grown children. He spends his free time running, learning how to play the piano, and spending time with friends.

In this episode, Eric and Jonathan Lee discuss:

Patience and Integrity in HR Careers
Attracting and Retaining the Right Talent
The Power of Education and Clarity
HR’s Role in Enterprise Value

Key Takeaways:

Young HR professionals succeed by being patient, understanding their role, asking questions, and holding firm to integrity.
The ongoing challenge is finding employees who fit both technically and culturally, while keeping them engaged with meaningful work.
HR plays a critical role in helping employees—especially younger ones—understand savings, benefits, and the link between financial and health decisions.
HR is not just a cost center but a driver of organizational value when it partners with service providers and aligns employee well-being with company success.

“At the end of the day, regardless of whatever role you have, your integrity is really all you have. That's what you trade with. So let your actions speak louder than your words, and let your words be consistent with your actions.” - Jonathan Lee

Connect with Jonathan Lee:

Website: https://www.glazersbeer.com/

LinkedIn: https://www.linkedin.com/in/jonathanhlee/

Connect with Eric Dyson:

Website: https://90northllc.com/

Phone: 940-248-4800

LinkedIn: https://www.linkedin.com/in/401kguy/

FF5 #73 - McDonald v Labcorp Decision Part 1

Fri, 22 Aug 2025 10:00:00 GMT

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 emphasizes the importance of fiduciary duty in looking out for participants' best interests. He plans to cover share classes and float income in upcoming episodes, aiming to educate and equip plan sponsors and advisors to improve participant outcomes.

Connect with Eric Dyson:

Website: https://90northllc.com/

Phone: 940-248-4800

LinkedIn: https://www.linkedin.com/in/401kguy/

The information contained herein is general in nature and is provided solely for educational and informational purposes.

It is not intended to provide a specific recommendation of any type of product or service discussed in this presentation or to provide any warranties, financial advice or legal advice.

The specific facts and circumstance 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.

Jenny Kiesewetter: Fiduciary Duty in Selecting Health Plan Providers

Wed, 20 Aug 2025 10:00:00 GMT

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 benefit plans, cafeteria plans, severance plans, and equity-based compensation plans.

Jenny has also worked with businesses and investors during mergers and acquisitions, focusing on due diligence and compliance related to employee benefit plans, including retirement, health and welfare, and executive compensation plans. Additionally, she has worked on many post-acquisition employee benefit matters, specifically related to plan compliance and correction.

Jenny earned her law degree from the University of Tennessee College of Law, Knoxville, as well as a master’s in communications. She earned her undergraduate degree from the University of Florida. She has been consistently recognized by U.S. News - Best Lawyers for ERISA Litigation and Employee Benefits (ERISA) Law.

Jenny is a frequent speaker and author on topics including ERISA, employee benefits, retirement plans, health plans, and statutory and regulatory compliance. To subscribe to her LinkedIn newsletter “ERISA Explained,” please visit - https://www.linkedin.com/newsletters/erisa-explained-7083416224222601216/

In this episode, Eric and Jenny Kiesewetter discuss:

Fiduciary responsibility in ERISA health plan oversight
Conducting proper due diligence for health plan service providers
Securing and ensuring access to health plan data
Reviewing provider fee disclosures

Key Takeaways:

Selecting and monitoring health plan providers is an ongoing fiduciary function. Sponsors must document their decision-making and maintain oversight even after hiring a provider.
When choosing a broker or advisor, conduct thorough due diligence. Interview multiple candidates, review their experience, services, and fees, and ensure they fit your organization’s needs.
Plan sponsors should secure access to all necessary health plan data. Owning and understanding this data is critical for informed fiduciary decisions and compliance with federal laws.
Review 408(b)(2) fee disclosures from health plan service providers. Missing or incomplete disclosures can create compliance risks and may be seen as an unreasonable relationship by the Department of Labor.

“You can't make fiduciary decisions if you don't know what the data says. That's my opinion. You have to understand what the data says to be able to make the right fiduciary decisions.” - Jenny Kiesewetter

Connect with Jenny Kiesewetter:

LinkedIn: https://www.linkedin.com/in/jennykiesewetter/

Connect with Eric Dyson:

Website: https://90northllc.com/

Phone: 940-248-4800

LinkedIn: https://www.linkedin.com/in/401kguy/

FF5 #72 - Alternative Investments Executive Order

Fri, 15 Aug 2025 10:00:00 GMT

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 mandate private equity inclusion but allows plan sponsors to consider it. Eric emphasizes the need for plan sponsors to revisit their investment policies, consult advisors, and prepare participant communications. He highlights the importance of daily valuation and liquidity in 401(k) plans and advises a wait-and-see approach. Eric also references 2013 DOL guidance on target date funds, stressing understanding fund investments and strategies to include awareness and understanding of underlying investments in TDFs.

Connect with Eric Dyson:

Website: https://90northllc.com/

Phone: 940-248-4800

LinkedIn: https://www.linkedin.com/in/401kguy/

The information contained herein is general in nature and is provided solely for educational and informational purposes.

It is not intended to provide a specific recommendation of any type of product or service discussed in this presentation or to provide any warranties, financial advice, or legal advice.

Tom Kmak: Benchmarking Managed Accounts

Wed, 13 Aug 2025 10:00:00 GMT

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 service is used by 70% of the largest and most prestigious Recordkeepers as well as over 60% of the best Retirement Plan Advisors, as recognized by various industry publications.

Tom has also been involved in the development of other services at Fiduciary Decisions, such as the Rollover Decision Support System supporting DOL PTE 2020-02, as well as the interactive plan design tool called the Retirement Outcomes Evaluator.

Prior to founding FDI in 1990, Tom started the JPMorgan Retirement Plan Services business with American Century. Upon leaving in October 2007, that business employed 1,100 people serving two hundred large plan sponsors with over 1.5 million participants and more than $115 billion in assets. During his career with Retirement Plan Services, the company initiated numerous industry firsts, including no blackout conversions and the innovative employee education program, Audience of One. Tom also served on the Executive Committee for JPMorgan’s asset management business.

Tom graduated Phi Beta Kappa from DePauw University with a B.A. degree in Economics and Computational Mathematics. He was the first graduate of the prestigious Management Fellows Program, and he was a 3-year letterman in intercollegiate basketball.

In this episode, Eric and Tom Kmak discuss:

Do Managed Accounts Provide Personalized Value?
Does a Dynamic QDIA Enhance Individualization?
Evaluation Requires Comprehensive Tools and Criteria
Retirement Outcomes Should Be the Priority

Key Takeaways:

Managed accounts can help participants who lack time or investment expertise by providing personalized guidance that can improve decision-making and long-term retirement outcomes.
Dynamic QDIA strategies are intended to tailor investments to each participant’s age, account balance, and financial situation, and can potentially create a more individualized approach to retirement planning.
The goal of adopting managed account solutions should be to improve retirement readiness and long-term results, with fees considered in the context of overall value and personalization.

“We've had some people say publicly, the reason I like managed accounts is they can't be benchmarked, to which we replied, hold my beer.” - Tom Kmak

Connect with Tom Kmak:

Website: https://www.fiduciarydecisions.com/team/tom-kmak/

LinkedIn: https://www.linkedin.com/in/thomas-kmak-5635b77/

Connect with Eric Dyson:

Phone: 940-248-4800

FF5 #71 The Devil is in the Details - Part 2

Fri, 08 Aug 2025 10:00:00 GMT

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 assessment, including the decision to charge participants on a per-head basis rather than an asset basis, and the potential implications of excess or shortage in revenue. He advises plan committees to regularly review their fee structures and ensure complete understanding, transparency, and proper documentation.

Connect with Eric Dyson:

Website: https://90northllc.com/

Phone: 940-248-4800

LinkedIn: https://www.linkedin.com/in/401kguy/

The information contained herein is general in nature and is provided solely for educational and informational purposes.

It is not intended to provide a specific recommendation of any type of product or service discussed in this presentation or to provide any warranties, financial advice, or legal advice.

Nevin Adams: Default Income Solutions - Yea or Nay?

Wed, 06 Aug 2025 10:00:00 GMT

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 Strategist at Endeavor Retirement, and he’s also the “Nevin” in the Nevin & Fred podcast (along with renowned ERISA attorney Fred Reish), offering irreverent, but relevant perspectives on the critical issues confronting plan sponsors, advisors, and retirement industry professionals. Prior to his time at the ARA, he was the Employee Benefits Research Institute’s Director of Education and External Relations, Co-Director of EBRI’s Center for Research on Retirement Income, and Director of the American Savings Education Council, and prior to that, spent a dozen years as Global Editor-in-Chief of PLANSPONSOR magazine and PLANSPONSOR.com, as well as PLANADVISER and PLANSPONSOR Europe magazines. He was the originator, creator, writer, and publisher of PLANSPONSOR.com’s NewsDash. He began his retirement services career at Northern Trust in Chicago, where he later served in a variety of management roles, culminating in the development of a proprietary recordkeeping platform, and at Wachovia Bank, leading their defined contribution/recordkeeping businesses.

In this episode, Eric and Nevin Adams discuss:

Retirement income requires tailored solutions.
Fiduciary roles shift after adoption.
Default options remain a challenge.
Adoption will be gradual and cautious.

Key Takeaways:

There’s a wide range of income options beyond annuities, but each plan should carefully assess its participants’ needs before implementing anything.
Choosing to offer a retirement income option begins as a settlor decision, but once implemented, it becomes a fiduciary duty to select the specific solution, to monitor, and manage.
Auto-enrolling participants into lifetime income products is complex—many don’t fully grasp the trade-offs, and surveys show mixed interest.
Due to regulatory uncertainty and logistical hurdles, most plan sponsors are expected to move conservatively, guided by education and expert consultation.

“How are we making default lifetime income assumptions about people on a generic basis without some of that nuance? Aren't you, almost by definition, creating a product that's not really going to fit people anyway?” - Nevin Adams

Connect with Nevin Adams:

Website: https://nevinandfred.com/

LinkedIn: https://www.linkedin.com/in/nevinadams/

Connect with Eric Dyson:

Phone: 940-248-4800

FF5 #70 - The Devil is in the Details - Part 1

Fri, 01 Aug 2025 10:00:00 GMT

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 participant count increased from 3,000 to 3,600, affecting the per head pricing whereas record keeper's overall revenue was unchanged. He advises advisors to focus on the cost per head to better understand pricing changes and complexities, promising to delve deeper into benchmarking details in future episodes.

Connect with Eric Dyson:

Website: https://90northllc.com/

Phone: 940-248-4800

LinkedIn: https://www.linkedin.com/in/401kguy/

The information contained herein is general in nature and is provided solely for educational and informational purposes.

It is not intended to provide a specific recommendation of any type of product or service discussed in this presentation or to provide any warranties, financial advice, or legal advice.

Mike DiCenso - Non-Qualified Plans

Wed, 30 Jul 2025 10:00:00 GMT

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, and profit growth
Proven track record in sales and marketing leadership, formulating effective models, and offering mentoring
Remarkable team-building and recruitment capabilities
Strong expertise in managing mergers and acquisitions
Held prominent positions such as CEO, COO, and CMO
Well-versed in providing holistic solutions and leadership

In this episode, Eric and Mike DiCenso discuss:

Non-qualified plans are a strategic opportunity needed by companies, but many advisors still fail to consider
Flexible by design, powerful in execution
A high-impact solution for industries where leadership churn is costly
Execution is everything: design with care, comply with precision

Key Takeaways:

Despite their potential to transform executive compensation, non-qualified plans remain overlooked, especially in the small to mid-sized business segment. Yet, for companies with 5–100 employees, these plans can be the missing piece in retaining key leaders and crafting a compelling rewards strategy that traditional retirement plans can’t match.
Unlike more narrow guard rails of qualified plans, non-qualified deferred compensation offers immense design freedom. Whether it’s deferred bonuses, phantom stock, or performance-based vesting, companies can align rewards with real results, giving them the power to incentivize the exact behaviors and milestones that drive growth.
Sectors plagued by executive turnover (construction, tech, engineering, and others) stand to gain the most benefit. Non-qualified plans provide a long-term golden thread, tying top performers to the company’s future and reducing the risk of talent loss to competitors.
These plans demand more than just enthusiasm, however. They require thoughtful planning, buy-in from leadership, and strict alignment with IRS Section 409A. Begin with your CFO or HR lead, engage vetted providers, and never promise what you can’t fund. A well-run plan earns loyalty. A careless one invites risk.

“The big key to this is plan design. That's where the rubber meets the road, and that's where the true benefit arrives.” - Mike DiCenso

Connect with Mike DiCenso:

LinkedIn: https://www.linkedin.com/in/michael-dicenso-a479b16/

Connect with Eric Dyson:

Phone: 940-248-4800

Email: contact@90northllc.com

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.

FF5 #69 - What's Hot?

Fri, 18 Jul 2025 10:00:00 GMT

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 and PBM transparency—are under increased scrutiny. SECURE 2.0 compliance, especially auto-enrollment and catch-up contributions, is still a key focus. Emerging risks around AI, cryptocurrency, ESG, and private equity in 401(k) plans are also highlighted. Dyson emphasizes strong fiduciary governance and stewardship.

Included in this episode are references to previous podcast episodes that address many of these issues.

Connect with Eric Dyson:

Website: https://90northllc.com/

Phone: 940-248-4800

LinkedIn: https://www.linkedin.com/in/401kguy/

The information contained herein is general in nature and is provided solely for educational and informational purposes.

It is not intended to provide a specific recommendation of any type of product or service discussed in this presentation or to provide any warranties, financial advice, or legal advice.

Mike Dullaghan - The Voice of the American Workplace

Wed, 16 Jul 2025 10:00:00 GMT

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 Mike Dullaghan discuss Franklin Templeton’s “Voice of the American Workplace Survey,” available for download at https://www.franklintempleton.com/insights/research-findings/voice-of-the-american-workplace-survey

The discussion includes:

Work-Life Balance and Mental Health Are Frontline Priorities
Communication Must Be Clear, Diverse, and Generationally Aware
Retirement and Career Growth Need Personalization
The Future of Work Demands Skill Agility and Cultural Alignment

Key Takeaways:

Work-life balance and mental health are top priorities, with 85% of employees seeking better balance and support for stress management in the workplace.
Communication must be clear, diverse, and generationally aware, as 90% of employees want honest leadership communication delivered through multiple channels, not a one-size-fits-all approach.
Retirement and career growth need personalization, with a strong interest in guaranteed income options and a desire for both simpler and tailored investment and development paths.
The future of work demands skill agility and cultural alignment as employees adapt to AI and technology shifts, while also seeking transparency, purpose, and opportunities to grow.

“Look for ways to ruthlessly simplify. Life is complicated.” - Mike Dullaghan

Connect with Mike Dullaghan:

Website: https://www.franklintempleton.com/

LinkedIn: https://www.linkedin.com/in/mikedullaghan1

Connect with Eric Dyson:

Website: https://90northllc.com/

Phone: 940-248-4800

LinkedIn: https://www.linkedin.com/in/401kguy/

FF5 #68 - The DOL Weighs in on Forfeiture Litigation

Fri, 11 Jul 2025 10:00:00 GMT

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 plan documents and recommends consulting advisors, attorneys, record keepers, and TPAs to ensure compliance. He explains that plan sponsors are allowed to use forfeitures to pay plan expenses or fund employer contributions, depending on what the plan permits. Dyson warns that requiring forfeitures to always offset administrative expenses could lead employers to reduce promised benefits, such as matching contributions.

Connect with Eric Dyson:

Website: https://90northllc.com/

Phone: 940-248-4800

LinkedIn: https://www.linkedin.com/in/401kguy/

The information contained herein is general in nature and is provided solely for educational and informational purposes.

It is not intended to provide a specific recommendation of any type of product or service discussed in this presentation or to provide any warranties, financial advice, or legal advice.

FF5 #67 - Trends in Advisor RFPs

Fri, 04 Jul 2025 10:00:00 GMT

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 bring to enhance employee understanding and appreciation of benefits. Eric shares insights from his experience in personally conducting advisor searches and RFPs for plan committees, noting that personal connections and cultural fit are crucial. He advises advisors to focus on their company's culture and values, as well as their ability to assist with HR tasks, to stand out in the competitive advisor market.

Connect with Eric Dyson:

Website: https://90northllc.com/

Phone: 940-248-4800

LinkedIn: https://www.linkedin.com/in/401kguy/

The information contained herein is general in nature and is provided solely for educational and informational purposes.

It is not intended to provide a specific recommendation of any type of product or service discussed in this presentation or to provide any warranties, financial advice, or legal advice.

Jamie Greenleaf: Healthcare Fiduciary Duties

Wed, 02 Jul 2025 10:00:00 GMT

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 to equip employers and their partners with the tools and framework needed to establish a strong fiduciary process for their health care plans, ensuring compliance and reducing risk for plan sponsors.

In this episode, Eric and Jamie Greenleaf discuss:

New transparency rules for healthcare plans
Employers must embrace fiduciary responsibility
Advisors are essential partners in compliance
Support tools like Fiduciary In a Box can help

Key Takeaways:

The Consolidated Appropriations Act of 2021 introduced major updates to employer-sponsored healthcare plans, building on ERISA’s foundation. Key changes include the removal of gag clauses, mandatory compensation disclosures, and new reporting requirements on prescription spending and mental health parity.
Employers are now expected to take a more hands‑on approach in managing their healthcare plans. This includes forming fiduciary committees, undergoing fiduciary training, verifying vendor information, and benchmarking service providers to ensure fair costs and quality.
Advisors and brokers play a critical role in helping employers understand their fiduciary duties. They should offer transparent compensation details and guide the development of strong oversight practices to protect plan participants and maintain regulatory compliance.
Platforms such as Fiduciary In a Box simplify the compliance process by providing resources, templates, and benchmarking tools. These solutions enable employers to implement proper fiduciary practices and make well‑informed, participant‑focused decisions.

“Trust but verify, because at the end of the day, you are the fiduciary nobody else sitting at that table on the healthcare side is.” - Jamie Greenleaf

Fiduciary In A Box

Connect with Jamie Greenleaf:

Website: https://www.fiduciaryinabox.com/

LinkedIn: https://www.linkedin.com/in/jamie-greenleaf-aif-cbfa-c-k-p-4029365a/

Connect with Eric Dyson:

Website: https://90northllc.com/

Phone: 940-248-4800

LinkedIn: https://www.linkedin.com/in/401kguy/

Comparing Cunningham v Cornell to Steen v Sonoco

Fri, 13 Jun 2025 10:00:00 GMT

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 for detailed claims. Eric advises fiduciaries to monitor record-keeping fees, ensure reasonable compensation, and document processes. He notes that the Supreme Court's decision could increase prohibited transaction claims, especially in healthcare litigation. Eric stresses the importance of thorough documentation and regular benchmarking to meet fiduciary duties.

Connect with Eric Dyson:

Website: https://90northllc.com/

Phone: 940-248-4800

LinkedIn: https://www.linkedin.com/in/401kguy/

The information contained herein is general in nature and is provided solely for educational and informational purposes.

It is not intended to provide a specific recommendation of any type of product or service discussed in this presentation or to provide any warranties, financial advice or legal advice.

FF5 #66 - What Cunningham v Cornell Means for Health Plans

Fri, 13 Jun 2025 10:00:00 GMT

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 managers. Eric advises plan committee members to establish a process similar to retirement plans, including fiduciary committees and charters, to ensure compliance.

Connect with Eric Dyson:

Website: https://90northllc.com/

Phone: 940-248-4800

LinkedIn: https://www.linkedin.com/in/401kguy/

The information contained herein is general in nature and is provided solely for educational and informational purposes.

It is not intended to provide a specific recommendation of any type of product or service discussed in this presentation or to provide any warranties, financial advice, or legal advice.

FF5 #65 - How Often Should You Benchmark?

Fri, 06 Jun 2025 10:00:00 GMT

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 plans benchmark fees annually, with 90% doing so at least every other year. Eric emphasizes that all plans regardless of size have a fiduciary duty to monitor fees and suggests consulting the right experts for specific benchmarking frequencies.

Connect with Eric Dyson:

Website: https://90northllc.com/

Phone: 940-248-4800

LinkedIn: https://www.linkedin.com/in/401kguy/

The information contained herein is general in nature and is provided solely for educational and informational purposes.

It is not intended to provide a specific recommendation of any type of product or service discussed in this presentation or to provide any warranties, financial advice or legal advice.

FF5 #64 - DOL Updates Guidance on Cryptocurrency in ERISA Plans

Fri, 30 May 2025 10:00:00 GMT

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 prudence. Eric remains skeptical about including cryptocurrencies in 401(k) plans until evidence shows improved participant outcomes. He emphasizes that sophisticated investors should handle such investments individually, not through their 401(k) plans, to avoid overly complex investments for the average employee.

Connect with Eric Dyson:

Website: https://90northllc.com/

Phone: 940-248-4800

LinkedIn: https://www.linkedin.com/in/401kguy/

The information contained herein is general in nature and is provided solely for educational and informational purposes.

It is not intended to provide a specific recommendation of any type of product or service discussed in this presentation or to provide any warranties, financial advice, or legal advice.

FF5 #63 - We Remember - We Will Never Forget

Fri, 23 May 2025 10:00:00 GMT

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 watching the movie "Taking Chance" to honor Memorial Day and acknowledges the freedom enjoyed in the retirement industry is built on the sacrifices of these fallen heroes. Eric also clarifies that while veterans can be thanked year-round, Memorial Day is specifically for remembering those who made the ultimate sacrifice.

Connect with Eric Dyson:

Website: https://90northllc.com/

Phone: 940-248-4800

LinkedIn: https://www.linkedin.com/in/401kguy/

The information contained herein is general in nature and is provided solely for educational and informational purposes.

It is not intended to provide a specific recommendation of any type of product or service discussed in this presentation or to provide any warranties, financial advice or legal advice.

FF5 #62 - Forfeiture Lawsuits - Read Your Plan Document PLEASE!

Fri, 16 May 2025 10:00:00 GMT

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 forfeitures in accordance with plan documents, thereby contravening the duty to follow plan terms consistent with ERISA. He emphasizes the importance of reviewing plan documents, operating plans as intended, and clearly outlining policies on forfeitures to mitigate litigation risks.

Use the keyword “90north”: https://www.fiduciaryinabox.com/

Connect with Eric Dyson:

Website: https://90northllc.com/

Phone: 940-248-4800

LinkedIn: https://www.linkedin.com/in/401kguy/

The information contained herein is general in nature and is provided solely for educational and informational purposes.

It is not intended to provide a specific recommendation of any type of product or service discussed in this presentation or to provide any warranties, financial advice, or legal advice.

Shannon Edwards: The Gap

Wed, 14 May 2025 10:00:00 GMT

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.

Shannon is a credentialed member of the American Society of Pension Professionals and Actuaries (ASPPA) and the National Institute of Pension Administrators (NIPA). She currently serves on the ASPPA Leadership Council and as a member at large on the board of directors of the American Retirement Association (ARA). Shannon co-chaired the ARA Women in Retirement Conference (WiRC) as well as the ASPPA TPA Growth Summit. She has also served on several fundraising committees and supports many non-profits locally, such as Infant Crisis Services, Make a Wish Oklahoma, and Cleats for Kids.

If you are a financial advisor, CPA, or business owner with retirement plan questions, please be sure to connect with Shannon on LinkedIn. You can also email her at shannon@tristarpension.com.

In this episode, Eric and Shannon Edwards discuss:

Courtroom insights reveal real fiduciary risks
Unlicensed, unbiased guidance fills a critical gap
Military backgrounds bring strategic value to finance
Proactive planning improves outcomes

Key Takeaways:

Litigation shows that inadequate documentation, unclear investment policies, and ignoring DOL guidance are common pitfalls that expose plan sponsors to ERISA lawsuits.
By operating outside traditional financial licenses, 90 North Consulting offers compliance-free, litigation-informed fiduciary support tailored to plan sponsors’ needs.
The transition from service member to financial consultant highlights the adaptability, discipline, and leadership needed to navigate complex regulatory environments.
Fostering financial literacy, implementing debt management strategies, and engaging in continuous plan improvement can close the retirement savings gap and safeguard both employees and employers.

“[The single most overlooked risk is doing nothing]. There’s a risk in sticking with the status quo and not looking at how to make your plan better." - Eric Dyson

Connect with Shannon Edwards:

Website: https://www.tristarpension.com/

LinkedIn: https://www.linkedin.com/in/shannonedwardsplanconsultant/

Connect with Eric Dyson:

Website: https://90northllc.com/

Phone: 940-248-4800

LinkedIn: https://www.linkedin.com/in/401kguy/

FF5 #61 - The CAA Meets Cunningham v Cornell

Fri, 09 May 2025 10:00:00 GMT

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 prohibited transactions in ERISA plans, the necessity of ERISA 408(b)(2) disclosures, and the importance of reasonable fees. He also extends these requirements to health plans under the Consolidated Appropriations Act, advising plan sponsors to ensure proper fee disclosures and fiduciary processes for both retirement and health plans.

Use the keyword “90north”: https://www.fiduciaryinabox.com/

Connect with Eric Dyson:

Website: https://90northllc.com/

Phone: 940-248-4800

LinkedIn: https://www.linkedin.com/in/401kguy/

The information contained herein is general in nature and is provided solely for educational and informational purposes.

It is not intended to provide a specific recommendation of any type of product or service discussed in this presentation or to provide any warranties, financial advice, or legal advice.

Gina Alsdorf: Under the Hood of Pharmacy Benefit Managers (PBMs)

Wed, 07 May 2025 10:00:00 GMT

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 retirement accounts. Gina received her JD, cum laude from University of Georgia Law School and was awarded an LLM in Employee Benefits with honors, from the University of Illinois, Chicago Law School.

In this episode, Eric and Gina Alsdorf discuss:

Evaluating PBM contracts with expert oversight
Prioritizing transparency in pricing models
Align PBM incentives with participant outcomes, if possible
Invest in education and oversight for long-term success

Key Takeaways:

Engage legal and consulting professionals to analyze contract terms, ensuring alignment with fiduciary responsibilities and plan objectives.
Understand the financial structure of PBM arrangements, favoring models that clearly show how costs and profits are distributed.
Select partners and structures that place plan participant benefit above corporate profit, especially in vertically integrated PBM organizations.
Encourage continuous learning and mentorship among benefit managers to adapt to a complex and evolving pharmacy benefits landscape.

“ERISA does not give you the duty to go for the cheapest price. You're supposed to get the best service for the money for your people.” - Gina Alsdorf

Connect with Gina Alsdorf:

Website: https://www.carltonfields.com/team/a/gina-alsdorf

LinkedIn: https://www.linkedin.com/in/gina-alsdorf/

Connect with Eric Dyson:

Website: https://90northllc.com/

Phone: 940-248-4800

LinkedIn: https://www.linkedin.com/in/401kguy/

FF5 #60 - 408(B)2 Disclosures = Affirmative Defense

Fri, 02 May 2025 10:00:00 GMT

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 through 408(B)2. Eric suggests that advisors and committee members ensure they have these disclosures and understand them, as they are not typically issued annually. He also suggests that plan sponsors request these disclosures annually from all service providers.

Use the keyword “90north”: https://www.fiduciaryinabox.com/

Connect with Eric Dyson:

Website: https://90northllc.com/

Phone: 940-248-4800

LinkedIn: https://www.linkedin.com/in/401kguy/

The information contained herein is general in nature and is provided solely for educational and informational purposes.

It is not intended to provide a specific recommendation of any type of product or service discussed in this presentation or to provide any warranties, financial advice or legal advice.

Anatomy of an ERISA Lawsuit

Wed, 30 Apr 2025 10:00:00 GMT

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 extensive document exchange. Eric emphasizes the importance of detailed meeting minutes and a thorough review of all plan documents and documents that represent a fiduciary process for plan compliance.

Connect with Eric Dyson:

Website: https://90northllc.com/

Phone: 940-248-4800

LinkedIn: https://www.linkedin.com/in/401kguy/

The information contained herein is general in nature and is provided solely for educational and informational purposes.

It is not intended to provide a specific recommendation of any type of product or service discussed in this presentation or to provide any warranties, financial advice or legal advice.

FF5 #59 - Supreme Court Lessons Learned - Cunningham v Cornell

Fri, 25 Apr 2025 10:00:00 GMT

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 highlights the need for committee members and advisors to understand their legal fiduciary duties and to manage plan expenses WHEN POSSIBLE by writing checks for services rather than using plan assets. He also notes concerns about the potential for increased litigation and fiduciary liability insurance costs due to an implied lower pleading standard from this case.

Connect with Eric Dyson:

Website: https://90northllc.com/

Phone: 940-248-4800

LinkedIn: https://www.linkedin.com/in/401kguy/

The information contained herein is general in nature and is provided solely for educational and informational purposes.

It is not intended to provide a specific recommendation of any type of product or service discussed in this presentation or to provide any warranties, financial advice or legal advice.

Terry Crocker, Scott Hayes, Mannix Smith: The Language of Trust in Employee Benefits

Wed, 23 Apr 2025 10:00:00 GMT

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 as an inaugural Commissioner on the Texas Judicial Commission on Mental Health.

Scott Hayes is President and CEO of ISC Group, Inc., based in Dallas. With 30 years of industry experience, he joined ISC in 1997. Scott is a past president of the American Retirement Association and NTSAA, and served on the ASPPA Board. He’s a founding member and contributor to 403(b) Advisor magazine and currently serves on the board of the Texas Public Plan Coalition.

Mannix Smith brings 28 years of experience in defined contribution, ESOP, and executive benefit plans, including 27 years with ISC Group. For the past decade, Mannix has led retirement plan strategy, compliance, and relationship management at ISC, overseeing key programs and client partnerships.

In this episode, Eric, Terry, Scott, and Mannix discuss:

Engaging employees about company benefits and earning their trust
Maximizing retirement options
Engage through presence and education
Leverage plan design for growth
Uphold fiduciary and financial excellence

Key Takeaways:

For eligible government entities, contribute fully to both 457(b) and 403(b) plans. Take advantage of unique plan features that are part of a 457(b). Understand the strategic layering of 401(a), 457(b), and 403(b) plans for greater retirement flexibility.
Promote benefits actively. Offer regular communication and face-to-face consultations. Build trust and increase participation through consistent, visible leadership.
Encourage enrollment through generous matching programs. Consider the best use of forfeitures to support benefit enhancements. Structure plans to drive long-term participation and asset growth.
Conduct quarterly investment reviews. Monitor advisor performance carefully. Maintain adequate reserves and use professional strategies focused on liquidity, safety, and return.

“Take the time out to listen to the client's needs, to understand exactly what they are asking of you” - Mannix Smith

Connect with Mannix Smith: https://www.linkedin.com/in/mannix-o-smith-5802b728/

Connect with Scott Hayes: https://www.linkedin.com/in/scotthayescfa/

Connect with Eric Dyson:

Website: https://90northllc.com/

Phone: 940-248-4800

LinkedIn: https://www.linkedin.com/in/401kguy/

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.

FF5 #58 Cryptocurrency in 401k Plans

Fri, 18 Apr 2025 10:00:00 GMT

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 against cryptocurrency investments in retirement plans. He argues that the DOL's guidance highlights significant risks, and without compelling evidence showing improved participant outcomes, he advises against including cryptocurrencies in ERISA plans. Eric also references articles from Plan Advisor magazine that highlight differing opinions among advisors regarding the appropriateness of cryptocurrencies in financial plans.

Connect with Eric Dyson:

Website: https://90northllc.com/

Phone: 940-248-4800

LinkedIn: https://www.linkedin.com/in/401kguy/

The information contained herein is general in nature and is provided solely for educational and informational purposes.

It is not intended to provide a specific recommendation of any type of product or service discussed in this presentation or to provide any warranties, financial advice or legal advice.

Justin Dorsey: Strategic HR - Execution Excellence

Wed, 16 Apr 2025 10:00:00 GMT

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.

With broad experience across industries like retail, healthcare, distribution, oil & gas, and engineering, Justin focuses on improving the candidate and employee experience throughout the employment lifecycle. His expertise spans employee relations, talent acquisition, training, compensation, benefits, and engagement. He holds both Senior Professional and Global Professional certifications in Human Resources.

Outside of work, Justin actively volunteers at his church and in the community, including with Junior Achievement and F3. He previously served as President of Fort Worth HR and was named a Top 40 Under 40 honoree by the Fort Worth Business Press, reflecting his commitment to impactful service and HR excellence.

In this episode, Eric and Justin Dorsey discuss:

The evolution of HR from a compliance function to a strategic driver
Why execution excellence is foundational to HR credibility
How fractional HR can support growing businesses
The critical role of company culture in employee retention
Advice for young HR professionals navigating their careers

Key Takeaways:

Strategic HR starts with operational excellence. You can’t earn a strategic seat at the table without first delivering on the basics—payroll, benefits, compliance, and employee support must run smoothly. That’s how credibility is built.
Fractional HR is a flexible, cost-effective solution for small to mid-sized businesses. Whether it’s interim leadership, project-based work, or an ongoing partnership, a fractional HR model provides expert guidance without the cost of a full-time hire.
Culture must be intentional, not assumed. Leaders should be willing to assess and challenge their assumptions about what makes their workplace great. Employee feedback—like Best Place to Work surveys—can expose blind spots and create a path for real improvement.
Execution trumps planning without follow-through. Even the best strategy won’t matter without proper implementation. Break big initiatives into manageable, sequenced steps and ensure ownership is clear at every level.
Build your career through curiosity and relationships. Young HR professionals should stay curious, take calculated risks, invest in their network, and never forget—it’s not just about what you know, it’s about the people you help and grow with along the way.

"Don't be afraid to take risks, be contagiously, consistently curious, and then also build your network." - Justin Dorsey

Connect with Justin Dorsey:

LinkedIn: https://www.linkedin.com/in/justin-dorsey-sphr

Email: justin@texasHRteam.com

Connect with Eric Dyson:

Website: https://90northllc.com/

Phone: 940-248-4800

LinkedIn: https://www.linkedin.com/in/401kguy/

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.

FF5 #57 - The ARA Leadership Triangle

Fri, 11 Apr 2025 10:00:00 GMT

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 responsibility. He stresses that ERISA plan fiduciaries cannot completely offload their responsibilities to service providers, even if there are shared fiduciary roles. Eric highlights the importance of monitoring delegated tasks and maintaining fiduciary duties, even when responsibilities are shared.

Connect with Eric Dyson:

Phone: 940-248-4800

The information contained herein is general in nature and is provided solely for educational and informational purposes.

It is not intended to provide a specific recommendation of any type of product or service discussed in this presentation or to provide any warranties, financial advice or legal advice.

Kelly Majdan: Wellness, The Science Behind Change

Wed, 09 Apr 2025 10:00:00 GMT

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 certifications in fiduciary retirement plan management (AIF, QPFC, CRPS) as well as functional health and wellness coaching (NBC-HWC, A-CFHC), enabling her to implement a whole-person strategy in retirement plan management.

She has also been recognized twice by The Financial Times, in September 2015 & 2016, as one of the “Top 401 Financial Advisers” in the 401(k) field and by NAPA, the National Association of Plan Advisors, as a 2017 and 2019 Top Woman Advisor All-Star in the retirement plan industry.

In this episode, Eric and Kelly Majdan discuss:

Signs of success in financial wellness programs
Understanding employees’ needs
The true measure of financial wellness program success
Focus on the people, not the numbers

Key Takeaways:

Financial wellness programs should expect 5-15% engagement initially, which is actually a sign of success, not failure. The goal is to help employees move through different stages of behavioral change at their own pace.
Understanding employees' needs is critical - start with a comprehensive survey to identify what financial topics are most important to your workforce, and design programs that meet them where they are in their financial journey.
Measuring success goes beyond traditional metrics. Look at engagement indicators like webinar attendance, article clicks, survey participation, and gradually expanding program participation over 2-3 years.
The most important approach is remembering that wellness programs are about people, not just numbers. Connect with employees personally, provide hope through success stories, and create supportive, ongoing resources that recognize individuals are at different stages of financial readiness.

“Remember, you're dealing with people. Remember that they're not participants, they're not employees, they're not co-workers, they're not associates, they're people. Connect with them where they are and see them as the people that they are in front of you.” - Kelly Majdan

Connect with Kelly Majdan:

Website: https://www.onedigital.com/

LinkedIn: https://www.linkedin.com/in/kellymajdan/

Connect with Eric Dyson:

Website: https://90northllc.com/

Phone: 940-248-4800

LinkedIn: https://www.linkedin.com/in/401kguy/

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.

FF5 #56 - Two Absolutes

Fri, 04 Apr 2025 10:00:00 GMT

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 household saving 3% without auto-escalation, which can yield significant results over time. He also highlights the benefits of financial literacy and budgeting and the potential impact of even small savings contributions.

Connect with Eric Dyson:

Website: https://90northllc.com/

Phone: 940-248-4800

LinkedIn: https://www.linkedin.com/in/401kguy/

The information contained herein is general in nature and is provided solely for educational and informational purposes.

It is not intended to provide a specific recommendation of any type of product or service discussed in this presentation or to provide any warranties, financial advice or legal advice.

Mike Dullaghan: Regulation, Legislation, Opportunity and Risk in 2025

Wed, 02 Apr 2025 10:00:00 GMT

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 Investments, he was the Director of Content and Sales Enablement for Putnam’s DCIO Team. Mr. Dullaghan received his Retirement Income Certificate, or RI(k), from the National Association of Plan Advisors (NAPA).

In this episode, Eric and Mike Dullaghan discuss:

Automatic enrollment and automatic escalation
The evolution of retirement income solutions
Regularly updating the plan design
The blurring of lines between retirement and wealth advisory

Key Takeaways:

For ERISA plans established since January 1, 2023, automatic enrollment and auto-escalation are now required, reflecting a shift toward helping more workers save effectively for retirement.
There's a growing focus on creating in-plan guaranteed income options, with innovations aimed at providing personalized income solutions using technology like AI to help retirees manage their savings.
Just like smartphone operating systems, retirement plans need periodic review to ensure they're optimized for changing workforce demographics and participant needs.
With state mandates and demographic shifts, advisors are increasingly working across retirement plans and wealth management, creating new opportunities for comprehensive financial guidance.

“If we can boil it down to what's the why of retirement income, what's the how of retirement income, and what's the what, then I think we're going to be in a way, better place than we are today.” - Mike Dullaghan

Connect with Mike Dullaghan:

Website: https://www.franklintempleton.com/

LinkedIn: https://www.linkedin.com/in/mikedullaghan1/

Connect with Eric Dyson:

Website: https://90northllc.com/

Phone: 940-248-4800

LinkedIn: https://www.linkedin.com/in/401kguy/

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.

FF5 #55 - The 80/20 Rule for ERISA Plans

Fri, 28 Mar 2025 10:00:00 GMT

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 managed accounts. He suggests that committees should prioritize evaluating these key areas to improve participant outcomes, and a reminder that the primary driver of retirement success is the amount contributed to the plan.

Connect with Eric Dyson:

Website: https://90northllc.com/

Phone: 940-248-4800

LinkedIn: https://www.linkedin.com/in/401kguy/

The information contained herein is general in nature and is provided solely for educational and informational purposes.

It is not intended to provide a specific recommendation of any type of product or service discussed in this presentation or to provide any warranties, financial advice or legal advice.

Kevin Mahoney: Stewardship Reporting and Practice Management

Wed, 26 Mar 2025 10:00:00 GMT

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 plan design, implementation, and distribution.

Before joining Raymond James in 2015, Kevin spent 24 years at Merrill Lynch. He holds a bachelor’s degree from Fordham University and is an active member of several professional organizations, including the Investment Management Consultants Association and the Society for Human Resource Management. He also serves on the leadership councils for the National Association of Plan Advisors and The Retirement Advisor Council.

Kevin is deeply committed to community service, currently serving on the Board of Directors for Rockland Hospital Guild and the Finance Committee for United Hospice of Rockland. He previously held leadership roles with Meals on Wheels of Rockland, St. Margaret of Antioch Church, and the Boy Scouts of America.

His contributions have earned him notable recognition, including Meals on Wheels Business Man of the Year (2015) and the Fordham University Community Leadership Award (2016). He has also been named to the Financial Times 401: Top U.S. Retirement Advisors annually since its inception.

In this episode, Eric and Kevin Mahoney discuss:

The benefits of thoroughly documenting service hours
Ensuring consistency in delivering value
Exercising caution when benchmarking services
Engaging in holistic retirement planning

Key Takeaways:

Thoroughly documenting the time and effort spent servicing each client is an important process for advisors who want to truly justify their fees, enhance client retention, and identify both high and low-value engagements.
Establishing a fiduciary training program, detailed service plans, and accountability measures is essential to ensure advisors consistently deliver value commensurate with their fees.
Benchmarking services and fees against industry standards is vital, but advisors must exercise caution in data input to avoid erroneous conclusions regarding fee competitiveness.
Advisors should engage in holistic retirement planning, including employee education, to succeed in the industry, while committees must scrutinize advisors' processes and pricing to meet fiduciary obligations.

“If all you're speaking to is investments. You're going to struggle. You need to talk to the plan holistically. You need to talk to employee education. And you have to be committed to the best interest of the participants. And if you do that, I think there's staggering upside potential.” - Kevin Mahoney

Connect with Kevin Mahoney:

Website: https://www.raymondjames.com/mahoneygroupadvisors/

LinkedIn: https://www.linkedin.com/in/kevinmahoneytmg/

Connect with Eric Dyson:

Website: https://90northllc.com/

Phone: 940-248-4800

LinkedIn: https://www.linkedin.com/in/401kguy/

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.

FF5 #54 - 3(21) vs 3(38)

Fri, 21 Mar 2025 10:00:00 GMT

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 of monitoring fiduciary duties, and the potential risks of over-delegation. For plan sponsors deciding between these two fiduciary roles, he provides practical guidance on evaluating advisors, understanding the investment policy statement, and ensuring clear communication with service providers.

Connect with Eric Dyson:

Website: https://90northllc.com/

Phone: 940-248-4800

LinkedIn: https://www.linkedin.com/in/401kguy/

The information contained herein is general in nature and is provided solely for educational and informational purposes.

It is not intended to provide a specific recommendation of any type of product or service discussed in this presentation or to provide any warranties, financial advice or legal advice.

Marcia Wagner: Adopting Best Practices

Wed, 19 Mar 2025 10:00:00 GMT

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 experience in plan design and drafting, compliance, tax planning, and consultation on all aspects of ERISA and the Internal Revenue Code. Ms. Wagner also serves as an expert witness in ERISA litigation. Ms. Wagner has recently been appointed to the Board of Directors for the American Benefits Council, as well as a Member to the Board of Governors of the American College of Employee Benefits Counsel. Ms. Wagner has written hundreds of articles and 27 books. She is a highly sought after lecturer, is widely quoted in financial journals and has been a guest on Fox, CNN, Bloomberg, and NBC.

In this episode, Eric and Marcia Wagner discuss:

Committing to continually enhancing services
Best practices that benefit professionals must follow
Adopting investment policy statements and other governance documents
Doing things with integrity and excellence

Key Takeaways:

Providers must continually enhance services to meet evolving industry standards, legal requirements, and client expectations.
Benefit professionals should follow best practices, such as documenting processes, monitoring fees, evaluating service providers through RFPs and benchmarking, and thoroughly documenting meeting minutes to demonstrate prudent fiduciary processes.
Investment policy statements, although not legally mandated, are considered fiduciary best practices for retirement plans and should be treated as plan documents if adopted.
Believe in the industry's support for the middle class and social stability, maintaining humanity, generosity, flexibility, enthusiasm, pursuing excellence and integrity, and embracing the notion that everything will work out in the end.

“Remember your humanity, and don't let the bastards get you down because you will encounter people who are good. Have a generous heart and just be as flexible as you can be. Be open to things that are new. Be enthusiastic. Try to do what you do with excellence and integrity.” - Marcia Wagner

Connect with Marcia Wagner:

Website: https://www.wagnerlawgroup.com/attorney/wagner-marcia-s/

LinkedIn: https://www.linkedin.com/in/marciawagner

Connect with Eric Dyson:

Website: https://90northllc.com/

Phone: 940-248-4800

LinkedIn: https://www.linkedin.com/in/401kguy/

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.

FF5 #53 - Your IPS for Target Date Funds

Fri, 14 Mar 2025 10:00:00 GMT

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 complexity of assessing multiple funds with varying glide paths and strategies. He advocates for conducting a glide path determination to align the TDF's risk level with plan demographics and participant needs, whether conservative or aggressive.

Connect with Eric Dyson:

Website: https://90northllc.com/

Phone: 940-248-4800

LinkedIn: https://www.linkedin.com/in/401kguy/

The information contained herein is general in nature and is provided solely for educational and informational purposes.

It is not intended to provide a specific recommendation of any type of product or service discussed in this presentation or to provide any warranties, financial advice or legal advice.

David White & Raechel Peters: Solving Employee Financial Stress with Smart Voluntary Benefits

Wed, 12 Mar 2025 10:00:00 GMT

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 major hospitals in the southern U.S., making them top fundraising activities. His extensive experience in retail and payroll purchasing has given him deep insight into buying preferences and trends.

With letters of recommendation from nearly every key account he has ever managed, David’s work ethic and genuine interest in satisfying the customer have translated into long-term relationships.

Raechel Peters is the President of BenefitsMe, a company focused on enhancing financial wellness in employee benefits through its Employee Purchasing Assistance Program. A strategic leader, Raechel has been instrumental in shaping the company’s strategy, driving growth, and delivering exceptional experiences for both clients and users. With a strong background in leadership, marketing, operations, and strategic planning, she is dedicated to advancing innovation in the employee purchasing space and expanding access to financial wellness solutions.

In this episode, Eric, David White, and Raechel Peters discuss:

Financial Stress is Widespread
BenefitsMe Offers a No-Interest Solution for Necessary Household Purchase Items
Easy Implementation and Low Risk
Versatile Benefit Across Income Levels
Financial Wellness and Financial Literacy Program Included

Key Takeaways:

67% of Americans are worried about the cost of living, 77% live paycheck to paycheck, and 97% of employees spend time worrying about personal finances at work.
The program allows employees to purchase essential items (like appliances, electronics, and travel) through payroll deduction with 3-12 month terms and zero interest, helping them avoid high-interest debt.
The program requires minimal effort to set up (4-6 hours), comes with a free financial wellness module, and the company assumes the risk if an employee terminates before paying off their purchase.
The program is beneficial for employees across all income brackets, not just low-wage workers, as personal financial challenges can affect anyone regardless of salary.

“One thing that really ensures that it's going to be a successful launch and a successful partnership is communication with the program sponsor and our team.” - Raechel Peters

Connect with David White & Raechel Peters:

Website: https://benefitsme.com/

Email: davidwhite@benefitsme.com, raechelpeters@benefitsme.com

Connect with Eric Dyson:

Website: https://90northllc.com/

Phone: 940-248-4800

LinkedIn: https://www.linkedin.com/in/401kguy/

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.

FF5 #52 - Is the IPS a "Plan Document?"

Fri, 07 Mar 2025 11:00:00 GMT

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 be imprudent to do so. He cites a quick example of when that may not be prudent or appropriate in the case of a well-funded pension plan preparing to terminate which may want to have all assets in cash or other instruments for preservation of capital.. He advises against NOt having as IPS, as it provides a roadmap for fiduciaries, ensuring compliance with ERISA and maintaining prudence and loyalty in investment decisions.

Connect with Eric Dyson:

Website: https://90northllc.com/

Phone: 940-248-4800

LinkedIn: https://www.linkedin.com/in/401kguy/

The information contained herein is general in nature and is provided solely for educational and informational purposes.

It is not intended to provide a specific recommendation of any type of product or service discussed in this presentation or to provide any warranties, financial advice or legal advice.

Chelle O'Keefe and Janine Moore: The Right Enterprise Benefit Strategy and The Right Partner

Wed, 05 Mar 2025 11:00:00 GMT

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 diversity initiatives, significantly reducing employee turnover and increasing leadership diversity. She holds a BS in Psychology from Texas A&M University and an MS in Industrial/Organizational Psychology from Capella University. Passionate about creating workplaces where people thrive, Chelle’s expertise spans HR, change management, training, and marketing strategy.

Janine Moore, AIF®, CPFA, CFS has over 25 years of financial services experience. She co-founded Peak Financial Group in 2002 and served as Principal until the HUB International acquisition in 2019. Janine specializes in 457(b) and 401(a) governmental deferred compensation plans and served as the City Director for the City of Houston’s deferred compensation plan for six years. Recognized as a Top Women Advisor All Star and Captain, she has led professional and non-profit organizations committed to improving lives and promoting women in business. Janine holds a BA in Journalism and Public Relations from The Ohio State University and multiple registrations through LPL Financial. She is also registered with Global Retirement Partners as an Investment Advisor Representative. A proud veteran, she served as a Staff Sergeant with the Ohio Air National Guard and received the Air Force Achievement Medal.

In this episode, Eric, Chelle O'Keefe, and Janine Moore discuss:

Benefit philosophy matters
Building trust and partnership
The potential for underutilized plans
Building trust and transparency
Simplify and educate

Key Takeaways:

Companies should intentionally develop a clear benefit philosophy that reflects their goals, demographics, and employee needs, rather than just maintaining a status quo plan.
Successful service provider relationships are built on more than just expertise - they require listening, education, transparency, and the ability to have difficult conversations.
Even seemingly neglected or underutilized 401(k) plans can be transformed through collaborative efforts, persistent advisors, and a commitment to participant outcomes.
Financial professionals should focus on simplifying complex concepts, seeing the potential in plans, and educating clients in a way that doesn't make them feel overwhelmed or inadequate.

“We are the reflection of all of the people that we spend the most time with.” - Chelle O'Keefe

Connect with Chelle O'Keefe:

LinkedIn: https://www.linkedin.com/in/chelleokeefe/

Connect with Janine Moore:

LinkedIn: https://www.linkedin.com/in/janinejeffersonmoore/

Connect with Eric Dyson:

Website: https://90northllc.com/

Phone: 940-248-4800

LinkedIn: https://www.linkedin.com/in/401kguy/

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.

FF5 #51 - A Few of My Favorite Things - Revenue Share and Participant Fee Disclosures

Fri, 28 Feb 2025 11:00:00 GMT

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 share or per capita fees. Eric highlights that fees must be expressed in terms a typical participant can understand. He provides examples from the bulletin, such as explaining legal expenses and record-keeping costs. Eric advises plan sponsors and advisors to collaborate and consult legal counsel to ensure compliance with these disclosure requirements.

Connect with Eric Dyson:

Website: https://90northllc.com/

Phone: 940-248-4800

LinkedIn: https://www.linkedin.com/in/401kguy/

The information contained herein is general in nature and is provided solely for educational and informational purposes.

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, financial advice, or legal advice.

Jason Levy: The ABCs of CITs

Wed, 26 Feb 2025 11:00:00 GMT

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. Jason holds a JD from Columbia University and a BA from the University of Pennsylvania. He serves on the Pension Rights Center Board and frequently speaks at industry events, shaping the future of retirement planning.

In this episode, Eric and Jason Levy discuss:

The growing popularity of CITs
Regulations involving CITs
CIT availability
Why fiduciaries should consider CITs

Key Takeaways:

Collective Investment Trusts (CITs) are growing in popularity as a cost-effective alternative to mutual funds for retirement plans, offering similar investment strategies at lower costs.
CITs are regulated under a regime tailored specifically for retirement plans, providing enhanced investor protections compared to mutual funds.
Historically, CITs were only accessible to the largest retirement plans, but minimum investment requirements have decreased, making them available to smaller and mid-sized plans as well.
Plan fiduciaries and advisors should consider adding CITs to their investment lineups, as the cost savings can significantly impact participant retirement outcomes over time.

“Even in the small plan market, CITs are available, even the smallest plans through those aggregators would be able to access CITs. Regardless of the size of your plan, CIT should be on your radar.” - Jason Levy

Connect with Jason Levy:

Website: https://greatgray.com/

Email: jason.levy@greatgray.com

LinkedIn: https://www.linkedin.com/in/jason-levy-19783a17/

Great Gray Trust Company, LLC Collective Investment Funds (“Great Gray Funds”) are bank collective investment funds; they are not mutual funds. Great Gray Trust Company, LLC serves as the Trustee of the Great Gray Funds and maintains ultimate fiduciary authority over the management of, and investments made in, the Great Gray Funds. Great Gray Funds and their units are exempt from registration under the Investment Company Act of 1940 and the Securities Act of 1933, respectively.

Investments in the Great Gray Funds are not bank deposits or obligations of and are not insured or guaranteed by Great Gray Trust Company, LLC, any bank, the FDIC, the Federal Reserve, or any other governmental agency. The Great Gray Funds are commingled investment vehicles, and as such, the values of the underlying investments will rise and fall according to market activity; it is possible to lose money by investing in the Great Gray Funds.

Connect with Eric Dyson:

Website: https://90northllc.com/

Phone: 940-248-4800

LinkedIn: https://www.linkedin.com/in/401kguy/

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.

FF5 #50 - A Few of My Favorite Things - Per Capita or Pro Rata?

Fri, 21 Feb 2025 11:00:00 GMT

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 specify a method for fee allocation, giving fiduciaries considerable discretion. He stresses the need for a deliberative process to weigh competing interests and ensure the method chosen is solely in the interest of participants, provided it has a rational basis. Eric also warns that methods unfairly benefiting committee members could raise prohibited transaction issues. He advises reviewing this bulletin in upcoming committee meetings.

Connect with Eric Dyson:

Website: https://90northllc.com/

Phone: 940-248-4800

LinkedIn: https://www.linkedin.com/in/401kguy/

The information contained herein is general in nature and is provided solely for educational and informational purposes.

It is not intended to provide a specific recommendation of any type of product or service discussed in this presentation or to provide any warranties, financial advice or legal advice.

Patrick Williams: Fiduciary in a Box

Wed, 19 Feb 2025 11:00:00 GMT

Patrick Williams has over 39 years of experience in retirement and employee benefits consulting. As the co-founder of Fiduciary in a Box®, he has created a cloud-based solution to help employers manage their fiduciary responsibilities effectively. With his deep understanding of the Consolidated Appropriations Act of 2021, Patrick offers invaluable insights to ensure compliance with evolving regulations for ERISA health plans.

Patrick earned a Bachelor of Arts in Finance from the University of Minnesota and holds the Accredited Investment Fiduciary® (AIF®) designation. He has served as president of the Minnesota Association of Health Underwriters and is a founding member of the Minnesota and Florida Fiduciary Roundtables.

A dynamic speaker, Patrick simplifies complex topics for his audience, making his presentations both educational and impactful. He is dedicated to guiding organizations toward achieving fiduciary excellence.

In this episode, Eric and Patrick Williams discuss:

Comprehensive solution for fiduciary responsibilities
Critical coverage areas for health plans and retirement plans
Who can benefit from Fiduciary in a Box?
Establishing repeatable processes as a manager

Key Takeaways:

Fiduciary in a Box is a comprehensive solution that helps you manage fiduciary responsibilities for both retirement and healthcare plans, providing a repeatable process and documentation.
The platform covers critical areas such as governance, risk management, vendor relationships, and compliance with regulations like the Consolidated Appropriations Act (CAA).
Fiduciary in a Box can be leveraged by various professionals, including employee benefits consultants, retirement plan consultants, and organizations focused on addressing healthcare cost and transparency challenges.
As a young benefit manager, you can use Fiduciary in a Box to establish a repeatable process, evaluate vendor relationships, and communicate your organization's commitment to managing costs and compliance to participants and committees.

“We've created a solution that you can manage both of those responsibilities: retirement plan, and health care, with one product, which is fiduciary in a box.” - Patrick Williams

Connect with Patrick Williams:

Website: https://www.fiduciaryinabox.com

LinkedIn: https://www.linkedin.com/in/corporatefiduciary/ | https://www.linkedin.com/company/fiduciaryinabox/?viewAsMember=true

Connect with Eric Dyson:

Website: https://90northllc.com/

Phone: 940-248-4800

LinkedIn: https://www.linkedin.com/in/401kguy/

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.

FF5 #49 - Plan Forfeiture Lawsuits - Part 2

Fri, 14 Feb 2025 11:00:00 GMT

In this episode of Friday Fiduciary Five, Eric Dyson talks about forfeiture lawsuits in defined contribution plans, emphasizing the importance of understanding both IRS regulations and ERISA rules. He explains that forfeitures can be used to pay plan expenses, fund employer contributions, or provide additional benefits to participants in defined contribution plans. Eric advises reviewing plan documents and considering a waterfall provision for forfeiture use. He also highlights a recent lawsuit by the Schlichter firm against Charter Communications, alleging the plan document was not followed by failing to prioritize paying plan expenses first. Eric stresses the need for plan committees to consult with attorneys, record keepers, and advisors to ensure compliance.

Connect with Eric Dyson:

Website: https://90northllc.com/

Phone: 940-248-4800

LinkedIn: https://www.linkedin.com/in/401kguy/

The information contained herein is general in nature and is provided solely for educational and informational purposes.

It is not intended to provide a specific recommendation of any type of product or service discussed in this presentation or to provide any warranties, financial advice or legal advice.

Robin Green: Advisor Search Best Practices

Wed, 12 Feb 2025 11:00:00 GMT

For over 30 years, Robin Green has provided Investment Consultants and DC Advisors with competitive analyses, practice management coaching, client service strategies, and sales consulting. She started her career as a plan sponsor, overseeing retirement plans in the healthcare and manufacturing sectors. After being recruited by Ann Schleck at Deloitte Consulting, she dedicated 11 years to the retirement plan and health benefits industries. Prior to launching her own consulting firm in 2017, she served as Head of Research at Ann Schleck & Co., and then as Senior Vice President at Fi360 where she managed the Fiduciary Score. Throughout 2023 and 2024, Robin collaborated with many of the top 100 DC Advisor practices in the United States to help them benchmark their business against industry standards. This work involved RFP analysis, win/loss assessments, client satisfaction research, client retention strategies, and a competitive review of products and services, as well as coaching on business models and internal processes. Her consulting practice is underpinned by confidential, competitive insights collected from retirement advisors through the 2024 Level Up - DC Advisor Practice Management Benchmarking Study, which engaged 84 DC Specialist Advisors across 319 offices. Robin and her team conducted both qualitative interviews and quantitative research to gain insights into how retirement specialists manage their operations. Fortune 500 Benefit Providers engage Robin and WinMore Plans for ongoing coaching aimed at enhancing RFP responses, strengthening sales relationships, and ultimately securing more business. Robin provides tailored coaching, develops impactful messaging and collateral, refines existing communication, and streamlines processes to enhance efficiency and improve win rates.

In this episode, Eric and Robin Green discuss:

Making communications client-centric
Finding the right cultural fit
Having the right attitude during the search process
Benchmarking against industry standards

Key Takeaways:

Advisors should focus on using "you/your" language in their written communications rather than "we/I/us" to make it more client-centric.
Plan sponsors should work with a professional to conduct a thorough advisor evaluation and RFP process to ensure they find the right cultural fit.
Both advisors and plan sponsors should be kind and appreciative throughout the advisor search process, even for those not selected.
Advisors should learn more about benchmarking their practices against industry standards and strategies so that they could win more business.

“The number one reason why I see plan sponsors choose one firm over another, is chemistry.” - Robin Green

Connect with Robin Green:

Website: https://winmoreplans.com/

LinkedIn: https://www.linkedin.com/in/robingreen/

Connect with Eric Dyson:

Website: https://90northllc.com/

Phone: 940-248-4800

LinkedIn: https://www.linkedin.com/in/401kguy/

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.

FF5 #48 - The Death of Revenue Share

Fri, 07 Feb 2025 11:00:00 GMT

In this episode of Friday Fiduciary Five, Eric Dyson talks about the persistence of revenue share in 401(k) plans, despite some advisors and plan sponsors moving away from it. He highlights a significant flaw in the thinking and fiduciary process that revenue share can be used to “hide” from the participants (to a degree) fees assessed to their account(s). Eric emphasizes the importance of understanding revenue share and considering other potential options for fee structures. He references Field Assistance Bulletins 2012-02r and 2003-03, which outline disclosure requirements. He notes that many plans that use revenue share do not in his opinion meet the intent of FAB 2012-02r and stresses the need for clear communication to participants.

Connect with Eric Dyson:

Website: https://90northllc.com/

Phone: 940-248-4800

LinkedIn: https://www.linkedin.com/in/401kguy/

The information contained herein is general in nature and is provided solely for educational and informational purposes.

It is not intended to provide a specific recommendation of any type of product or service discussed in this presentation or to provide any warranties, financial advice or legal advice.

Emily Short: Cyber Risk and Cyber Insurance Principles

Wed, 05 Feb 2025 11:00:00 GMT

Emily Perry Short is currently the National Director of Cyber Product at The Baldwin Group regularly consulting on cyber risk management and insurance solutions across a variety of industries with a particular focus on technology, venture capital, and private equity risks. Emily has been in insurance in a variety of forms since 2014, originally as a lawyer focusing on professional liability insurance defense. Her experience as both a defense attorney and a cyber and technology broker gives her a unique perspective when it comes to analyzing cyber risks for clients. In addition to her Juris Doctor, Emily holds the Certified Information Privacy Professional (CIPP/US) designation, Cyber COPE designation from Carnegie Mellon, and the Registered Professional Liability Underwriter (RPLU) designation. In January, after a number of years on the Executive Committee, Emily stepped into the role of Chairwoman for TechAssure, an international association of insurance brokers specializing in technology-related risks. She regularly speaks on panels as a subject matter expert on cyber and technology risks. She is licensed to practice law in Kansas and Missouri.

In this episode, Eric and Emily Short discuss:

Four basic principles of risk management
Working with a broker that can give appropriate coverage
The risk of cyberattack incidents
Cybersecurity is the responsibility of the whole organization

Key Takeaways:

Cyber risk management, like any risk management, involves 4 main concepts - accept the risk, avoid the risk altogether, transfer the risk, and mitigate the risk. Organizations should utilize a combination of these strategies.
Cyber insurance policies are not standardized, so it's important to work with a broker who understands the nuances between different carrier policies and can help analyze the appropriate coverage.
Cyber incidents can have significant financial and reputational impacts on organizations, so having an incident response plan that is regularly tested is crucial for being able to respond effectively.
Cybersecurity is everyone's responsibility within an organization, not just the IT department's. Educating and training employees on cyber risks and best practices is essential for prevention.

“Humans are the weak link. Here we are the ones who click on the phishing email. We reuse passwords when we shouldn't.” - Emily Short

Connect with Emily Short:

Website: https://baldwin.com/

LinkedIn: https://www.linkedin.com/in/emilyperryshort/

Connect with Eric Dyson:

Website: https://90northllc.com/

Phone: 940-248-4800

LinkedIn: https://www.linkedin.com/in/401kguy/

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.

Fiduciary vs Settlor Decisions

Fri, 31 Jan 2025 11:00:00 GMT

In this episode of Friday Fiduciary Five, Eric Dyson talks about the differences between fiduciary and settlor decisions in the context of ERISA plans. Fiduciary decisions, such as cost and investment monitoring, must be made in the best interest of plan participants with a duties of loyalty and prudence. Settlor decisions, like plan design and plan benefit levels, involve aspects like matching contributions and auto-enrollment. Eric emphasizes the importance of committee members, particularly those involved with decisions made on behalf of the company, such finance professionals and in-house counsel, wear two different hats: one for the company and one for the plan participants. The two hat metaphor is not always simple and not always black and white, but serves as a foundation for making appropriate decisions as a fiduciary matter or as a settlor.

Connect with Eric Dyson:

Website: https://90northllc.com/

Phone: 940-248-4800

LinkedIn: https://www.linkedin.com/in/401kguy/

The information contained herein is general in nature and is provided solely for educational and informational purposes.

It is not intended to provide a specific recommendation of any type of product or service discussed in this presentation or to provide any warranties, financial advice or legal advice.

Jania Stout: Cyber Security and the ERISA Advisor

Wed, 29 Jan 2025 11:00:00 GMT

“Jania.” She’s one of those people in the ERISA world who only needs a first name mentioned and everyone knows who you are talking about. With over 25 years of experience in the retirement plan industry, Jania is a passionate and knowledgeable fiduciary leader dedicated to helping employers with fiduciary governance while also focusing on their employees' financial wellness goals. She has served as a Past President of the National Association of Plan Advisors (NAPA), providing leadership to the Plan Advisory industry to which she has devoted the past few decades.

Jania is also a keynote speaker and writer who enjoys educating and engaging audiences on topics such as fiduciary governance, employee engagement, and behavioral finance. Her mission is to help working Americans feel less stressed and happier.

In this episode, Eric and Jania Stout discuss:

Developing a cybersecurity policy
Strong passwords and two-factor authentication
Monitoring cybersecurity practices
Educating one’s self on cybersecurity

Key Takeaways:

Advisors should help plan sponsors develop a cybersecurity policy or process that includes regular review of record keeper cybersecurity practices and benchmarking against industry standards.
Advisors should work with plan sponsors to ensure participants have set up strong passwords and enabled two-factor authentication to protect their accounts.
Reviewing record keeper SOC 1 and SOC 2 reports is an important part of monitoring cybersecurity practices.
Advisors should educate themselves on the DOL's cybersecurity guidance and ensure plan sponsors are aware of and implementing the recommended practices.

“Read what the DOL suggests - understand what the DOL expects of a plan sponsor, because you're their advisor, so you need to know this as well as the plan sponsor, and then educate the plan sponsor, and then quantify the risk.” - Jania Stout

Connect with Jania Stout:

LinkedIn: https://www.linkedin.com/in/401kconsultant/

Connect with Eric Dyson:

Website: https://90northllc.com/

Phone: 940-248-4800

LinkedIn: https://www.linkedin.com/in/401kguy/

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.

FF5 #46 - The Plan Document - A Fiduciary Duty

Fri, 24 Jan 2025 11:00:00 GMT

In this episode of Friday Fiduciary Five, Eric Dyson talks about the importance of adhering to the plan document in both ERISA-regulated health and retirement plans. He emphasizes the four basic fiduciary duties: loyalty, prudence, asset diversification, and following the plan document. He advises plan advisors and committee members to ensure the plan document is clear, integrated into HR systems, and understood by all committee members.

Connect with Eric Dyson:

Website: https://90northllc.com/

Phone: 940-248-4800

LinkedIn: https://www.linkedin.com/in/401kguy/

The information contained herein is general in nature and is provided solely for educational and informational purposes.

It is not intended to provide a specific recommendation of any type of product or service discussed in this presentation or to provide any warranties, financial advice or legal advice.

Paul Horn: Cyber Security Best Practices

Wed, 22 Jan 2025 11:00:00 GMT

Paul previously served as the Chief Information Security Officer for an independent Broker-Dealer with billions of dollars in assets under management and thousands of Advisors spread across the United States as well as a major defense contractor providing logistical services. Paul has been a part of several FINRA and SEC Cybersecurity sweeps and examinations and maintains a deep understanding of the regulatory requirements associated with financial institutions as well as prioritizing risk remediation activities. With a sister company operating in the tax preparation space and a large majority of Advisors having a separate tax practice Paul has a deep understanding of the IRS requirements set forth in the Strategic Threat Assessment & Response (STAR) work group to help protect taxpayers and the integrity of the tax ecosystem. Paul helps educate advisors on security requirements that are present in both businesses by drafting policies and procedures that are closely aligned to meet both business needs. Paul was also a 2016, 2015, 2014 & 2013 EC-Council Certified Chief Information Security Officer of the Year Finalist and was presented with the Excellence in Finance Leaders Award in recognition of his contributions to the Finance Industry at the 2019 FiNext Conference.

Paul holds a Master of Science in Management with a concentration in Information Systems Security and a Bachelor of Science in Business Administration in Information Technology from Colorado Technical University. Paul has also served on a variety of Advisory Boards for information security-related topics and has a deep dedication to the information security community by mentoring other security professionals.

Paul honorably served in the United States Air Force as a Special Agent and has an extensive physical and information security background from his time spent as an Agent.

In this episode, Eric and Paul Horn discuss:

The critical first step toward security
The threat of human error
Non-negotiable security measures
Basic cybersecurity “hygiene”

Key Takeaways:

Performing a comprehensive cybersecurity risk assessment is the critical first step for organizations of all sizes to identify and address vulnerabilities.
Human error, such as clicking on phishing links, remains the biggest cybersecurity threat, underscoring the importance of regular security awareness training.
Multi-factor authentication is a non-negotiable security measure, not only for regulatory compliance but also for obtaining cyber insurance coverage.
Small and mid-sized businesses often overlook basic cybersecurity hygiene like device encryption, patch management, and use of supported software versions, which can leave them exposed to significant risks.

“If you can't do the basics, you're not going to be able to do the advanced stuff, or it's very easy to walk right in (a trap) because you're not doing the basic stuff.” - Paul Horn

Connect with Paul Horn:

Website: https://www.h2cyber.com/

LinkedIn: https://www.linkedin.com/in/paul-horn-4107861a/

Connect with Eric Dyson:

Website: https://90northllc.com/

Phone: 940-248-4800

LinkedIn: https://www.linkedin.com/in/401kguy/

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.

FF5 #45 - ERISA Fiduciary Training Reference

Fri, 17 Jan 2025 11:00:00 GMT

In this episode of Friday Fiduciary Five, Eric Dyson talks about ERISA fiduciary training resources for plan committee members and advisors. He outlines a comprehensive document covering four core duties: loyalty, prudence, diversification, and adherence to plan documents, and three additional duties: avoiding prohibited transactions, conflicts of interest, and reasonable cost management. Dyson lists 16 essential documents committee members should be familiar with, including the plan document, Form 5500, and compliance notifications. He also highlights five key DOL documents for training purposes, emphasizing the importance of understanding fiduciary responsibilities and regulatory changes.

Connect with Eric Dyson:

Website: https://90northllc.com/

Phone: 940-248-4800

LinkedIn: https://www.linkedin.com/in/401kguy/

The information contained herein is general in nature and is provided solely for educational and informational purposes.

It is not intended to provide a specific recommendation of any type of product or service discussed in this presentation or to provide any warranties, financial advice or legal advice.

Christopher Taylor: Record Keeper Search Best Practices

Wed, 15 Jan 2025 11:00:00 GMT

Christopher (Chris) Taylor is the Director of Client Support for USI Consulting Group. He is located in Madison, WI. Chris leads USICG’s national provider search, fee benchmarking, and fee negotiation team in addition to providing investment analysis on equity strategies and supporting our sales team across the country. As a result, Chris has an in-depth understanding of the retirement services marketplace and significant experience across all plan types – including non-qualified solutions.

In this episode, Eric and Chris discuss:

Customizing scorecards to reflect objectives
Creating a great experience through high-quality service
Providing the best value by evaluating pricing models
Managing differences in the midst of transition

Key Takeaways:

Scorecards can be helpful but shouldn't be too rigid - they should be customized to reflect the plan's objectives and allow for flexibility and intangible factors.
When evaluating record keepers, focus on service quality and employee experience, not just cost. Higher fees can be justified by better service and support. Cost is in fact an important consideration, but start with service considerations.
Look at both per-head and asset-based pricing models when getting bids, as there may be anomalies or differences that provide better value.
When changing record keepers, be prepared to manage differences among committee members and document the deliberative process to focus on participants' best interests.
Experienced consultants add value to the recordkeeper search process based on their wealth of experience with many different clients across numerous recordkeeping platforms.

“Strive to get past cost and really look at service.” - Christopher Taylor

Connect with Christopher Taylor:

LinkedIn: https://www.linkedin.com/in/chris-taylor-7091541b9/

Connect with Eric Dyson:

Website: https://90northllc.com/

Phone: 940-248-4800

LinkedIn: https://www.linkedin.com/in/401kguy/

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.

FF5 #44 - ERISA Fiduciary Training

Fri, 10 Jan 2025 11:00:00 GMT

In this episode of Friday Fiduciary Five, Eric Dyson talks about the importance of ERISA fiduciary training for plan committee members, emphasizing that those with the most responsibility and liability often receive the least training. He highlights the need for clear, dedicated training sessions rather than brief mentions in quarterly meetings.

Connect with Eric Dyson:

Website: https://90northllc.com/

Phone: 940-248-4800

LinkedIn: https://www.linkedin.com/in/401kguy/

The information contained herein is general in nature and is provided solely for educational and informational purposes.

It is not intended to provide a specific recommendation of any type of product or service discussed in this presentation or to provide any warranties, financial advice or legal advice.

What Does it Mean to "Be More Than a Fiduciary?"

Wed, 08 Jan 2025 11:00:00 GMT

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

LinkedIn: https://www.linkedin.com/in/401kguy/

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.

FF5 #43 The Ghost of ERISA Yet to Come

Fri, 03 Jan 2025 11:00:00 GMT

In this episode of Friday Fiduciary Five, Eric Dyson talks about the importance of retirement income solutions within ERISA plans. Eric references the key words in ERISA - “Retirement Income Security,” and highlights the importance of providing retirement security solutions.

Connect with Eric Dyson:

Website: https://90northllc.com/

Phone: 940-248-4800

LinkedIn: https://www.linkedin.com/in/401kguy/

The information contained herein is general in nature and is provided solely for educational and informational purposes.

It is not intended to provide a specific recommendation of any type of product or service discussed in this presentation or to provide any warranties, financial advice or legal advice.

The Tug of War in ERISA Forfeiture Lawsuits

Wed, 01 Jan 2025 11:00:00 GMT

In this episode, Eric discussed:

The metaphorical IRS vs. ERISA Tug-of-War on Forfeitures
ERISA Fiduciary Duties and the Plan Document
Forfeiture Lawsuits and Plan Document Compliance
Reviewing and Updating the Plan Document for Forfeitures

Key Takeaways:

There is a proverbial "tug of war" between IRS regulations for qualified plans and ERISA fiduciary principles when it comes to the use of forfeiture funds. IRS allows 3 options, while ERISA views forfeiture funds as plan assets that must be used in the best interest of participants.
ERISA fiduciaries have key duties, including following the plan document, which is crucial when determining how to properly use forfeiture funds.
Many ERISA forfeiture lawsuits have been dismissed due to the plan document allowing the use of forfeitures for plan expenses or offsetting employer contributions, rather than returning them to participants.
Plan committees and advisors should review their plan documents to ensure compliance with how forfeiture funds are being utilized, and consider updating the document if the intent is to never return forfeitures to participants.

“If you never, ever intend to return that money to plan participants, go ahead and change the document to say that you can either pay plan expenses or use forfeitures to offset the employer match and don't leave it in the document provision to return it to the participants.” - Eric Dyson

Connect with Eric Dyson:

Website: https://90northllc.com/

Phone: 940-248-4800

LinkedIn: https://www.linkedin.com/in/401kguy/

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.

FF5 #42 The Ghost of ERISA Present

Fri, 27 Dec 2024 11:00:00 GMT

In this episode of Friday Fiduciary Five, Eric Dyson talks about keeping the core fiduciary principles – prudence, loyalty, following plan docs, and diversifying assets – at the forefront, while navigating intricate compliance details.

Connect with Eric Dyson:

Website: https://90northllc.com/

Phone: 940-248-4800

LinkedIn: https://www.linkedin.com/in/401kguy/

The information contained herein is general in nature and is provided solely for educational and informational purposes.

It is not intended to provide a specific recommendation of any type of product or service discussed in this presentation or to provide any warranties, financial advice or legal advice.

Eric Dyson - Selling vs Negotiating

Wed, 25 Dec 2024 11:00:00 GMT

In this episode, Eric discusses:

General concepts on negotiation
The best timing for price negotiation
The give and take of negotiations
Selling should be a win-win process

Key Takeaways:

Develop a framework with priorities, goals, and objectives before conducting a record keepers search. This needs to take place well before selling and negotiating ever start.
Negotiate price towards the end of the process, not early on.
Never give away something without getting something in return during negotiations.
Selling is a win-win process focused on solving problems and fulfilling genuine needs, while negotiation involves give and take between parties.

“Selling is win, win. And negotiation is give and take.” - Eric Dyson

Connect with Eric Dyson:

Website: https://90northllc.com/

Phone: 940-248-4800

LinkedIn: https://www.linkedin.com/in/401kguy/

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.

FF5 #41 The Ghost of ERISA Past

Fri, 20 Dec 2024 11:00:00 GMT

In this episode of Friday Fiduciary Five, Eric Dyson talks about the need for similar fee disclosure standards and prudent fiduciary oversight for retirement plans and healthcare. There are lessons to be learned from past ERISA retirement plan fee disclosures.

Connect with Eric Dyson:

Website: https://90northllc.com/

Phone: 940-248-4800

LinkedIn: https://www.linkedin.com/in/401kguy/

The information contained herein is general in nature and is provided solely for educational and informational purposes.

It is not intended to provide a specific recommendation of any type of product or service discussed in this presentation or to provide any warranties, financial advice or legal advice.

Julie Graham and Kameron Jones - Recordkeeper Search Best Practice - Live Bids

Wed, 18 Dec 2024 11:00:00 GMT

About Julie Graham: Julie Graham has been with NFP since 2001, leading the Provider Benchmarking and RFP department. With over 25 years of experience, she helps plan sponsors reduce costs, enhance services, and optimize investments for 401(k), 403(b), and other retirement plans. A graduate of Oklahoma State University with a BS in Business Administration, Julie also holds a Master’s in Organizational Leadership from Huntington University and is a registered investment advisor representative. She serves on NFP's Diversity & Inclusion Advisory Board and the boards of two non-profits. In her free time, Julie enjoys traveling Europe and hiking in Austin, TX.

About Kameron Jones: Kameron is the Senior Vice President and National Growth Leader for NFP’s Wealth and Retirement division, overseeing service innovation, client acquisition, and retention nationwide. With extensive ERISA, financial education, and employee benefits expertise, he helps clients protect fiduciaries, attract talent, and provide financial guidance to employees. Kameron has supported hundreds of mid- to large-market retirement and benefit plans, optimizing employers’ strategies. A multiple-time NAPA Top Advisor Under 40, he has taught at UCLA, USC, and UC Irvine as an adjunct lecturer. Kameron also serves on LIMRA’s Retirement Plan Advisory Board and holds a BA in philosophy, politics, and economics from the University of Pennsylvania, where he played football.

In this episode, Eric, Julie Graham, and Kameron Jones discuss:

Setting clear expectations and following a prudent process
How live bids differ from blind bids
Plan pricing philosophy
Factors to consider in structuring a fee

Key Takeaways:

Engage all stakeholders early, setting clear expectations and timelines. Make decisions with employees' best interests in mind, follow a prudent process, document thoroughly, and avoid conflicts of interest.
Conduct live bid RFPs every 3-5 years, sharing full plan details to maximize pricing leverage. Blind bids lack negotiation leverage, leading to less competitive pricing.
Plan pricing should match the committee's fairness standards, considering plan size and demographics. Major record keepers sometimes offer blended fees based on account balances.
Consider revenue sharing, flat fees, asset-based pricing, ERISA budgets, and DOL guidance for fair fee structures. Leverage economies of scale, negotiate competitive fees, and ensure investment quality through a thorough evaluation.

“I think the best practice is to do live bids because when you compare against averages, you don't really have negotiation leverage. When you get live bids, your goal within gathering those is to maximize your negotiation leverage so you can go back to your current provider if you're happy with the services, and negotiate lower fees or enhanced services.” - Kameron Jones

Connect with Julie Graham:

Email: julie.graham@nfp.com

Connect with Kameron Jones:

Email: kameron.jones@nfp.com

Connect with Eric Dyson:

Website: https://90northllc.com/

Phone: 940-248-4800

LinkedIn: https://www.linkedin.com/in/401kguy/

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.

FF5 #40 - A Special Army Navy Game Edition

Fri, 13 Dec 2024 11:00:00 GMT

In this special episode of Friday Fiduciary Five, Eric Dyson talks about the significance of the Army-Navy football game. He highlights the game's unique status as a global event, with both teams being highly ranked and the game being the only major Division I football game on its day.

Connect with Eric Dyson:

Website: https://90northllc.com/

Phone: 940-248-4800

LinkedIn: https://www.linkedin.com/in/401kguy/

The information contained herein is general in nature and is provided solely for educational and informational purposes.

It is not intended to provide a specific recommendation of any type of product or service discussed in this presentation or to provide any warranties, financial advice or legal advice.

Frank Tighe and Corey Pride: Recordkeeper Search Best Practices - Proprietary Products

Wed, 11 Dec 2024 11:00:00 GMT

Frank Tighe is a Senior Retirement Sales Director for large market plans in the South/Central region at T. Rowe Price Retirement Plan Services. With financial services experience dating back to 1994, he joined T. Rowe Price in 2024. Frank has extensive experience supporting corporate retirement plans, including roles in investment consulting, recordkeeping sales, and investment advisory support at firms like Wells Fargo, Mercer, Newport Group, Hartford Funds, and American Century Investments. A graduate of the University of Houston, Frank holds Series 7 licensing and certifications as a Certified Plan Fiduciary Advisor (CPFA) and Accredited Investment Fiduciary (AIF).

Corey Pride is a Senior Retirement Sales Executive in Core Markets of Retirement Plan Services at T. Rowe Price. With investment experience since 1996, he joined T. Rowe Price in 2023 after seven years at J.P. Morgan Asset Management, where he specialized in retirement plan services. Corey’s expertise spans 401(k), 403(b), and nonqualified deferred compensation plans, enabling him to develop effective strategies for strengthening retirement plans for businesses of all sizes. Corey holds a Bachelor of Arts in International Studies from Texas A&M University and several professional designations, including CPFA, NQPA, CRPS, and Chartered Financial Consultant. Passionate about addressing the retirement readiness crisis, he collaborates with financial professionals and companies to create impactful solutions.

In this episode, Eric, Frank Tighe, and Corey Pride discuss:

Driving an objective evaluation process
The right approach to the RFP process
Guidelines on considering record keepers
Encouraging better outcomes through engagement

Key Takeaways:

Clearly define challenges, goals, and participant needs to ensure an objective evaluation, free from biases like favoring current providers or skipping presentations. Prioritize participant experience, technology access, and clear metrics.
Approach the RFP process rigorously to evaluate new technologies, services, and pricing while addressing changing plan needs. Avoid inertia from periodic reviews and use customized, goal-driven RFPs instead of generic templates.
Consider record keepers with personalized, targeted communication leveraging AI for better participant engagement and outcomes. The target-date fund (TDF) search could possibly precede the record-keeper search, focusing on participants' needs for the largest plan assets first.
Personalized video technology boosts engagement and outcomes. Ensure clear requirements, address committee biases, and prioritize investment analysis before selecting a record keeper.

“You really have to focus on the best decision for your participants, minus all the noise and all the other bells and whistles that may come from those extraneous services.” - Corey Pride

Connect with Frank Tighe:

LinkedIn: https://www.linkedin.com/in/frankjtighe/

Connect with Corey Pride:

LinkedIn: https://www.linkedin.com/in/corey-pride/

Connect with Eric Dyson:

Website: https://90northllc.com/

Phone: 940-248-4800

LinkedIn: https://www.linkedin.com/in/401kguy/

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.

FF5 #39 - Leadership Philosophy Wrap Up

Fri, 06 Dec 2024 11:00:00 GMT

In this episode of Friday Fiduciary Five, Eric Dyson wraps up a series on leadership philosophy for ERISA professionals and others in leadership roles. He outlines the seven guiding principles: defining and refining purpose, finding the right people, training them, providing necessary tools, setting standards for excellence, recognizing achievements, and being an inspiration.

He also provides suggested next steps and processes for you to develop your own leadership philosophy.

Connect with Eric Dyson:

Website: https://90northllc.com/

Phone: 940-248-4800

LinkedIn: https://www.linkedin.com/in/401kguy/

The information contained herein is general in nature and is provided solely for educational and informational purposes.

It is not intended to provide a specific recommendation of any type of product or service discussed in this presentation or to provide any warranties, financial advice or legal advice.

Maggie Younis and Alice Palmer: Your Best Solution May Not Be Lowest Cost

Wed, 04 Dec 2024 11:00:00 GMT

Maggie Younis is the VP, Head of Consultant Relations at Lincoln Financial Group, where she has worked since 2010. With over 20 years of industry experience, Maggie holds a bachelor's degree in Economics from DePauw University and multiple professional designations, including CPC, QPA, QKA, TGPC, APA, APR, and ERPA. She was awarded ASPPA’s Educator of the Year in 2018.

Alice Palmer is the vice president and RPS chief counsel at Lincoln Financial, overseeing the legal and compliance teams for their retirement plans business. She has been in formal leadership roles since 2013, previously leading the retirement plans legal team at Nationwide Financial. Alice serves on the U.S. Department of Labor’s ERISA Advisory Council and is active with several industry organizations including ACLI and NSCP. She was also an adjunct professor at the University of Pennsylvania’s Carey Law School. Alice is dedicated to fostering a culture of compliance and supporting various professional communities.

In this episode, Eric, Maggie Younis, and Alice Palmer discuss:

The importance of process in selecting a plan recordkeeper, with cost as a due consideration
Prudence in record-keeping
Understanding the needs of the workforce
Analyzing the fit of proprietary products

Key Takeaways:

The DOL emphasizes the importance of process over cost in meeting fiduciary duties. Consider the complexities of plan design, such as eligibility criteria, employer contributions, and financial savviness of the workforce. Create a process that evaluates all relevant factors, including the cost in order to ensure the best interests of participants are met.
Prudence in evaluating record keepers is all about making informed decisions based on expertise and understanding the goals of the plan. Understand the facts and make decisions that would be considered good by similarly situated experts.
The planning committee must understand the goals and options available. Advisors shouldn’t focus solely on cost in the initial stages of the RFP process. There needs to be a clear understanding of the breadth of options to achieve the plan’s goals. Understand the demographics and needs of the workforce to determine what’s needed.
Proprietary products can be a significant lever for pricing but should be evaluated based on their appropriateness for the plan.

“Prudence is about making a decision that is informed by expertise, and if you don't have the expertise, then you should go out and find the expertise, but you need to make decisions that are informed by an appropriate level of expertise given the goals that you have set forth in front of you.” - Alice Palmer

Connect with Maggie Younis:

LinkedIn: https://www.linkedin.com/in/maggie-younis/

Connect with Alice Palmer:

LinkedIn: https://www.linkedin.com/in/alice-palmer-jd-cebs-she-her-b7509524/

Connect with Eric Dyson:

Website: https://90northllc.com/

Phone: 940-248-4800

LinkedIn: https://www.linkedin.com/in/401kguy/

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.

FF5 #38 - Leadership Philosophy - Be an Inspiration

Fri, 29 Nov 2024 11:00:00 GMT

In this episode of Friday Fiduciary Five, Eric Dyson talks about the importance of being an inspiration. He outlines seven principles: defining and refining purpose, finding the right people, training them, setting high standards, recognizing efforts, and inspiring others.

Connect with Eric Dyson:

Website: https://90northllc.com/

Phone: 940-248-4800

LinkedIn: https://www.linkedin.com/in/401kguy/

The information contained herein is general in nature and is provided solely for educational and informational purposes.

It is not intended to provide a specific recommendation of any type of product or service discussed in this presentation or to provide any warranties, financial advice or legal advice.

Kelby Meyers and Josh Anderson: Evaluating Retirement Income Solutions

Mon, 25 Nov 2024 11:00:00 GMT

Kelby Meyers is the CEO and founder of Nestimate, Inc., focused on driving financial security for retirees. With over a decade in financial services, specializing in insurance and annuity products, he founded Nestimate in 2022 to empower advisors with retirement income solutions. Previously, he was an independent financial representative at Ohio National Financial Services, earning recognition on the Wall of Fame and the Executive Council.

Kelby holds a degree in Economics from the University of Nebraska and is an Accredited Investment Fiduciary and Certified Plan Fiduciary Advisor. Living in Lincoln, Nebraska, with his family and their goldendoodle, he enjoys staying active, golfing, and mentoring other entrepreneurs.

Josh Anderson is the COO of Nestimate Inc, focusing on strategic initiatives, innovation, product development, and fiduciary services. Before joining Nestimate in 2024, he was the VP, Strategic Account & Innovation Director at Franklin Templeton, leading strategic projects for workplace retirement plans. He previously worked in Raymond James's Institutional Fiduciary Solutions group and at Fidelity Investments.

Josh holds a BS in Applied Economics from Florida State University and is a CFA Charter holder. He lives in St. Petersburg, FL, with his wife and two daughters.

In this episode, Eric, Kelby Meyers, and Josh Anderson discuss:

Differentiating services and delivering value
Managing longevity risk through income solutions
Educating plan sponsors on guaranteed income options
Implementing a repeatable process

Key Takeaways:

Introduce retirement income analytics to clients to differentiate services and deliver additional value beyond plan enrollment. Utilize external resources for guidance on Secure 2.0 and retirement income planning.
Offering a retirement income solution helps participants manage longevity risk, increase potential spending, reduce volatility, retain assets, and lower recordkeeping fees while providing a pension-like experience without the downsides of a defined benefit plan.
Present retirement income solutions during plan proposals to win business and educate plan sponsors on guaranteed income options.
Implement a repeatable, documented process to evaluate retirement income solutions efficiently, provide a framework for plan fiduciaries to prudently select appropriate options tailored to plan demographics, and document the analysis for fiduciary files.

“Number one, you can hedge longevity risk. Number two, it can increase potential spending for a retiree so it gives them an extra layer of confidence as they approach and enter those retirement years. And then lastly, it reduces volatility, giving participants peace of mind as they near and enter retirement, to know what they have is going to be there.” - Kelby Meyers

Connect with Kelby Meyers and Josh Anderson:

Website: https://www.mynestimate.com/

Connect with Eric Dyson:

Website: https://90northllc.com/

Phone: 940-248-4800

LinkedIn: https://www.linkedin.com/in/401kguy/

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.

FF5 #37 - Pat Them on the Back Often Enough

Fri, 22 Nov 2024 11:00:00 GMT

In this episode of Friday Fiduciary Five, Eric Dyson talks about the importance of encouraging your team as part of effective leadership. He emphasizes that leaders should be encouragers, not just critics, to foster dedication and respect among their teams. Eric explains that consistent encouragement builds an emotional bank account, allowing leaders to be firm when necessary.

Connect with Eric Dyson:

Website: https://90northllc.com/

Phone: 940-248-4800

LinkedIn: https://www.linkedin.com/in/401kguy/

The information contained herein is general in nature and is provided solely for educational and informational purposes.

It is not intended to provide a specific recommendation of any type of product or service discussed in this presentation or to provide any warranties, financial advice or legal advice.

Michael Doshier of T. Rowe Price: 360-Degree View of the DC Landscape

Wed, 20 Nov 2024 11:00:00 GMT

Michael Doshier’s role at T. Rowe Price is twofold. First, he shines a light on emerging retirement trends, shifting investor demographics, and the increasing impact of regulation. The research, insights, education, and experience that he and his colleagues analyze and share are all developed with their advisor, consultant, plan sponsor, and participant clients in mind. Secondly, he provides strategic direction to their internal teams focused on the ongoing management of their retirement business.

His national and global experience has provided a rich education in best practices and the value of a client-centric relationship. There is no substitute for putting clients first, and T. Rowe Price has successfully woven this value into the fabric of the organization over the last 85 years. He lives by the values he learned from an early age; be authentic and consistent, serve others, and earn their respect. Integrity is an essential component of a well-lived life, and he believes in the power of coaching and mentoring future generations.

In this episode, Eric and Michael Doshier discuss:

Why CITs are becoming more preferred
The transition to CIT structure
The growing emphasis on implementing retirement income strategies
The connection of financial wellness with satisfaction and retention

Key Takeaways:

CITs (Collective Investment Trusts) gaining popularity due to lower costs and increasing transparency, facilitating the transition from mutual funds. Consultants and advisors overwhelmingly prefer the blend/hybrid Target Date Fund (TDF) approach over pure active or passive strategies, integrating cost-efficiency with potential alpha generation.
The T. Rowe Price study referenced discovered that 49% of TDF assets in DC plans are now in CIT structures, with a significant shift expected in 2024. The study also highlights the strong preference for blend strategies (active and passive) in target date funds, with 97% of consultants and advisors favoring this approach.
While large plans have been implementing retirement income strategies for years, smaller plans are just starting to consider them. The study reveals that 10-20% of consultants and advisors have a dedicated process for evaluating retirement income products, with many more working on it.
Financial wellness programs are increasingly being seen as valuable for overall worker satisfaction and retention, with 90% of firms now able to measure their impact. There are three main categories of financial wellness offerings: traditional accumulation savings, near-term savings goals, and in-retirement mechanisms.

“Is financial wellness worth the investment? Is it worth the cost? I think the answer is coming back very loud and clear from these 35 firms: absolutely yes!” - Michael Doshier

Connect with Michael Doshier:

Website: https://www.troweprice.com/

LinkedIn: https://www.linkedin.com/in/michaelgdoshier/

Connect with Eric Dyson:

Website: https://90northllc.com/

Phone: 940-248-4800

LinkedIn: https://www.linkedin.com/in/401kguy/

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.

FF5 #36 Give Them the Tools They Need

Fri, 15 Nov 2024 11:00:00 GMT

In this episode of Friday Fiduciary Five, Eric Dyson highlights the importance of providing people with the tools they need to succeed. Drawing from his Navy days, he shares how true support goes beyond resources to include trust, authority, and open dialogue. Hear stories of leaders who inspired him and discover how empowering your team can drive real success.

Connect with Eric Dyson:

Website: https://90northllc.com/

Phone: 940-248-4800

LinkedIn: https://www.linkedin.com/in/401kguy/

The information contained herein is general in nature and is provided solely for educational and informational purposes.

It is not intended to provide a specific recommendation of any type of product or service discussed in this presentation or to provide any warranties, financial advice or legal advice.

Matthew Wolniewicz: Income America

Wed, 13 Nov 2024 11:00:00 GMT

Throughout his 30-year career, Matt has been singularly focused on helping savers retire with confidence. As President of Income America, LLC—an in-plan retirement income solution that provides retirees with guaranteed income for life—he provides innovative, fiduciary-oriented solutions that enhance participants' retirement security.

A prolific speaker and panelist, Matt has spoken at dozens of industry events, including the NAPA 401k Summit, the Alliance for Lifetime Income Summit, the Investment News Retirement Income Conference, the CFA Society PORTFOLIO Conference, AFS 401(k) Retirement Services Employee Benefits Symposium, SS&C Deliver, and the Advisor2X Wealth@Wor(k) conference. With more than 30,000 followers on LinkedIn and Twitter combined, Matt shares his thought leadership on everything from guaranteed income to proposed legislation to fintech trends impacting how Americans plan and save for retirement.

A board advisor for Prime Capital Financial, Matt previously served as president of Fi360 until its acquisition by Broadridge in 2020. He also served as the executive business leader of Morningstar's Global Advisor and Wealth Solutions unit, the company's largest operating segment, where he was responsible for executing strategy and driving top-line revenue.

Passionate about fiduciary standards of excellence, Matt is an Accredited Investment Fiduciary (AIF) and Accredited Investment Fiduciary Analyst (AIFA).

In this episode, Eric and Matthew Wolniewicz discuss:

Plan sponsor trends with retirement income solutions
Simplicity, control, and flexibility
The benefits of Income America
Flexibility and guarantees through Income America

Key Takeaways:

Many plan sponsors are becoming more paternalistic, allowing money to remain in the plan post-retirement, and recognizing the need for auto retirement income solutions, despite it not being required.
Income America offers a flexible, retirement income solution, which was initially launched by seven firms, prioritizing simplicity, control, and flexibility, addressing concerns over losing control and high costs associated with traditional annuities.
Income America provides professional money management, the ability to take withdrawals without penalties, and income guarantees to counter market crashes before retirement.

“Simplicity was really the foundation and the bedrock for income America, the other thing that we thought that was really important was control and flexibility.” - Matthew Wolniewicz

Connect with Matthew Wolniewicz:

LinkedIn: https://www.linkedin.com/in/matthewwolniewicz/

Connect with Eric Dyson:

Phone: 940-248-4800

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.

FF5 #35 Leadership Philosophy - Train Them Right

Fri, 08 Nov 2024 11:00:00 GMT

In this episode of Friday Fiduciary Five, Eric Dyson talks about training employees effectively. He references "A Message to Garcia," a true classic that instills the value of completing tasks without excuses. Eric shares experiences from his Navy career, highlighting the significance of punctuality and thoroughness. He also draws parallels to customer service, noting that timely and responsive communication is crucial.

Connect with Eric Dyson:

Website: https://90northllc.com/

Phone: 940-248-4800

LinkedIn: https://www.linkedin.com/in/401kguy/

The information contained herein is general in nature and is provided solely for educational and informational purposes.

It is not intended to provide a specific recommendation of any type of product or service discussed in this presentation or to provide any warranties, financial advice or legal advice.

Matthew Eickman: It's OK to Pay More If...

Wed, 06 Nov 2024 11:00:00 GMT

Matthew Eickman is the chief legal officer at the Fiduciary Law Center (FLC), where he brings over two decades of specialized experience in fiduciary responsibilities, defined contribution and benefit plans, and executive compensation programs. In 2023, Matthew was inducted as a Fellow of the American College of Employee Benefits Counsel, a prestigious recognition in his field.

Before joining FLC, he was the national retirement practice leader at a firm advising over 850 retirement clients with $16 billion in assets. In this role, he led ERISA 3(21) and 3(38) consulting, served on the Investment Advisory Board, and launched an advisor-managed accounts program. He also oversaw financial wellness initiatives, conducted fiduciary training, managed investment policies and committee charters, and helped develop an in-plan retirement income solution.

Matthew is actively involved in the American Bar Association’s Tax Section, where he has served as Chair or Co-Chair of the Defined Contribution Plans Subcommittee for over a decade and is Vice Chair of the Lifetime Income Subcommittee. Known for his expertise, he frequently speaks at retirement and fiduciary conferences.

Matthew earned a B.S.B.A. in Finance & Economics from the University of Nebraska and a J.D. from Baylor Law School, where he was Editor-in-Chief of the Baylor Law Review and a member of national competition teams. Licensed to practice in Nebraska and Kansas, Matthew balances his career with family travels, coaching his three sons, and indulging in streaming content on Netflix and beyond.

In this episode, Eric and Matthew Eickman discuss:

Understanding services before evaluating costs
Ensuring trust and alignment
Competitive and prudent documentation
Protecting clients through benchmarking

Key Takeaways:

Prioritize and understand desired services before evaluating costs when selecting a retirement plan provider. Conduct a thorough RFP process, ranking providers solely on services first before evaluating or negotiating fees.
Advisors should evaluate and disclose all fees transparently and review them annually to ensure trust and alignment. Plan fiduciaries should review service providers and fees at least every three years through benchmarking and due diligence.
Plans can pay more for services with increased value if the selection process is objective and well-documented. Regularly benchmark and document plan pricing to ensure competitiveness and demonstrate prudence.
Examine and justify any above-market recordkeeping costs per employee based on the value received. Benchmarking helps advisors protect existing clients, satisfy fiduciary duties, and prospect new clients.

“Benchmarking is a great way to not only look out for your fiduciary responsibilities and to look out for your clients, but it's a good way to protect and generate business.” - Matthew Eickman

Connect with Matthew Eickman:

Website: https://qualifiedplanadvisors.com

Connect with Eric Dyson:

Website: https://90northllc.com/

Phone: 940-248-4800

LinkedIn: https://www.linkedin.com/in/401kguy/

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.

FF5 #34 Leadership Philosophy - Find the Right People

Fri, 01 Nov 2024 10:00:00 GMT

In this episode of Friday Fiduciary Five, Eric Dyson talks about the importance of finding the right people. He references an Old Testament Bible verse from King Solomon to illustrate the rarity of finding the right individual out of many. Eric advises a continuous search for qualified candidates and shares anecdotes from his experience in various roles, including in sales and as a chief engineer.

Connect with Eric Dyson:

Website: https://90northllc.com/

Phone: 940-248-4800

LinkedIn: https://www.linkedin.com/in/401kguy/

The information contained herein is general in nature and is provided solely for educational and informational purposes.

It is not intended to provide a specific recommendation of any type of product or service discussed in this presentation or to provide any warranties, financial advice or legal advice.

Glenn Dial: American Century Investments Survey on Retirement Income

Wed, 30 Oct 2024 10:00:00 GMT

As the Senior Retirement Strategist, Glenn Dial is responsible for overseeing the firm’s strategic planning for the US-defined contribution (DC) channel, which is responsible for Investment Strategies, Thought Leadership, and Tools to help develop customized solutions for retirement plan intermediaries and their clients.

In this episode, Eric and Glenn Dialdiscuss:

The balance between guarantees and flexibility
What most plan sponsors prefer regarding “guarantees,” and “retirement income options.”
Establishing and documenting an income replacement goal
The growing trend with retirement plans

Key Takeaways:

Greater guarantees can mean less flexibility, while greater flexibility often means lower guarantees - finding the right balance is crucial.
Most plan sponsors who opt for a default retirement income options prefer defaulting all participant account balances into a guaranteed income option, with the ability for participants to change it if desired.
Setting and documenting an income replacement rate goal (e.g., 50%) for 401(k) plans is essential for selecting appropriate retirement income products and solutions.
Retirement plans are shifting from supplemental savings to primary income sources, necessitating fiduciary protection, technological advancements, and significant changes expected in 2025.

“Your mandate is to do what's in the best interest of your participants, and document while you're doing that, and that documentation, as long as in the best interest, is your defense. That is your defense.” - Glenn Dial

Connect with Glenn Dial:

LinkedIn: https://www.linkedin.com/in/glenndial/

Email: glenn_dial@americancentury.com

Connect with Eric Dyson:

Website: https://90northllc.com/

Phone: 940-248-4800

LinkedIn: https://www.linkedin.com/in/401kguy/

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.

FF5 #33 Leadership Philosophy - Define Your Purpose

Fri, 25 Oct 2024 10:00:00 GMT

In this episode of the Friday Fiduciary Five, Eric Dyson talks about the importance of defining and refining one's purpose in leadership. He outlines a leadership philosophy that includes defining and refining one's purpose, finding the right people, training them, setting high standards, and being an inspiration.

Connect with Eric Dyson:

Website: https://90northllc.com/

Phone: 940-248-4800

LinkedIn: https://www.linkedin.com/in/401kguy/

The information contained herein is general in nature and is provided solely for educational and informational purposes.

It is not intended to provide a specific recommendation of any type of product or service discussed in this presentation or to provide any warranties, financial advice or legal advice.

Don Trone - Leadership in a Fiduciary Framework

Wed, 23 Oct 2024 10:00:00 GMT

Don Trone is the CEO and one of the Co-founders of 3ethos.

Don was the founding CEO of fi360, and filled that role until 2007. He was the founder and President of the Foundation for Fiduciary Studies; and, the first person to direct the Institute for Leadership at the U.S. Coast Guard Academy. In 2015 he was named by Investment Advisor magazine as the “Father of Fiduciary” and one of the 35 most influential people in the financial services industry. In 2003, he was appointed by the U.S. Secretary of Labor to represent the investment counseling industry on the ERISA Advisory Council. And, in 2007 he testified before the U.S. Senate Finance Committee on the fiduciary issues associated with the management of retirement plans.

Don is a graduate of the U.S. Coast Guard Academy, and served for ten years on active duty, most notably as a search and rescue helicopter pilot. He has a Master’s from The American College and has completed post-graduate studies in theology from the Pittsburgh Theological Seminary and Trinity Episcopal Seminary.

In this episode, Eric and Don Trone discuss:

The role of leadership skills in being a fiduciary
How fiduciaries can utilize AI technology
Key leadership traits and behaviors
Serving the best interest of plan participants

Key Takeaways:

Leadership is a critical component of being an effective fiduciary. There is a direct link between leadership behaviors and decision-making, and this too applies for retirement plan committees and advisors.
The use of the right AI chatbots and heuristics can be a valuable tool for ongoing professional development and training. This allows fiduciaries to quickly access information and refresh their knowledge when needed.
Collaboration and attentiveness are two key leadership behaviors that are often lacking, according to research. Fiduciaries need to focus on truly listening to and working with their clients. Courage is another important leadership trait that may not be explicitly recognized, but is critical for fiduciaries to be willing to speak up and challenge decisions when necessary.
Fiduciaries, whether committee members or advisors, need to embrace a leadership mindset and skill set to be truly effective in their roles and serve the best interests of plan participants.

“When you start to think about the great and successful people we have in our industry today, what you begin to understand is what made their careers so successful was their leadership behaviors.” - Don Trone

Connect with Don Trone:

Website: https://www.3ethos.com/

LinkedIn: https://www.linkedin.com/in/donald-trone-89873013/

Connect with Eric Dyson:

Website: https://90northllc.com/

Phone: 940-248-4800

LinkedIn: https://www.linkedin.com/in/401kguy/

The information contained herein is general in nature and is provided solely for educational and informational purposes.

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, financial advice, or legal advice.

FF5 #32 - Leadership Philosophy - What You Believe

Fri, 18 Oct 2024 10:00:00 GMT

In this episode of Friday Fiduciary Five, Eric Dyson discusses the importance of a leader's belief system in shaping a leadership philosophy. He emphasizes that a leader's beliefs about people and natural laws are foundational. Eric encourages leaders to reflect on their own beliefs and to begin developing a leadership framework that aligns with their values.

Connect with Eric Dyson:

Website: https://90northllc.com/

Phone: 940-248-4800

LinkedIn: https://www.linkedin.com/in/401kguy/

The information contained herein is general in nature and is provided solely for educational and informational purposes.

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, financial advice, or legal advice.

Rachel Duncan and James "JT" Thompson: Service Expectations and Culture

Wed, 16 Oct 2024 10:00:00 GMT

About Rachel Duncan: Rachel is the Vice President of Relationship Management at Retirement Plan Services, overseeing the mid/large market client relationship team and ensuring a robust client experience for Lincoln Financial Group's top clients. With 23 years in the industry, she joined Lincoln Financial in 2001 after teaching 6th grade in Virginia. Rachel holds a bachelor's degree from Duquesne University, is FINRA Series 6 and 63 registered, and has several professional designations, including AIF®, CRPS®, and CRPC®. She is based in Argyle, Texas.

About James Thompson: James is the Vice President and Head of Participant Engagement at Lincoln’s Retirement Plan Services. He and his team work closely with plan sponsors and intermediaries to provide personalized service for financial wellness and top retirement outcomes. With over 20 years at Lincoln, James has held various roles, including Assistant Vice President Participant Engagement and Regional Vice President Institutional Retirement Distribution. James holds a bachelor's degree from Bellarmine University, where he played baseball. He is FINRA Series 7, 66, and 24 registered, and holds CRPC and CMFC designations. Based in Louisville, KY, James enjoys outdoor activities and is a dedicated Louisville Cardinals fan. He lives with his wife, seven children, and two grandchildren.

In this episode, Eric, Rachel Duncan, and James "JT" Thompson discuss:

Practicing exceptional service
Executing targeted interventions
The optimal retirement education standard
What are the key aspects of a successful 401(k) plan?

Key Takeaways:

Exceptional service involves responding promptly, taking ownership, and being proactive from the outset, in contrast to the prevailing poor service standards. Plan sponsors being engaged, open-minded, meeting regularly, and maintaining collaboration is key for successful client relationships and outcomes.
Focus on identifying gaps in participation, deferral rates, and income replacement ratios across different employee demographics to drive overall success through targeted interventions.
Optimal retirement education combines recordkeeper and advisor capabilities through coordinated efforts, leveraging recordkeepers' dedicated consultants with significant expertise solely focused on retirement planning.
Key aspects of a successful 401(k)/403(b)/457(b) plan include a strong corporate culture, monthly meetings, well-defined success metrics, engaged retirement consultants providing education, and a reputation for excellent service.

“Nobody's perfect, but when you make a mistake, are we holding ourselves accountable? Are we owning that mistake and fixing it with urgency and making sure that we do right by our clients?” - James "JT" Thompson

Connect with Rachel Duncan:

LinkedIn: https://www.linkedin.com/in/rachel-duncan-aif-crpc-crps-63217251/

Connect with James "JT" Thompson:

LinkedIn: https://www.linkedin.com/in/james-thompson-789a3517/

Connect with Eric Dyson:

Website: https://90northllc.com/

Phone: 940-248-4800

LinkedIn: https://www.linkedin.com/in/401kguy/

The information contained herein is general in nature and is provided solely for educational and informational purposes.

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, financial advice, or legal advice.

FF5 #31 DOL TDF Guidance - Document the Process

Fri, 11 Oct 2024 10:00:00 GMT

In this episode of Friday Fiduciary Five, Eric Dyson talks about the Department of Labor's Target Date Fund (TDF) guidance. He emphasizes the importance of documenting the selection and review process for TDFs, including decisions and rationale.

Connect with Eric Dyson:

Website: https://90northllc.com/

Phone: 940-248-4800

LinkedIn: https://www.linkedin.com/in/401kguy/

The information contained herein is general in nature and is provided solely for educational and informational purposes.

It is not intended to provide a specific recommendation of any type of product or service discussed in this presentation or to provide any warranties, financial advice or legal advice.

FF5 #30 DOL TDF Guidance - Use of Third-Party Resources

Fri, 04 Oct 2024 10:00:00 GMT

In this episode of Friday Fiduciary Five, Eric Dyson talks about the use of third-party tools in evaluating target date funds (TDFs) as per DOL TDF guidance. He emphasizes the importance of using these tools to adhere to the guidance and how available resources have evolved since TDF guidance was first issued in 2013.

Connect with Eric Dyson:

Website: https://90northllc.com/

Phone: 940-248-4800

LinkedIn: https://www.linkedin.com/in/401kguy/

The information contained herein is general in nature and is provided solely for educational and informational purposes.

It is not intended to provide a specific recommendation of any type of product or service discussed in this presentation or to provide any warranties, financial advice or legal advice.

Eric Dyson: Leadership

Wed, 02 Oct 2024 10:00:00 GMT

In this episode, Eric discussed:

Defining your purpose
Finding the right people
Bringing out the best in your team
The key to effective leadership

Key Takeaways:

Define your purpose and allow for that purpose to evolve over time. Defining your purpose is a crucial step for leaders from various fields, including parents. Purpose can change and leaders should adapt their philosophy accordingly.
Don’t just look for excellent employees, find the right people for the right role. Finding the right people for the right job and retaining them is a challenging and continuous process.
Once you’ve found the right people and put them in the right roles, you must continuously bring out the best in them by putting them through training and continuous education.
Setting a clear purpose, hiring skilled people, training properly, providing resources, maintaining excellence, encouraging frequently, and being an inspiring presence is key to effective leadership.

“If we're going to be a good leader, we need to set a standard of excellence.” - Eric Dyson

Connect with Eric Dyson:

Website: https://90northllc.com/

Phone: 940-248-4800

LinkedIn: https://www.linkedin.com/in/401kguy/

The information contained herein is general in nature and is provided solely for educational and informational purposes.

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, financial advice, or legal advice.

FF5 #29 DOL TDF Guidance - Effective Employee Communications

Fri, 27 Sep 2024 10:00:00 GMT

In this episode of Friday Fiduciary Five, Eric Dyson talks about the importance of effective employee communications regarding target date funds, highlighting a white paper that found that 80% of participants understood that TDFs do not offer a guarantee, leaving 20% with a misperception.

Connect with Eric Dyson:

Website: https://90northllc.com/

Phone: 940-248-4800

LinkedIn: https://www.linkedin.com/in/401kguy/

The information contained herein is general in nature and is provided solely for educational and informational purposes.

It is not intended to provide a specific recommendation of any type of product or service discussed in this presentation or to provide any warranties, financial advice or legal advice.

FF5 #28 - Leadership

Fri, 20 Sep 2024 10:00:00 GMT

In this episode of Friday Fiduciary Five, Eric Dyson talks about the importance of leadership in the retirement plan space, drawing on his 10 years of Navy leadership experience.

Connect with Eric Dyson:

Website: https://90northllc.com/

Phone: 940-248-4800

LinkedIn: https://www.linkedin.com/in/401kguy/

The information contained herein is general in nature and is provided solely for educational and informational purposes.

It is not intended to provide a specific recommendation of any type of product or service discussed in this presentation or to provide any warranties, financial advice or legal advice.

Ralph Ferraro & Matthew Condos - LFG - In-Plan Guaranteed Income Solution

Wed, 18 Sep 2024 10:00:00 GMT

In this episode, Eric, Ralph Ferraro, and Matthew Condos discuss:

Shifting from accumulation to guaranteed income
How lifetime income solutions address retirement stressors
The spectrum of retirement income solutions
The trend in lifetime income solutions

Key Takeaways:

Defined contribution retirement plans need a greater focus on income solutions. It’s important to focus on offering a broad array of options. Consider the scalability and institutional pricing of defined contribution plan solutions and how that makes them ideal for guaranteed income.
According to research, contributions and participation rates increase when guaranteed income is offered. The transfer of risk-benefit of lifetime income solutions addresses financial stressors related to retirement.
There is a spectrum of retirement income solutions. It ranges from systematic withdrawals to immediate annuities, with middle-ground products that offer flexibility and certainty. Evaluate different products and their trade-offs using checklists and resources.
There is a trend in the adoption and success of lifetime income solutions of success with government clients due to their understanding of traditional pension plans and the benefits of guaranteed income. Auto-enrollment and auto-increase features have the potential to drive the adoption of guaranteed income solutions.

“We think that there's a lot of value in ensuring that you offer a broad array of solutions to your employees. So within the retirement plan, we need to move beyond just accumulation now to and savings to the income side” - Ralph Ferraro

Connect with Ralph Ferraro:

LinkedIn: https://www.linkedin.com/in/ralph-ferraro-6355932/

Connect with Matthew Condos:

LinkedIn: https://www.linkedin.com/in/matthew-condos-8630027a/

Connect with Eric Dyson:

Website: https://90northllc.com/

Phone: 940-248-4800

LinkedIn: https://www.linkedin.com/in/401kguy/

Lincoln Financial is not affiliated with 90 North Consulting.

The information contained herein is general in nature and is provided solely for educational and informational purposes.

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, financial advice, or legal advice.

FF5 #27 - DOL TDF Guidance - Non-Proprietary TDFs

Fri, 13 Sep 2024 10:00:00 GMT

In this episode of Friday Fiduciary Five, Eric Dyson talks about the Department of Labor's guidance on target-date funds (TDFs), emphasizing the importance of inquiring about non-proprietary TDFs, regardless of plan size, as per DOL guidance.

Connect with Eric Dyson:

Website: https://90northllc.com/

Phone: 940-248-4800

LinkedIn: https://www.linkedin.com/in/401kguy/

The information contained herein is general in nature and is provided solely for educational and informational purposes.

It is not intended to provide a specific recommendation of any type of product or service discussed in this presentation or to provide any warranties, financial advice or legal advice.

Bonnie Treichel: Lessons Learned from Litigation

Wed, 11 Sep 2024 10:00:00 GMT

Bonnie’s passion is sharing her knowledge with financial advisors. When she founded Endeavor Retirement, her goal was to make retirement legislation easy to understand. She keeps advisors up to date on the rules and regulations through her webinars, presentations, and consultations. The result — advisors and consultants help more people access their retirement savings.

In this episode, Eric and Bonnie Treichel discuss:

Next practices when making meeting minutes
How much is enough
What SHOULD be included
What is unnecessary
Avoiding potential issues by following the plan document
Documenting processes in target date funds
ESG is an extension of the fiduciary process

Key Takeaways:

When making meeting minutes, strike the perfect balance between including enough information to demonstrate loyalty and prudence without being overly detailed. Avoid having conflicting sets of minutes. Document who was present, what their role is, and the topics covered. Include supporting documents and references in meeting minutes.
Follow the plan document to avoid potential issues with compliance, forfeiture accounts need to be spent according to the plan document. One way where advisors can help out plan sponsors is with fiduciary calendars and checklists.
Follow a prudent process with target date funds and document that process. As an advisor, you must help plan sponsors with benchmarking and RFPs. Commit to regularly reviewing the DOL’s 2013 Target Date Fund Tips.
ESG is not a separate process but an extension of the existing fiduciary process. Document the rationale for including ESG factors and ensure that they are in the best financial interest of participants.
Advisors need to help plan sponsors understand their fiduciary liability insurance and their role as a fiduciary.

“It's up to us over time to piece together these best practices. This is iterative, you have to meet people where they are. So you should do a more comprehensive fiduciary training once a year.” - Bonnie Treichel

Connect with Bonnie Treichel:

Website: https://endeavor-retirement.com/

LinkedIn: https://www.linkedin.com/in/bonnietreichel/

Connect with Eric Dyson:

Website: https://90northllc.com/

Phone: 940-248-4800

LinkedIn: https://www.linkedin.com/in/401kguy/

The information contained herein is general in nature and is provided solely for educational and informational purposes.

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, financial advice, or legal advice.

FF5 #26 - DOL TDF Guidance - Review TDF Fund Fees

Fri, 06 Sep 2024 10:00:00 GMT

In this episode of Friday Fiduciary Five, Eric Dyson talks about the importance of reviewing fund fees and investment expenses in target date funds (TDFs) for ERISA plan committee members and industry professionals.

Connect with Eric Dyson:

Website: https://90northllc.com/

Phone: 940-248-4800

LinkedIn: https://www.linkedin.com/in/401kguy/

The information contained herein is general in nature and is provided solely for educational and informational purposes.

It is not intended to provide a specific recommendation of any type of product or service discussed in this presentation or to provide any warranties, financial advice or legal advice.

Kevin Morgan: ERISA Plan Basics - Blocking and Tackling

Wed, 04 Sep 2024 10:00:00 GMT

Kevin Morgan is the Managing Director for Retirement Investment Consultant at J.P. Morgan Asset Management, covering TX, CO, OK, NE, AR, & LA

Kevin lives just outside Fort Worth, TX has been with JP Morgan for 12 years, & is a 25-year veteran of the qualified plan industry. He has extensive experience in investment strategies, 401(k) plan sales, plan implementation/conversions, relationship management with plan sponsors, and direct participant communication/education. Prior to joining J.P. Morgan, Kevin held positions with Fidelity & Deutsche Bank.

Kevin holds NASD series 6, 63, 3 & 30 licenses. He attended the University of Cincinnati.

In this episode, Eric and Kevin Morgan discuss:

Avoiding inefficient assumptions
Treating participants as individuals, not as a group of “averages.”
What’s at stake in plan design decisions for the quality of life of employees; now and in retirement.

Key Takeaways:

Plan sponsors think consultants are clicking through all the technology and information for participants, while consultants think participants have access to everything. In reality, it does not happen often enough - it's just inefficient assumptions on both sides.
Always communicate, and don’t make assumptions about "the average" participant or plan sponsor. Treat every plan sponsor individually, survey their culture, employee tenure, and what success looks like for their 401(k) plan.
Look at your plan through a window, and not a mirror. Understand the specifics, don’t treat it as a mirror of yourself. Select only the target date funds that are suited to your participants’ risk tolerances and auto-escalation.
A small difference in savings can drastically impact someone's dignity and quality of life in retirement. That’s why we must ensure people have enough wealth to live retirement on their own terms after working so hard.

“Your job is to look at your company and your plan through a window and not through a mirror.” - Kevin Morgan

Connect with Kevin Morgan:

LinkedIn: https://www.linkedin.com/in/kevin-morgan-0a95bba/

Connect with Eric Dyson:

Website: https://90northllc.com/

Phone: 940-248-4800

LinkedIn: https://www.linkedin.com/in/401kguy/

The information contained herein is general in nature and is provided solely for educational and informational purposes.

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, financial advice, or legal advice.

FF5 #25 - DOL TDF Guidance - Understand TDF Investments and Glidepath

Fri, 30 Aug 2024 10:00:00 GMT

In this episode of Friday Fiduciary Five, Eric Dyson talks about the importance of understanding TDF investments and glide paths, highlighting the need for tools to match demographics with the right glide path.

Connect with Eric Dyson:

Website: https://90northllc.com/

Phone: 940-248-4800

LinkedIn: https://www.linkedin.com/in/401kguy/

The information contained herein is general in nature and is provided solely for educational and informational purposes.

It is not intended to provide a specific recommendation of any type of product or service discussed in this presentation or to provide any warranties, financial advice or legal advice.

Kim Pruitt - The Nuts and Bolts of What ERISA Plan Clients Want and Need

Wed, 28 Aug 2024 10:00:00 GMT

In this episode, Eric and Kim Pruitt discuss:

Be approachable to your clients
Maintaining a clean fiduciary file
Engaging employees with educational content
Advisor as an advocate

Key Takeaways:

As an advisor, be the primary point of contact for your clients. Make it so that they can reach out to you directly. Be intentional and be helpful. Help when needed with file feeds, discuss processes with payroll and ensure data accuracy.
Save your client’s time. Maintain a clean fiduciary file with all necessary documents organized and easily accessible.
Engage with employees, work with clients to understand company culture and employee demographics. Use this information to customize an approach and educate the workforce in a way that’s relevant, entertaining, and easily accessible.
An advisor should be an advocate and partner for their clients. As the prudent expert, strive to bridge any gaps in administration, compliance, investments, or regulatory matters. Clients should feel comfortable reaching out with any questions and should not feel ignorant about retirement.

“We've seen an evolution in how we're educating participants. It's not about ‘What do I have to give up today?’ But some of the conversations we're having is, ‘How am I tackling my budgeting on a day to day basis, how am I understanding debt and credit?’ ” - Kim Pruitt

Connect with Kim Pruitt:

Website: https://www.raymondjames.com/trinityretirement

LinkedIn: https://www.linkedin.com/in/kimberly-pruitt-nfp/

Connect with Eric Dyson:

Website: https://90northllc.com/

Phone: 940-248-4800

LinkedIn: https://www.linkedin.com/in/401kguy/

The information contained herein is general in nature and is provided solely for educational and informational purposes.

It is not intended to provide a specific recommendation of any type of product or service discussed in this presentation or to provide any warranties, financial advice or legal advice.

FF5 #24 DOL TDF Guidance - Periodic TDF Review

Fri, 23 Aug 2024 10:00:00 GMT

In this episode of Friday Fiduciary Five, Eric Dyson talks about the Department of Labor's guidance on establishing a process for periodic review of selected target date funds (TDFs).

Connect with Eric Dyson:

Website: https://90northllc.com/

Phone: 940-248-4800

LinkedIn: https://www.linkedin.com/in/401kguy/

The information contained herein is general in nature and is provided solely for educational and informational purposes.

It is not intended to provide a specific recommendation of any type of product or service discussed in this presentation or to provide any warranties, financial advice or legal advice.

Lisa Drake: The Connection Between Financial Literacy And Financial Wellness

Wed, 21 Aug 2024 10:00:00 GMT

Lisa Drake is a Retirement Plan Consultant based in SageView’s Florida office, working closely with plan sponsor clients on plan design, investment due diligence, monitoring and reporting as well as ERISA compliance to maximize fiduciary protection for employers. She specializes in driving positive retirement plan outcomes and developing long-standing client relationships.

Lisa has worked in institutional financial services for over 15 years, beginning her career at Charles Schwab. She worked as a financial advisor at Ameriprise Financial Services and later transitioned to a relationship manager role with CBIZ before moving on to FiduciaryFirst.

She was named among NAPA’s (National Association of Plan Advisors) Top Women Advisors in 2016-2018, as well as Top Defined Contribution Teams in 2018 and Top Retirement Plan Advisors Under 40 in 2019. She is currently NAPA’s President-Elect.

Lisa earned her Bachelor of Science in International Business and World Trade from the University of Buffalo and her MBA with a specialization in Human Resource Management from the University of Phoenix. She is an Accredited Investment Fiduciary (AIF®) and has earned her Certified Plan Fiduciary Advisor (CPFA) credential from the National Association of Plan Advisors. Lisa also holds the Certified Health Savings Adviser (CHSA) certification, helping provide a holistic consultative approach to employee benefits and retirement planning.

In this episode, Eric and Lisa Drake discuss:

Going beyond the traditional trifecta (Fees, Funds and Fiduciary)
Assessing individual needs based on feedback
Streamlining plans for governmental entities
What is true financial wellness?

Key Takeaways:

Financial wellness for employees goes beyond the traditional trifecta of “fees, funds, and fiduciary”. The employees must be empowered with financial literacy through personalized engagement in financial wellness programs and custom solutions that transcend basic retirement education.
It’s important to understand the full breadth of benefits following employee feedback. Companies must assess the need for investment allocation guidance and comprehension of the 401(k) plan before incurring additional costs.
Streamlining your retirement plans for governmental entities by consolidating record keepers, gaining a grasp of fees, and recognizing fiduciary duties will enormously impact employees’ futures.
Financial wellness is much more than numbers and technicalities—it's about shaping the present and future well-being of employees through education, personalized engagement, and sound advice.

“It's easy to have the best investments in the plan and have an efficient plan structure as far as the cost goes. But if the employee is not leveraging the benefit, if they don't understand the benefit, if they have other financial worries, then we're missing the mark. The big conversation is how to engage employees and how to help them with their finances.” - Lisa Drake

Connect with Lisa Drake:

Website: https://www.sageviewadvisory.com/

LinkedIn: https://www.linkedin.com/in/lisagarciasageview/

Connect with Eric Dyson:

Website: https://90northllc.com/

Phone: 940-248-4800

LinkedIn: https://www.linkedin.com/in/401kguy/

The information contained herein is general in nature and is provided solely for educational and informational purposes.

It is not intended to provide a specific recommendation of any type of product or service discussed in this presentation or to provide any warranties, financial advice or legal advice.

FF5 #23 - DOL TDF Guidance - Comparing and Selecting TDFs

Fri, 16 Aug 2024 10:00:00 GMT

In this episode of Friday Fiduciary Five, Eric Dyson talks about the need for careful comparison, selection, and documentation in choosing Target Date Funds.

Connect with Eric Dyson:

Website: https://90northllc.com/

Phone: 940-248-4800

LinkedIn: https://www.linkedin.com/in/401kguy/

The information contained herein is general in nature and is provided solely for educational and informational purposes.

It is not intended to provide a specific recommendation of any type of product or service discussed in this presentation or to provide any warranties, financial advice or legal advice.

Laura Jurica - Wearing Multiple Hats as a Plan Committee Member

Wed, 14 Aug 2024 10:00:00 GMT

Laura Jurica is the SVP of finance, accounting, and compliance at Andrews Distributing. She has been with the organization for just over 24 years, all in accounting and finance capacity. Laura has been a member of the 401K committee for six years. Andrews Distributing is a beverage distributor in the North Texas and South Texas markets.

In this episode, Eric and Laura Jurica discuss:

The multifaceted role of a fiduciary
Setting up efficient committee meetings
Addressing client-specific needs
Implementing successful training sessions

Key Takeaways:

The multifaceted role of a fiduciary encompasses participant education, thoroughly documented practices and the alignment of processes for retirement planning's success. Being a true fiduciary means prioritizing the interests and well-being of the participants.
Efficiency in committee meetings would require pre-planning, setting dynamic agendas, and possibly establishing subcommittee meetings. The goal with these practices is to maximize the productivity of formal committee gatherings by ensuring thorough discussion of issues within a suitable timeframe.
ERISA plan advisors need to create strategies that address client-specific needs, coupled with the critical mission of educating committee members about their responsibilities. The formation of specialized subcommittees can prove invaluable in achieving this.
Successful implementation of frequent, engaging, and concise fiduciary training sessions catered to the committee members' schedules could greatly enhance the stewardship of retirement outcomes.

“We need to be thinking about the care of the team members. How are we thinking about educating them to ensure that they opt into the plan at the highest level possible that they're capable of contributing and the time that they have?” - Laura Jurica

Connect with Laura Jurica:

Email: ljurica@andrewsdistributing.com

LinkedIn: https://www.linkedin.com/in/laura-jurica-0507718/

Connect with Eric Dyson:

Website: https://90northllc.com/

Phone: 940-248-4800

LinkedIn: https://www.linkedin.com/in/401kguy/

The information contained herein is general in nature and is provided solely for educational and informational purposes.

It is not intended to provide a specific recommendation of any type of product or service discussed in this presentation or to provide any warranties, financial advice or legal advice.

FF5 #22 - DOL TDF Guidance - Glidepath Determination

Fri, 09 Aug 2024 10:00:00 GMT

In this episode of the Friday Fiduciary Five, Eric Dyson talks about evaluating and selecting target date funds based on a glide path fit according to participants' demographics and risk tolerance.

Connect with Eric Dyson:

Website: https://90northllc.com/

Phone: 940-248-4800

LinkedIn: https://www.linkedin.com/in/401kguy/

The information contained herein is general in nature and is provided solely for educational and informational purposes.

It is not intended to provide a specific recommendation of any type of product or service discussed in this presentation or to provide any warranties, financial advice or legal advice.

Greta Green Gentile: Effective Plan Communication

Wed, 07 Aug 2024 10:00:00 GMT

Greta Green Gentile is a strategic benefits, wellness, and total rewards director/sr. manager. She is a proactive HR business partner with proven success in guiding the development of best practices in benefits, wellness, compensation, HRIS, communications, compliance, performance development, employee relations, training, staffing, and payroll in a variety of industries. Greta has solid technical qualifications combined with excellent collaboration, relationship, team building, project management, communications, and leadership skills fostering strong employee performance.

In this episode, Eric and Greta discuss:

Making full committee sessions more efficient
Focusing on constant knowledge growth
Using technology to educate effectively
The critical role of communication

Key Takeaways:

Organize preparatory discussions, adhere to compliance, shape communications, and strategize with subgroups. Thorough pre-committee discussions will help you tailor your approach to fit the organization’s unique needs. Small preparatory meetings pave the way to efficient full committee sessions.
Constant education is key, and she advocates for benefits professionals to attend fiduciary training summits. Conduct training sessions separate from regular committee meetings to ensure that the learning process is focused and uninterrupted.
With today’s workforce being ever so mobile, strategies for engaging employees in 401K plans and financial education are crucial. That’s why advisors must look into the use of technology and personal approaches to ensure communication is both effective and educational.
Communication is key, make financial information accessible. Advisors must create educational materials to suit diverse audiences, this includes for example varying education levels or language proficiency.

“Our number one value is care.” - Greta Green-Gentile

Connect with Greta Green-Gentile:

LinkedIn: https://www.linkedin.com/in/gretagreengentile/

Email: green.gentile@gmail.com

Connect with Eric Dyson:

Website: https://90northllc.com/

Phone: 940-248-4800

LinkedIn: https://www.linkedin.com/in/401kguy/

The information contained herein is general in nature and is provided solely for educational and informational purposes.

It is not intended to provide a specific recommendation of any type of product or service discussed in this presentation or to provide any warranties, financial advice or legal advice.

FF5 #21 - DOL TDF Guidance - It's More Than "To vs Through"

Fri, 02 Aug 2024 10:00:00 GMT

In this episode of Friday Fiduciary Five, Eric Dyson talks about the differences among TDFs, including how this is referenced in DOL TDF Guidance. This includes a consideration and understanding of investment strategies, glide paths, and fees. Eric emphasizes the need for fiduciaries to evaluate these factors when selecting a TDF.

Connect with Eric Dyson:

Website: https://90northllc.com/

Phone: 940-248-4800

LinkedIn: https://www.linkedin.com/in/401kguy/

The information contained herein is general in nature and is provided solely for educational and informational purposes.

It is not intended to provide a specific recommendation of any type of product or service discussed in this presentation or to provide any warranties, financial advice or legal advice.

Jania Stout: Retirement Income Solutions

Wed, 31 Jul 2024 10:00:00 GMT

With over 25 years of experience in the retirement plan industry, Jania Stout is a passionate and knowledgeable fiduciary leader who helps employers with fiduciary governance but with a dual focus on helping their employees achieve their financial wellness goals. As the Senior Vice President and Co-Founder of Fiduciary Plan Advisors, a OneDigital company, Jania provides comprehensive and customized solutions for plan design, investment monitoring, ERISA compliance, fee benchmarking, and total well-being strategies.

Jania holds the Certified Plan Fiduciary Advisor (CPFA) and Certified Behavioral Finance Analyst (CBFA) credentials, which demonstrate her commitment to excellence and innovation in her field. She also serves as an Advisory Board Member at The CFO Leadership Council, where she shares her insights and best practices with other finance professionals. She has served as a Past President of NAPA (National Association of Plan Advisors), providing leadership to the Plan Advisory industry that she has spent the past few decades working in. Additionally, Jania is a keynote speaker and writer who enjoys educating and engaging audiences on topics such as fiduciary governance, employee engagement, and behavioral finance. Her mission is to help working America feel less stressed and be happy.

In this episode, Eric and Jania discuss:

Enhancing retirement transitions
Diligently evaluating retirement income solutions
Prioritizing ongoing education
Using wholesaler expertise for client guidance on retirement income solutions

Key Takeaways:

The purpose behind educating retirement plan committee members and advisors is to improve participant outcomes when it's time to transition from accumulating savings to spending them down responsibly—a crucial phase that should be diligently planned for.
Committee members should thoroughly evaluate the retirement income solutions at their disposal. They must scrutinize their options and should, over time, demand open architecture of these solutions in 401(k) plans to promote the best practices in our business.
Advisors and committee members can cultivate self-improvement by making time to delve into networking, cultivate in-depth comparison methods, and stay abreast of the latest industry trends.
Investment committee members can leverage wholesaler expertise to supplement their learning and services, ensuring that financial advisors provide their clients with the best possible guidance without feeling the pressure to master every detail themselves.

“We need your commitment as a committee to open your eyes and evaluate solutions and not just go with whatever the record keepers offer you.” - Jania Stout

Connect with Jania Stout:

LinkedIn: https://www.linkedin.com/in/401kconsultant/

Connect with Eric Dyson:

Website: https://90northllc.com/

Phone: 940-248-4800

LinkedIn: https://www.linkedin.com/in/401kguy/

The information contained herein is general in nature and is provided solely for educational and informational purposes.

It is not intended to provide a specific recommendation of any type of product or service discussed in this presentation or to provide any warranties, financial advice or legal advice.

FF5 #20 - DOL Target Date Guidance - Series Preview

Fri, 26 Jul 2024 10:00:00 GMT

As an introduction and preview to a series - in this episode of Friday Fiduciary Five, Eric Dyson talks about the Department of Labor's guidance on target date funds. He highlights eight key points from the guidance, including establishing a process for comparing and selecting target date funds.

Connect with Eric Dyson:

Website: https://90northllc.com/

Phone: 940-248-4800

LinkedIn: https://www.linkedin.com/in/401kguy/

The information contained herein is general in nature and is provided solely for educational and informational purposes.

It is not intended to provide a specific recommendation of any type of product or service discussed in this presentation or to provide any warranties, financial advice or legal advice.

Bill Leitner: 457(b) Plans and Texas Public Plan Coalition

Wed, 24 Jul 2024 10:00:00 GMT

Bill Leitner is the Vice President of ISC Group, an independent firm that has helped clients navigate the complexities of the financial world since 1987. ISC Group, Inc. is affiliated with and Securities offered through Institutional Securities Corporation (ISC), Member FINRA/SIPC. Bill is a registered representative of ISC.

In this episode, Eric and Bill discuss:

Similarities and differences between 401(k) and 457(b) plans
State-by-state legal considerations
The crucial role of learning and networking
The benefits of 457(b) retirement plans

Key Takeaways:

Governmental 457(b) plans and more familiar options such as 401k's and 403b's share similar operational features, deferral limits, tax advantages, and investment options for participants. The most significant differentiator is that, unlike 401Ks, 457(b) plans can tailor specific benefits, like signing bonuses with vesting schedules, to certain employee types without the requirement to extend these to everybody within the organization.
Depending on which state the organization exists, there are some legal considerations surrounding automatic enrollment in 457(b) plans, which would require you to navigate state-specific statutes and ERISA guidelines. Governmental benefit professionals face the daunting task of vendor procurement—often entangled with complex legal requirements and the intricacies of managing multiple providers.
Learning and networking play crucial roles in navigating retirement plan options. The Texas Public Plan coalition's inaugural conference is a shining example of opportunities available for HR and financial professionals where they could make use of expertise sharing, planning, and networking opportunities.
457(b) retirement plans are the unsung heroes for governmental organizations, offering flexibility and a catered approach to employee benefits. Plan sponsors looking to design a feature-rich, flexible retirement plan would do well to consider the lesser-known advantages of 457(b) plans while keeping a recording of the educational resources and communities available to navigate their complexities.

“When you give somebody too much choice - either you get paralysis by analysis and nobody takes advantage of the plan or they just pick the flashiness.” - Bill Leitner

Connect with Bill Leitner:

Website: https://www.iscgroup.com/

LinkedIn: https://www.linkedin.com/in/bill-leitner-5b36628/

Texas Public Plan Coalition:

Website: https://txppc.org/

LinkedIn: https://www.linkedin.com/company/txppc/posts/

Connect with Eric Dyson:

Website: https://90northllc.com/

Phone: 940-248-4800

LinkedIn: https://www.linkedin.com/in/401kguy/

The information contained herein is general in nature and is provided solely for educational and informational purposes.

It is not intended to provide a specific recommendation of any type of product or service discussed in this presentation or to provide any warranties, financial advice or legal advice.

FF5 #19 - Revenue Share - The Devil is in the Details

Fri, 19 Jul 2024 10:00:00 GMT

In this episode of Friday Fiduciary Five, Eric Dyson talks about the importance of understanding revenue share in ERISA plans, highlighting potential issues arising from a lack of understanding such as inadequate fee leveling due to exceptions and inequitable distribution of expenses.

Connect with Eric Dyson:

Website: https://90northllc.com/

Phone: 940-248-4800

LinkedIn: https://www.linkedin.com/in/401kguy/

The information contained herein is general in nature and is provided solely for educational and informational purposes.

It is not intended to provide a specific recommendation of any type of product or service discussed in this presentation or to provide any warranties, financial advice or legal advice.

Dennis Fowler: What’s In A PBM?

Wed, 17 Jul 2024 10:00:00 GMT

About Dennis Fowler: As a partner and practice leader at The Baldwin Group, Dennis helps employers achieve their culture and goals through innovative and tailored benefit strategies. He has over 14 years of experience in the insurance and human capital ecosystem, and he is passionate about disrupting the expensive and unsustainable healthcare system.

In this episode, Eric and Dennis Fowler discuss:

The role of Pharmacy Benefit Managers (“PBMs”)
How the size of a company affects its options
The challenge of managing PBMs
The advantage of having a raw data warehouse

Key Takeaways:

The role of Benefit Managers becomes critical in understanding the financial flows of healthcare, from both cost and fiduciary perspectives. Whether you're dealing with a traditional, pass-through, or hybrid PBM, there is an imperative need for transparency.
The size of a company affects its healthcare options, especially in terms of self-funding and engaging with PBMs. For companies with over 500 employees, the options for self-funding and working with PBMs increase significantly, adding to the complexity of the choices to be made.
The challenge of managing company pharmacy plans isn't just about the financial aspects; it also revolves around balancing cost, accessibility, and employee culture.
The ultimate weapon in a benefit manager’s arsenal is data. Having a raw data warehouse presents a clear upper hand.

“You want to be able to pull the data in its raw format, which means you collected it in its raw format. And that's what a data warehouse allows you to do.” - Dennis Fowler

Connect with Dennis Fowler:

LinkedIn: https://www.linkedin.com/in/dennis-fowler-b105a6b/

Connect with Eric Dyson:

Website: https://90northllc.com/

Phone: 940-248-4800

LinkedIn: https://www.linkedin.com/in/401kguy/

The information contained herein is general in nature and is provided solely for educational and informational purposes.

It is not intended to provide a specific recommendation of any type of product or service discussed in this presentation or to provide any warranties, financial advice or legal advice.

FF5 #18 - Meeting Minutes - How Much is Enough?

Fri, 12 Jul 2024 10:00:00 GMT

In this episode of Friday Fiduciary Five, Eric Dyson talks about why meeting minutes are important, and how appropriately detailed minutes make a big difference in demonstrating adherence to a fiduciary standard of care.

Connect with Eric Dyson:

Website: https://90northllc.com/

Phone: 940-248-4800

LinkedIn: https://www.linkedin.com/in/401kguy/

The information contained herein is general in nature and is provided solely for educational and informational purposes.

It is not intended to provide a specific recommendation of any type of product or service discussed in this presentation or to provide any warranties, financial advice or legal advice.

Paul Sommerstad & Ty Parrish: Measuring Plan Success

Wed, 10 Jul 2024 10:00:00 GMT

About Paul Sommerstad: Paul is a Partner in the firm’s Retirement Plan Services Group. He has more than fifteen years of experience in the retirement plan industry and specializes in helping organizations understand how plan design can dramatically improve their employees’ ability to successfully retire and how proper governance can limit personal fiduciary liability. Paul has worked with a variety of public, private, and nonprofit organizations providing them with proven strategies that have resulted in improved outcomes for thousands of retirement plan participants. He is an ardent researcher of behavioral economics and prides himself in using plain language to help plan committees and participants accomplish their goals and objectives.

About Ty Parrish: Ty is a Partner and Practice Leader of Cerity Partners’ Retirement Plan Services Group where he specializes in helping public, private, and nonprofit organizations design “blue ribbon” retirement plans. His areas of expertise include plan design, fiduciary governance, vendor management, and Fiduciary Based Investment Consulting™.

In this episode, Eric, Paul Sommerstad, and Ty Parrish discuss:

The role of plan committees
Using metrics and more to create tailor-fit plans
The unique position that advisors have in the industry
The end result of great stewardship

Key Takeaways:

ERISA Plan committees need to not only mitigate risk but also to creatively tailor retirement plans to both attract and retain employees. In the competitive market for talent, retirement plan offerings are tantamount to a chess game where each move must be strategic and well-planned.
Financial wellness expands beyond immediate indicators and deeply considers the individual's balance of present and potential future financial needs.
Advisors have the power to transcend jargon, encourage effective communication, and hold stakeholders accountable. This proactive stance not only promotes improvements but also potentially curtails turnover, enhancing tangible KPIs.
With great stewardship, adaptability, and the right guidance, the road to retirement readiness can indeed become less arduous and more achievable for employees across the board.

“It's great to have a website and tools but at the end of the day, people want to talk to people about their personal situations. We try to cater to that, and not try to fit everybody into a box. You have to be flexible and work with individuals where they're at in their in their life cycles.” - Ty Parrish

Connect with Paul Sommerstad:

Email: psommerstad@ceritypartners.com

LinkedIn: https://www.linkedin.com/in/paulsommerstad/

Connect with Ty Parrish:

Email: tparrish@ceritypartners.com

LinkedIn: https://www.linkedin.com/in/typarrish/

Connect with Eric Dyson:

Website: https://90northllc.com/

Phone: 940-248-4800

LinkedIn: https://www.linkedin.com/in/401kguy/

The information contained herein is general in nature and is provided solely for educational and informational purposes.

It is not intended to provide a specific recommendation of any type of product or service discussed in this presentation or to provide any warranties, financial advice or legal advice.

FF5 #17 - Placing Service Provider Fees at Risk

Fri, 05 Jul 2024 10:00:00 GMT

In this episode of Friday Fiduciary Five, Eric Dyson talks about the importance of regularly reviewing service standards and negotiating fee concessions. He also talks about how a fiduciary should always evaluate service providers through regular surveys or assessments to ensure they are meeting their contractual obligations and delivering agreed-upon services.

Connect with Eric Dyson:

Website: https://90northllc.com/

Phone: 940-248-4800

LinkedIn: https://www.linkedin.com/in/401kguy/

The information contained herein is general in nature and is provided solely for educational and informational purposes.

It is not intended to provide a specific recommendation of any type of product or service discussed in this presentation or to provide any warranties, financial advice or legal advice.

Beth Allen: DOL Investigators are People Too

Wed, 03 Jul 2024 10:00:00 GMT

Beth Allen has made a career of advising employers and benefits professionals on the legal obligations imposed by federal and state benefits-related laws. She has a knack for taking complicated compliance concepts and effectively explaining them to plan sponsors, HR leaders, and company executives alike.

In this episode, Eric and Beth Allen discuss:

The primary aim of DOL investigations
The advantage of honesty and a cooperative attitude
IPS and fiduciary training benefits
Being a proactive fiduciary

Key Takeaways:

Voluntary compliance is the primary aim of DOL investigations, not penalty enforcement.
Honest and cooperative attitudes from plan administrators can significantly influence investigation outcomes.
While not mandatory, an Investment Policy Statement (IPS) and fiduciary training greatly benefit plan compliance and decision-making.
Proactive measures like proper documentation, voluntary corrections, and understanding the DOL's audit process are critical for benefit plan management.

“Employers - look at the DOL and even, let's say IRS auditors as some sort of boogeyman. The DOL in the real world, they are people who are required to enforce ERISA as the law. But the good thing about the DOL is that they generally are going to want voluntary compliance.” - Beth Allen

Connect with Beth Allen:

Website: https://alleneblaw.com/

LinkedIn: https://www.linkedin.com/company/allen-benefits-law/

Connect with Eric Dyson:

Website: https://90northllc.com/

Phone: 940-248-4800

LinkedIn: https://www.linkedin.com/in/401kguy/

The information contained herein is general in nature and is provided solely for educational and informational purposes.

It is not intended to provide a specific recommendation of any type of product or service discussed in this presentation or to provide any warranties, financial advice or legal advice.

FF5 #16 - Fiduciary Duty to Follow Plan Documents

Fri, 28 Jun 2024 10:00:00 GMT

In this episode of Friday Fiduciary Five, Eric Dyson talks about the importance of adhering to ERISA plan documents. He highlights common non-compliance issues, such as using plan forfeitures, defining compensation, vesting, and service credit.

Connect with Eric Dyson:

Website: https://90northllc.com/

Phone: 940-248-4800

LinkedIn: https://www.linkedin.com/in/401kguy/

The information contained herein is general in nature and is provided solely for educational and informational purposes.

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, financial advice, or legal advice.

Jenny Kiesewetter: Selecting ERISA Plan Service Providers

Wed, 26 Jun 2024 10:00:00 GMT

About Jenny Kiesewetter: As an ERISA and employee benefits attorney at Fisher Phillips, Jenny Kiesewetter helps clients navigate the complex and ever-changing landscape of ERISA, health and welfare benefit plans, retirement plans, cafeteria plans, severance plans, and equity-based compensation plans.

Jenny also works with plan sponsors, administrators, fiduciaries, and human resources professionals on compliance, litigation, and risk mitigation matters.

Jenny’s passion for teaching and writing drives her to share her knowledge and insights with others in the field of employee benefits and human resources. She has taught employee benefits law to law students for over 15 years, and written numerous articles, blogs, and presentations on various ERISA and employee benefits topics.

Jenny’s goal is to make ERISA and employee benefits compliance accessible, understandable, and practical for employers of all sizes.

In this episode, Eric and Jenny Kiesewetter discuss:

Following a prudent process when comparing service providers
Looking in-depth into the services offered by advisors
How benchmarking compliments the RFP process
Asking the right questions as a fiduciary

Key Takeaways:

When comparing service providers, such as record keepers and advisors, employers should follow a written, prudent process. This involves asking the same questions to each provider and evaluating their answers in a meaningful way.
It is essential to consider the depth and breadth of services offered by advisors, as well as the technology differences among record keepers. Additionally, record keeper searches should focus on employee experience and education.
Benchmarking supplements the RFP process and is crucial for staying informed about changes in investments, technology, and services to act in the best interest of plan participants. However, benchmarking does not replace the need for regular RFPs every 3-5 years, as failing to do so may increase the risk of litigation.
As a committee member and fiduciary, it is essential to ask questions and not be hesitant when selecting service providers, even if the topic seems complicated or confusing. Documenting the 401(k) process is also vital for mitigating fiduciary responsibility liability, even if the Department of Labor disagrees with the conclusion reached.

“Part of that overall fiduciary responsibility is you must follow a written prudent process when you're selecting hiring and monitoring third-party service providers.” - Jenny Kiesewetter

Connect with Jenny Kiesewetter:

LinkedIn: https://www.linkedin.com/in/jennykiesewetter/

Connect with Eric Dyson:

Website: https://90northllc.com/

Phone: 940-248-4800

LinkedIn: https://www.linkedin.com/in/401kguy/

The information contained herein is general in nature and is provided solely for educational and informational purposes.

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, financial advice, or legal advice.

FF5 #15 - Fiduciary Duty to Diversify Investments

Fri, 21 Jun 2024 10:00:00 GMT

In this episode of Friday Fiduciary Five, Eric Dyson talks about the duty to diversify investments under ERISA. He also covers the guidance provided under ERISA section 404(c).

Connect with Eric Dyson:

Website: https://90northllc.com/

Phone: 940-248-4800

LinkedIn: https://www.linkedin.com/in/401kguy/

The information contained herein is general in nature and is provided solely for educational and informational purposes.

It is not intended to provide a specific recommendation of any type of product or service discussed in this presentation or to provide any warranties, financial advice or legal advice.

Tina Wilson - DC Plan Retirement Income Options

Wed, 19 Jun 2024 10:00:00 GMT

Tina Wilson is Executive Vice President and Chief Product Officer for Empower. In her role, she is responsible for the strategy, ideation, and design of retirement and personal wealth products and solutions and oversees the team responsible for product development, management methodology, and governance. She is also responsible for the defined benefit and nonqualified businesses and serves as President of Empower Advisory Group, which is responsible for Empower’s advice and managed accounts solutions.

In this episode, Eric and Tina Wilson discuss:

Retirement income solutions
The benefits of in-plan annuities
Discovering solutions through education
Proactively educating committee members

Key Takeaways:

Retirement income solutions, also referred to as “drawdown products,” have been simplified and made more cost-effective for retirement plans, offering participants increased options and flexibility. Choice is essential to accommodate the varying needs of different plans and their demographics.
In-plan annuities provide flexibility, cost-effectiveness, and the option to annuitize, setting them apart from traditional annuities bought in the open market. Guaranteed income products offer a steady stream of income in retirement, with the potential for increases based on market performance and the flexibility to access principal if needed.
The Secure Act has addressed portability concerns for guaranteed income funds at both participant and plan levels. Committee members and advisors can access various resources, such as conferences, webinars, podcasts, and product providers, to learn about retirement income solutions and build their knowledge in this space.
Advisors should proactively educate themselves and their committee members on these solutions, even if it requires additional meetings outside of the regular quarterly sessions. By doing so, advisors can better serve their clients and protect their business.

“The math behind this tells us that the majority of participants, not all, but the majority of participants would benefit from the inclusion of guaranteed income and their drawdown strategy, whether it's in-plan or not.” - Tina Wilson

Connect with Tina Wilson:

Website: https://www.empower.com/

LinkedIn: https://www.linkedin.com/in/tina-wilson-cfa-a8a9aaa/

Connect with Eric Dyson:

Website: https://90northllc.com/

Phone: 940-248-4800

LinkedIn: https://www.linkedin.com/in/401kguy/

The information contained herein is general in nature and is provided solely for educational and informational purposes.

It is not intended to provide a specific recommendation of any type of product or service discussed in this presentation or to provide any warranties, financial advice or legal advice.

FF5 #14 - Fiduciary Duty of Prudence

Fri, 14 Jun 2024 10:00:00 GMT

In this episode of Friday Fiduciary Five, Eric Dyson discusses the ERISA fiduciary duty of prudence. He talks about the importance of taking a proactive approach to plan management and monitoring, rather than neglecting these responsibilities due to inconvenience or other excuses.

Connect with Eric Dyson:

Website: https://90northllc.com/

Phone: 940-248-4800

LinkedIn: https://www.linkedin.com/in/401kguy/

The information contained herein is general in nature and is provided solely for educational and informational purposes.

It is not intended to provide a specific recommendation of any type of product or service discussed in this presentation or to provide any warranties, financial advice or legal advice.

Debbie Vince: All Things Stable Value

Wed, 12 Jun 2024 10:00:00 GMT

The information contained herein is general in nature and is provided solely for educational and informational purposes. 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 or legal advice. Stable Value Investments is a division of New York Life Insurance Company.

Debbie Vince is a 20-year veteran in the retirement business. She represents New York Life Stable Value Investments VP DCIO Sales - West

In this episode, Eric and Debbie discuss:

Cash equivalent options in retirement plans
Factors to evaluate when considering stable value funds
Should you choose money market or stable value funds?
Monitoring, analyzing, and documenting as a fiduciary

Key Takeaways:

Stable value funds, along with money market funds and ultra-short bond funds, are the main cash equivalent options available in retirement plans. What sets stable value funds apart is their ability to offer what is typically a bond portfolio experience without the volatility of a bond-type mutual fund, making them an attractive choice for risk-averse investors.
When considering stable value options, plan sponsors and advisors must evaluate various factors such as performance, portability, benefit responsiveness, and the financial strength of wrap providers.
With changing interest rates, the debate between choosing a money market or stable value funds has resurfaced. While some plan sponsors are considering switching to money market funds due to the current inverted yield curve, stable value funds have historically outperformed money market funds over the long term.
In today's litigious environment, it is essential for 401k plan committees to fulfill their fiduciary responsibility by regularly monitoring and analyzing stable value funds. Documenting due diligence at least once a year, or more frequently during turbulent markets, is crucial.

“Once we start seeing interest rates decline, which the feds have alluded to, that money market rate is going to follow that very tightly, and you're going to see a decrease. If you look at historical charts, what money market does compare to stable value, most of the time, stable value outperforms money market. ” - Debbie Vince

Connect with Debbie Vince:

LinkedIn: https://www.linkedin.com/in/debbie-vince/

Connect with Eric Dyson:

Website: https://90northllc.com/

Phone: 940-248-4800

LinkedIn: https://www.linkedin.com/in/401kguy/

Opinions expressed herein are current opinions as of the date appearing in this material only. You should obtain advice specific to your circumstances from your own legal, accounting, and tax advisors.

Eric Dyson is not affiliated with New York Life Insurance Company.

The information contained herein is general in nature and is provided solely for educational and informational purposes.

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, financial advice, or legal advice.

FF5 #13 - Fiduciary Duty of Loyalty

Fri, 07 Jun 2024 10:00:00 GMT

In this episode of Friday Fiduciary Five, Eric Dyson talks about the fiduciary duty of loyalty and acting exclusively in best the interest of plan participants and beneficiaries.

Connect with Eric Dyson:

Website: https://90northllc.com/

Phone: 940-248-4800

LinkedIn: https://www.linkedin.com/in/401kguy/

The information contained herein is general in nature and is provided solely for educational and informational purposes.

It is not intended to provide a specific recommendation of any type of product or service discussed in this presentation or to provide any warranties, financial advice or legal advice.

Bryan England and Eric Morrison: High Touch Participant Service

Wed, 05 Jun 2024 10:00:00 GMT

About Bryan England, AIF®️: Bryan is the Chief Operating Officer of Sundvold Financial. He leads the firm’s retirement plan education team as well as its investment due diligence processes. Furthermore, he manages a group of the firm’s retirement plan clients, several of whom have been with the firm since Bryan’s first day in 1999.

About Eric Morrison: Eric is the President of Sundvold Financial. He is engaged in the implementation of growth initiatives for the firm as well as leading its business development strategies. Additionally, he is at the point for the firm’s future planning around new lines of business, service sectors, and partnerships.

In this episode, Eric, Bryan, and Eric discuss:

What to look for when searching for a 401k plan advisor
The benefits of holding monthly meetings which are off-cycle from formal committee meetings
Advice for young advisors
Taking ownership and responsibility

Key Takeaways:

When searching for a 401k plan advisor, focus on how they can help from a fiduciary and plan design standpoint, as well as their strategic approach to education and handling unexpected situations.
Holding monthly off-cycle meetings with clients in addition to formal committee meetings helps address timely issues and keeps everyone on the same page, leading to increased productivity.
For young advisors, always remember to be patient with results and expectations. Be humble enough to admit when you don't know something and seek guidance from mentors.
As a plan committee member, take ownership of the responsibility and handle the plan as if it were your own account. By following insights from industry experts, you can navigate the challenging but rewarding world of 401k plans with confidence and success.

“I would encourage young people to become an expert in everything as it relates to not only retirement plans but also benefits. If you know their benefits, if you know social security, if you know Medicare, you can bring a lot to the table when you develop those relationships and have those value adds going forward.” - Bryan England

Connect with Bryan England and Eric Morrison:

Website: https://www.sundvold.com/

Eric’s LinkedIn: https://www.linkedin.com/in/eric-morrison-8076608/

Connect with Eric Dyson:

Website: https://90northllc.com/

Phone: 940-248-4800

LinkedIn: https://www.linkedin.com/in/401kguy/

The information contained herein is general in nature and is provided solely for educational and informational purposes.

It is not intended to provide a specific recommendation of any type of product or service discussed in this presentation or to provide any warranties, financial advice or legal advice.

FF5 #12 - ERISA Fiduciary Duties: Back to Basics

Fri, 31 May 2024 10:00:00 GMT

In this episode of Friday Fiduciary Five, Eric Dyson begins a five-part series regarding ERISA plan fiduciary basic responsibilities. He talks about the four basic fiduciary duties in ERISA, which are the duty of loyalty, prudence, diversification, and following plan documents.

Connect with Eric Dyson:

Website: https://90northllc.com/

Phone: 940-248-4800

LinkedIn: https://www.linkedin.com/in/401kguy/

The information contained herein is general in nature and is provided solely for educational and informational purposes.

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, financial advice, or legal advice.

Renee Scherzer: Hear from NAPA's Immediate Past President

Wed, 29 May 2024 10:00:00 GMT

About Renee Scherzer: As a Retirement Plan Specialist, Renee provides clients with strategies to empower their employees to build financial independence while managing the fiduciary liability of organizations and their executives through their 401(k), 403(b), and executive planning needs.

In this episode, Eric and Renee discuss:

Meeting people at their level
Making a meaningful impact
The value of building a strong network
How diversity enhances innovation

Key Takeaways:

Effective leadership in retirement plans is about meeting employees at their financial literacy level and guiding them from there.
Aligning one's core values and purpose with the organization's mission is fundamental to making a meaningful impact.
Building a strong network and maintaining curiosity is invaluable for professionals seeking success in the retirement advisory space.
Diversity of thought in decision-making teams significantly improves outcomes and innovation in the retirement plan industry.

“People who want to get into leadership, if they're leading with their why and they truly are passionate about the initiatives, that's going to show.” - Renee Scherzer

Connect with Renee Scherzer:

LinkedIn: https://www.linkedin.com/in/reneescherzer/

Connect with Eric Dyson:

Website: https://90northllc.com/

Phone: 940-248-4800

LinkedIn: https://www.linkedin.com/in/401kguy/

The information contained herein is general in nature and is provided solely for educational and informational purposes.

It is not intended to provide a specific recommendation of any type of product or service discussed in this presentation or to provide any warranties, financial advice or legal advice.

FF5 #11 What Does it Mean to Be More Than a Fiduciary?

Fri, 24 May 2024 10:00:00 GMT

In this episode of Friday Fiduciary Five, Eric Dyson defines his use of the catchphrase “Be More Than a Fiduciary. He talks about how fiduciaries should prioritize the well-being of the people they serve and strive to be the best steward they can possibly be.

Connect with Eric Dyson:

Website: https://90northllc.com/

Phone: 940-248-4800

LinkedIn: https://www.linkedin.com/in/401kguy/

The information contained herein is general in nature and is provided solely for educational and informational purposes.

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, financial advice, or legal advice.

Mike DiCenso: All Things PEP

Wed, 22 May 2024 10:00:00 GMT

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. Mike crafts visionary strategies and direction, marked by critical thinking and market leadership. He is proficient in practice management and mastering business metrics, demonstrating organizational leadership, with a focus on revenue, asset, and profit growth.

Mike has a proven track record in sales and marketing leadership, formulating effective models, and offering mentoring. He also has remarkable team-building and recruitment capabilities, strong expertise in managing mergers and acquisitions, and has held prominent positions such as CEO, COO, and CMO. Overall, Mike is well-versed in providing holistic solutions and leadership

In this episode, Eric and Mike discuss:

Should you handle ERISA plan tasks internally or outsource to experts?
What are PEPs and PPPs? What purpose do they serve?
Considerations when adopting a PEP
The value of research, self-education, and analysis in considering a PEP

Key Takeaways:

Understanding the roles and responsibilities involved in running a retirement plan is more important than ever. Benefit managers must carefully consider whether to handle tasks internally or outsource them to experts. In this context, Pooled Employer Plans (PEPs) have emerged as a viable solution for employers.
PEPs are essentially 401(k) or 403(b) plans that combine unassociated employers, while Pooled Plan Providers (PPPs) serve as the ultimate fiduciaries managing and overseeing these plans.
Adopting a PEP may require employers to relinquish some control over plan design and fund lineup. PEP providers offer varying degrees of flexibility and customization options for plan design and investment lineups.
When considering a PEP, employers should conduct thorough research, should consider engaging in an RFI or RFP process, and evaluate multiple providers to determine the best fit for their needs. Advisors, too, should educate themselves about PEPs to better serve their clients and avoid losing them to competitors who offer PEP solutions.

“A PEP… is for any employer who's looking to offload and outsource as much of the operations and the fiduciary responsibilities as possible. Can they ever get rid of it 100%? No. Because they do have to select which PEP they're going into and that in itself is a fiduciary duty.” - Mike DiCenso

Connect with Mike DiCenso:

Website: https://www.myretirementace.com/

LinkedIn: https://www.linkedin.com/in/michael-dicenso-a479b16/

Connect with Eric Dyson:

Website: https://90northllc.com/

Phone: 940-248-4800

LinkedIn: https://www.linkedin.com/in/401kguy/

FF5 #10 Write the Check!

Fri, 17 May 2024 10:00:00 GMT

In this episode of Friday Fiduciary Five, Eric Dyson talks about why employers should consider paying for record-keeping and advisor fees via a billable invoice. He also talks about how employers can promote this as an additional benefit value for employees.

Connect with Eric Dyson:

Website: https://90northllc.com/

Phone: 940-248-4800

LinkedIn: https://www.linkedin.com/in/401kguy/

The information contained herein is general in nature and is provided solely for educational and informational purposes.

It is not intended to provide a specific recommendation of any type of product or service discussed in this presentation or to provide any warranties, financial advice or legal advice.

Joel Shapiro: Aligning Your DC Plan IPS With Your Investment Monitoring

Wed, 15 May 2024 10:00:00 GMT

Joel is a former practicing ERISA attorney and long-tenured member of NFP Retirement's senior management team. As President of NFP Retirement Joel is charged with expanding the retirement practice in terms of scale, breadth of services, and geographical footprint. Leveraging both his legal and investment experience, Joel seeks to ensure that the NFP Retirement practice is cutting-edge in providing exceptional client experiences at all levels.

Joel came to 401(k) Advisors in February 2006 from Hewitt Associates with over 10 years of technical experience related to 401(k) plans and ERISA issues. Prior to this, he practiced law with the law firm Fennemore Craig, P.C. in Phoenix, Arizona.

Joel earned his BA from Tufts University; his JD from the Washington College of Law at the American University; and, his LL.M in taxation from the Georgetown University Law Center. He has passed the FINRA Series 6, 63, and 65 exams and is a frequent speaker at industry events, such as The Society for Human Resource Management.

In 2009, 2010, and 2011 he was named among the prestigious 401kWire / 401kExchange “Top 60" and "300 Most Influential Advisors in Defined Contribution” list and received Top Ten status for his asset category.

On a personal side, Joel is an avid sports enthusiast, a collector of multimedia art, and enjoys spending time on the beach with his family and Fitz and Ginger (their Weimaraner and Vizsla, respectively) and coaching the boys to football championships!

In this episode, Eric and Joel Shapiro discuss:

Three essential documents for making prudent investment decisions
Creating a well-defined IPS
The fiduciary investment review scorecard system
The purpose of writing a meeting minutes document

Key Takeaways:

The investment policy statement (IPS), fiduciary investment review, and meeting minutes are documents that represent the past, present, and future of the investment process and provide a clear roadmap for the committee to follow.
The IPS is a critical document that should provide clear guidelines for fiduciaries to make informed decisions. It should be easily understandable and should have separate sections for different asset types. A well-defined IPS should typically lead committee members to the same conclusion, even without an advisor's input.
The fiduciary investment review is another important tool for evaluating investments. The information presented should align with ERISA's dictates on prudence and should break down investments into different categories, evaluating them based on style analytics, risk return against benchmarks, peer group rankings, and qualitative factors like manager tenure and expense ratios.
Meeting minutes document the committee's decision-making process and provide a record of the discussions and actions taken. They demonstrate that the committee is following a sound process and making prudent decisions based on the information available.

“To the young ERISA practitioner, don't be afraid of the committee member who asks tough questions. Engage them. Those are the individuals, frankly, that are going to make you a better practitioner.” - Joel Shapiro

Connect with Joel Shapiro:

LinkedIn: https://www.linkedin.com/in/joel-shapiro-687b044/

Connect with Eric Dyson:

Website: https://90northllc.com/

Phone: 940-248-4800

LinkedIn: https://www.linkedin.com/in/401kguy/

The information contained herein is general in nature and is provided solely for educational and informational purposes.

It is not intended to provide a specific recommendation of any type of product or service discussed in this presentation or to provide any warranties, financial advice or legal advice.

FF5 #9 GAO Recommends DOL Update TDF Guidance

Fri, 10 May 2024 10:00:00 GMT

In this episode of Friday Fiduciary Five, Eric Dyson talks about the recent Government Accountability Office (GAO) report regarding Target Date Funds in 401k retirement plans and their recommendations for the Department Of Labor regarding DOL TDF Guidance.

Connect with Eric Dyson:

Phone: 940-248-4800

The information contained herein is general in nature and is provided solely for educational and informational purposes.

It is not intended to provide a specific recommendation of any type of product or service discussed in this presentation or to provide any warranties, financial advice or legal advice.

Michael Doshier - TDF Glidepath Determination & Fit

Wed, 08 May 2024 10:00:00 GMT

In this episode, Eric and Michael discuss:

Key factors in determining the optimal glide path for a retirement plan based on employee demographics and behaviors
Asset allocation as the primary building block of glide paths.
The nuanced evaluation process for selecting a target date fund
Documenting and regularly revisiting glide path choices

Key Takeaways:

The importance of considering participant demographics, including their needs, behaviors, and funded status, when making decisions about glide path adoption.
Understand that risk is not just investment volatility risk but also the of leaving participants short on their ability to replace their income and consumption in retirement.
Glide paths in retirement plans typically start with a high allocation to equities, as historical data proves that stocks are the superior choice for long-term asset growth. However, “high equity,” is still relative and must be considered.
Setting the right expectations and utilizing automatic features can help participants save more effectively.
When designing glide paths, the primary focus is on the major building blocks of equity, fixed income, and cash, while the specific asset class allocations within those categories are a separate, secondary conversation.
Both young ERISA advisors and first-time 401(k) committee members, must recognize the importance of education, understanding fiduciary responsibilities, and building strong relationships.

“At a traditional workplace environment where the plan sponsor and or the advisor consultant are the either single fiduciary or shared, that choice really needs to be made only after a fairly robust conversation on all of the data we've talked about here plus the rest of the stuff you would see from the DOL tips document.” - Michael Doshier

Connect with Michael Doshier:

Website: https://www.troweprice.com/

LinkedIn: https://www.linkedin.com/in/michaelgdoshier/

Connect with Eric Dyson:

Website: https://90northllc.com/

Phone: 940-248-4800

LinkedIn: https://www.linkedin.com/in/401kguy/

The information contained herein is general in nature and is provided solely for educational and informational purposes.

It is not intended to provide a specific recommendation of any type of product or service discussed in this presentation or to provide any warranties, financial advice or legal advice.

FF5 #8 RFP Every 3 to 5 Years; Guidance or Not?

Fri, 03 May 2024 10:00:00 GMT

In this episode of Friday Fiduciary Five, Eric Dyson talks about RFPs and how frequent plan sponsors should conduct them and what language is used by the Department of Labor, as well as the source document for conducting RFPs and the suggested frequency.

Connect with Eric Dyson:

Website: https://90northllc.com/

Phone: 940-248-4800

LinkedIn: https://www.linkedin.com/in/401kguy/

The information contained herein is general in nature and is provided solely for educational and informational purposes.

It is not intended to provide a specific recommendation of any type of product or service discussed in this presentation or to provide any warranties, financial advice or legal advice.

Nevin Adams: Is Nevin Retired or Not?

Wed, 01 May 2024 10:00:00 GMT

Before Nevin Adams had “retired”, he was the Chief of Content Officer for the American Retirement Association, where he is responsible for all marketing and communications for the organization, as well as its sister organizations, ASPPA, the American Society of Pension Professionals and Actuaries, the National Association of Plan Advisors (NAPA), the ASPPA College of Pension Actuaries (ACOPA), and the National Tax Sheltered Accounts Association (NTSA).

He is still writing, speaking, and trying to help Americans have a successful and satisfying retirement just like his.

In this episode, Eric and Nevin discuss:

The potential impact of the upcoming election on the retirement industry
The importance of understanding and researching target date funds
Key option features of Secure 2.0
401k system’s role in people’s savings and retirement
What is right about the ERISA 401(k), and 403(b) world. (As well as 457(b) defined contribution.)

Key Takeaways:

The federal government is seeking to raise money and address deficits, tax preferences for retirement savings are likely to be a target. The current retirement savings systems that have features like automatic enrollment, qualified default investment alternatives and auto-escalation is helping people save up for retirement.
Understanding and researching target date funds, as well as ensuring proper notices are sent out is an important key advice for new benefit managers.
Advisors and plan sponsors should consider the key option features of Secure 2.0 which includes student debt repayment matching, emergency savings access, and expanded tax credits for employers for opening new plans.
While the 401k system has done a great job helping people accumulate savings for retirement, it hasn't done as well helping them draw down those savings in retirement. However, new retirement income options are becoming available, and a growing number of employers are stepping up to help employees benefit from these options.

“If you’re a committee member, please take your job seriously. The first thing you want to do is to get educated on what your responsibilities are, what you’re supposed to be doing and how you are supposed to do that.” - Nevin Adams

Connect with Nevin Adams:

LinkedIn: https://www.linkedin.com/in/nevinadams/

Connect with Eric Dyson:

Website: https://90northllc.com/

Phone: 940-248-4800

LinkedIn: https://www.linkedin.com/in/401kguy/

The information contained herein is general in nature and is provided solely for educational and informational purposes.

It is not intended to provide a specific recommendation of any type of product or service discussed in this presentation or to provide any warranties, financial advice or legal advice.

FF5 #7 You Can Delegate Authority But Not Responsibility

Fri, 26 Apr 2024 10:00:00 GMT

In this episode of Friday Fiduciary Five, Eric Dyson talks about to duty of plan committee fiduciaries to monitor their service providers.

Connect with Eric Dyson:

Website: https://90northllc.com/

Phone: 940-248-4800

LinkedIn: https://www.linkedin.com/in/401kguy/

The information contained herein is general in nature and is provided solely for educational and informational purposes.

It is not intended to provide a specific recommendation of any type of product or service discussed in this presentation or to provide any warranties, financial advice or legal advice.

Matthew Eickman and Bentley Ford: Navigating Target Date Funds - Using Third Party Tools - Part 2 of 2

Wed, 24 Apr 2024 10:00:00 GMT

Matthew Eickman, J.D., AIF® is the National Retirement Practice Leader for Qualified Plan Advisors® (QPA). He is also a member of the firm’s Investment Advisory Board, holds his FINRA series 66 registration, and is an Accredited Investment Fiduciary (AIF®).

Bentley Ford is the Managing Director, Dallas Market, with Prime Capital Investment Advisors (PCIA) and Qualified Plan Advisors focusing on Qualified Retirement Plans and Wealth Accumulation.

In this episode, Eric, Matthew, and Bentley discuss:

Target date glide paths
Selecting target date funds for M&A or spin-off deals
Documenting analysis and justification for target date fund decisions
Improving retirement outcomes for plan members

Key Takeaways:

By examining the starting equity exposures and how they change over time, plan sponsors can make informed decisions about which funds are best suited for their employees.
Comparing different target date funds can be challenging, as it involves analyzing both risk and reward. When choosing funds for a new spinoff plan, having access to data and understanding the employee demographics and culture can make the process easier. However, reviewing and justifying existing target date fund suites can be more difficult, as the data may not always support the desired outcome.
To ensure transparency and accountability, committee members and advisors should thoroughly document their analysis and justification for target date fund decisions. The goal is for committee members to be able to recall and articulate why the targeted product suite is appropriate for their population, even if asked about it months later.
As target-date funds often hold a significant share of plan assets, 401k committees must demonstrate effort and competence in selecting funds that suit participants' needs. By understanding their participant population and carefully evaluating target date fund options, committees can make informed decisions that improve retirement outcomes for their plan members.

“You want to be able to demonstrate effort and competence and then also have something that really suits the needs of the participants. Demonstrate competence in what you choose as well. ” - Matthew Eickman

Connect with Matthew Eickman and Bentley Ford:

Website: https://qualifiedplanadvisors.com

Connect with Eric Dyson:

Website: https://90northllc.com/

Phone: 940-248-4800

LinkedIn: https://www.linkedin.com/in/401kguy/

The information contained herein is general in nature and is provided solely for educational and informational purposes.

It is not intended to provide a specific recommendation of any type of product or service discussed in this presentation or to provide any warranties, financial advice or legal advice.

FF5 #6 - The ABC's of the CAA for your PBM

Fri, 19 Apr 2024 10:00:00 GMT

In this episode of Friday Fiduciary Five, Eric Dyson talks about the importance of transparency and structure in managing healthcare plans, particularly when it comes to pharmacy benefit managers (PBMs) and rebates.

Connect with Eric Dyson:

Website: https://90northllc.com/

Phone: 940-248-4800

LinkedIn: https://www.linkedin.com/in/401kguy/

The information contained herein is general in nature and is provided solely for educational and informational purposes.

It is not intended to provide a specific recommendation of any type of product or service discussed in this presentation or to provide any warranties, financial advice or legal advice.

Matthew Eickman and Bentley Ford: Navigating Target Date Funds - Using Third Party Tools - Part 1 of 2

Wed, 17 Apr 2024 10:00:00 GMT

Bentley Ford is the Managing Director, Dallas Market, with Prime Capital Investment Advisors (PCIA) and Qualified Plan Advisors focusing on Qualified Retirement Plans and Wealth Accumulation.

In this episode, Eric, Matthew, and Bentley discuss:

The use of third-party tools to analyze Target Date Funds
Considering the client’s needs
What committee members want
Understanding the needs of participants

Key Takeaways:

Advisors should consider clients' needs, blending DOL tips and comparative data to create a checklist for target date fund options.
Committee members want to prioritize primary goals when selecting target date funds, such as protecting older participants from market downturns or avoiding risk and litigation. They are looking for a targeted fund that aligns with their specific goals, and the advisor can help narrow down the universe based on those goals.
Committee members often struggle to understand the needs of their participants, leading to a disconnect between investment decisions and the needs of the people they serve. A consultative approach can help bridge this gap by engaging committee members in conversations about the needs of their participants and how to best serve them.

“Instead of saying, hey, I want to look at a bunch of numbers with you. Let's instead talk about what our primary goals or purposes are, with any suite of target date funds we have.” - Matthew Eickman

Connect with Matthew Eickman and Bentley Ford:

Website: https://qualifiedplanadvisors.com

Connect with Eric Dyson:

Website: https://90northllc.com/

Phone: 940-248-4800

LinkedIn: https://www.linkedin.com/in/401kguy/

The information contained herein is general in nature and is provided solely for educational and informational purposes.

It is not intended to provide a specific recommendation of any type of product or service discussed in this presentation or to provide any warranties, financial advice or legal advice.

FF5 #5 IPS Language: A Fiduciary Decision

Fri, 12 Apr 2024 10:00:00 GMT

In this episode of Friday Fiduciary Five, Eric Dyson provides an overview of the Investment Policy Statement considered to be a plan document and the language used in the Investment Policy Statement should be considered a fiduciary act.

Connect with Eric Dyson:

Website: https://90northllc.com/

Phone: 940-248-4800

LinkedIn: https://www.linkedin.com/in/401kguy/

The information contained herein is general in nature and is provided solely for educational and informational purposes.

It is not intended to provide a specific recommendation of any type of product or service discussed in this presentation or to provide any warranties, financial advice or legal advice.

Don Trone: Leadership, Stewardship, and Governance

Wed, 10 Apr 2024 10:00:00 GMT

Don Trone is the CEO and one of the Co-founders of 3ethos.

In this episode, Eric and Don Trone discuss:

Avoiding responsibility gaps
Being more than a fiduciary
Leadership, stewardship, and governance
Teaching life-long skills during training

Key Takeaways:

Committee members and ERISA advisors should prioritize training and education to avoid responsibility gaps in financial decision-making.
Fiduciary standards are devolving, they no longer define a professional standard of care, they define minimum standards. Industry professionals must hold themselves to a higher standard.
Leadership is your capacity to inspire and engage. Stewardship is the passion and discipline to protect the long-term interests of others. Governance is your ability to manage the details of a prudent decision-making process.
When training, focus on teaching people lifelong skills that will impact their decision-making every single day so that when they get into the Investment Committee, they’re ready to go.

“You want to be more than a fiduciary? Now you're talking behavioral governance. You're talking about being a leader and steward In the lives of your clients or in the lives of your employees.” - Don Trone

Connect with Don Trone:

Website: https://www.3ethos.com/

LinkedIn: https://www.linkedin.com/in/donald-trone-89873013/

Connect with Eric Dyson:

Website: https://90northllc.com/

Phone: 940-248-4800

LinkedIn: https://www.linkedin.com/in/401kguy/

The information contained herein is general in nature and is provided solely for educational and informational purposes.

It is not intended to provide a specific recommendation of any type of product or service discussed in this presentation or to provide any warranties, financial advice or legal advice.

FF5 #4 - IPS Best Practices - Benchmarks

Fri, 05 Apr 2024 10:00:00 GMT

In this episode of Friday Fiduciary Five, Eric Dyson talks about the use of benchmarks in investment policy statements and how they should match those used in participant disclosures.

Connect with Eric Dyson:

Website: https://90northllc.com/

Phone: 940-248-4800

LinkedIn: https://www.linkedin.com/in/401kguy/

The information contained herein is general in nature and is provided solely for educational and informational purposes.

It is not intended to provide a specific recommendation of any type of product or service discussed in this presentation or to provide any warranties, financial advice or legal advice.

Shannon Edwards: Closing the Retirement Coverage Gap

Wed, 03 Apr 2024 10:00:00 GMT

Shannon is a credentialed member of the American Society of Pension Professionals and Actuaries (ASPPA) and the National Institute of Pension Administrators (NIPA). She currently serves on the ASPPA Leadership Council and as a member at large on the board of directors of the American Retirement Association (ARA). Shannon co-chaired the ARA Women in Retirement Conference (WiRC) as well as the ASPPA TPA Growth Summit. She has also served on several fund-raising committees and supports many non-profits locally such as Infant Crisis Services, Make a Wish Oklahoma, and Cleats for Kids.

If you are a financial advisor, CPA, or a business owner with retirement plan questions, please be sure to connect with Shannon on LinkedIn. You can also email her at shannon@tristarpension.com

In this episode, Eric and Shannon Edwards discuss:

What does a TPA do?
The advantages of hiring a third-party administrator
Why it’s important to build financial literacy in employees
The importance of constant learning for advisors and sponsors

Key Takeaways:

The job of a TPA is to make sure that people involved are compliant with all the rules and regulations and that documents like forms, audits, and financial statements are being filed.
There are a lot of advantages to hiring a third-party administrator and that include personalized service, quick response times, and a dedicated relationship builder.
Companies must focus on building financial literacy for employees in order for them to discover why it’s necessary and advantageous to save in a retirement plan. Employer-sponsored savings vehicles are crucial for encouraging employees to save for retirement.
Plan sponsors must strive to educate themselves and keep learning as much as possible about their fiduciary responsibilities. They, along with financial advisors, should also read and learn about changes in the industry in order to stay informed and avoid ignoring important information.

“As a third party administrator, our job is to keep the plan sponsor, and the fiduciary serving the plan out of 401k jail.” - Shannon Edwards

Connect with Shannon Edwards:

Website: https://tristarpension.com/

LinkedIn: https://www.linkedin.com/in/shannonedwardsplanconsultant/ / https://www.linkedin.com/company/tristar-pension/

Facebook: https://www.facebook.com/TriStarPension/

Connect with Eric Dyson:

Website: https://90northllc.com/

Phone: 940-248-4800

LinkedIn: https://www.linkedin.com/in/401kguy/

The information contained herein is general in nature and is provided solely for educational and informational purposes.

It is not intended to provide a specific recommendation of any type of product or service discussed in this presentation or to provide any warranties, financial advice or legal advice.

Friday Fiduciary Five #3: Using Your IPS As A Roadmap

Fri, 29 Mar 2024 10:00:00 GMT

In this episode of Friday Fiduciary Five, Eric Dyson talks about using your Investment Policy Statement as a roadmap, emphasizing making it flexible and specific in order for committee members to reach their retirement goals without confusion.

Connect with Eric Dyson:

Website: https://90northllc.com/

Phone: 940-248-4800

LinkedIn: https://www.linkedin.com/in/401kguy/

The information contained herein is general in nature and is provided solely for educational and informational purposes.

It is not intended to provide a specific recommendation of any type of product or service discussed in this presentation or to provide any warranties, financial advice or legal advice.

Sheri Fitts: Enhancing Your Financial Service Using Behavioral Science

Wed, 27 Mar 2024 10:00:00 GMT

Sheri Fitts, founder/CEO, is a compelling public speaker and financial services marketing, sales, and brand guru on a mission to amplify the heart of financial services. Sheri harnesses the power of emotional connection to help financial professionals create more trust in their client relationships and make their engagements more meaningful to their businesses, and more impactful to their bottom line.

In this episode, Eric and Sheri Fitts discuss:

Logical and behavioral economists
Emotional decision making
Decision-making when under stress
Enhancing your proposal using behavioral science

Key Takeaways:

Logical economists believe that investing is either purely driven by logic or at least primarily driven by it. Meanwhile, a behavioral economist believes that people don’t make logical decisions about money. There are other factors and variables that come into play, and logic isn’t the most powerful driving force of people’s decisions.
Our natural tribal instincts explain a lot of our spending and investing behavior. This is why most people have a natural inclination to behave and decide a certain way to fit in or be welcomed into a certain community. The motivation for our decision-making often happens in the background of our minds, taking all these factors into account.
When you are faced with five different things to decide on, allow yourself a fair amount of time to decide on them to avoid decision fatigue. Our minds have a negativity bias that originated in survival instincts. In stressful situations, that negativity bias is amplified, leading to decisions focused on loss aversion.
Advisors should prioritize brevity and readability in their RFP responses to reduce stress for committee members and provide a clear, concise message. Effective RFP responses should continuously return to the client's primary objective and demonstrate how the advisor's solution solves that problem.

“People don't care how much you know, they care how much you know about them. And your RFP should reflect that.” - Sheri Fitts

Connect with Sheri Fitts:

Website: https://sherifitts.com/

LinkedIn: https://www.linkedin.com/in/sherifitts/

Instagram: https://www.instagram.com/sherifitts/

YouTube: https://www.youtube.com/user/ShoeFittsMktg

Connect with Eric Dyson:

Website: https://90northllc.com/

Phone: 940-248-4800

LinkedIn: https://www.linkedin.com/in/401kguy/

The information contained herein is general in nature and is provided solely for educational and informational purposes.

It is not intended to provide a specific recommendation of any type of product or service discussed in this presentation or to provide any warranties, financial advice or legal advice.

Friday Fiduciary Five #2: Is the IPS a Plan Document According to ERISA?

Fri, 22 Mar 2024 10:00:00 GMT

In this episode of Friday Fiduciary Five, Eric Dyson talks about the fiduciary duty to follow the plan document and whether the investment policy statement is considered a plan document by ERISA.

Connect with Eric Dyson:

Website: https://90northllc.com/

Phone: 940-248-4800

LinkedIn: https://www.linkedin.com/in/401kguy/

The information contained herein is general in nature and is provided solely for educational and informational purposes.

It is not intended to provide a specific recommendation of any type of product or service discussed in this presentation or to provide any warranties, financial advice or legal advice.

Glenn Dial: Protect Your Retirement From Catastrophe

Wed, 20 Mar 2024 10:00:00 GMT

In this episode, Eric and Glenn Dial discuss:

Surveying employees about lifetime income
The next step in investigating
Control Versus Maximizing Income
The unavoidable drawback

Key Takeaways:

Give out a simple employee survey asking a few questions centered around guaranteed lifetime income, and if they are interested in getting that for themselves. Insurance products can get a little complex, so ask some follow-up questions to determine what direction you should go with that individual.
Do your due diligence, whether you are an advisor or a plan sponsor. Look at the products that are available and figure out which products are a good fit for your employee population based on their wants, needs, and demographics.
An insurance product either provides control for policyholders or maximizes income at the cost of the policy holder yielding control of the assets to the company. If you know the answer to where a product sits in those two categories, then you’ll know just about everything else about that product.
While it is possible to technically get some liquidity while still having a higher guaranteed income, the liquidity gained will not be very ideal. For example, if you’d like to change your mind, they might give only a small portion of the capital back.

“Think about Income America as a way to ensure your target date fund the same way you'd buy homeowners insurance to insure your house - you insure [them] against catastrophic events.” - Glenn Dial

Connect with Glenn Dial:

LinkedIn: https://www.linkedin.com/in/glenndial/

Email: glenn_dial@americancentury.com

Connect with Eric Dyson:

Phone: 940-248-4800

The information contained herein is general in nature and is provided solely for educational and informational purposes.

It is not intended to provide a specific recommendation of any type of product or service discussed in this presentation or to provide any warranties, financial advice or legal advice.

Friday Fiduciary Five #1: Would’ve, Could’ve, Should’ve

Fri, 15 Mar 2024 10:00:00 GMT

In this episode of Friday Fiduciary Five, Eric Dyson talks about the right question a fiduciary must ask themselves in order to be a truly prudent fiduciary.

Connect with Eric Dyson:

Website: https://90northllc.com/

Phone: 940-248-4800

LinkedIn: https://www.linkedin.com/in/401kguy/

The information contained herein is general in nature and is provided solely for educational and informational purposes.

It is not intended to provide a specific recommendation of any type of product or service discussed in this presentation or to provide any warranties, financial advice or legal advice.

Brandon Helms: Be Your Client's Problem Solver

Wed, 13 Mar 2024 10:00:00 GMT

Brandon Helms is a Retirement Investment Consultant-DCIO in Columbia Threadneedle Investments. For him, every day is about serving & impacting others. Brandon believes that when you add value to others, they become valuable to you so he focuses on providing solutions to other people’s problems and gives value by getting people to act on his expertise. Brandon is a believer, a husband of 15+ years, a father of 2 young boys, a 40 year old millennial, a mini-goldendoodle lover, a football & soccer fan, a part-time golfer, and a carb eater.

In this episode, Eric and Brandon Helms discuss:

Getting through compliance challenges
Industry trends and their impact on retirement plans
What is fee compression how does it affect services?
How advisors can find their unique differentiators

Key Takeaways:

Compliance isn’t easy, but you can make it work with you if you commit to being persistent. Courage, consistency, and patience are the key. It may take time, but you’re going to have to put the work in to get it done.
The two key themes in Brandon’s paper are these: the first is that investment decisions are now being made by a centralized team. Second, be cautious both on the advisor and plan sponsor side of new products that are coming into the marketplace. Be aware of some of the embedded revenue streams that may be included in these products.
Fee compression and reduced expenses are, at the end of the day, positive for business owners and employees since ultimately they are paying less. The tricky part is how the service providers in our industry navigate the changes.
Advisors must find out their unique differentiators within these categories: your brand, your unique expertise, and last but most importantly, how aligned you are with your client base.

“In a sales process, it's all about you… but in the day, you're trying to help the organization solve its problems. [So make] it more about them and [help] them solve their problems.” - Brandon Helms

Connect with Brandon Helms:

Website: https://www.columbiathreadneedle.com/en/

LinkedIn: https://www.linkedin.com/in/helmsbrandon/

Connect with Eric Dyson:

Website: https://90northllc.com/

Phone: 940-248-4800

LinkedIn: https://www.linkedin.com/in/401kguy/

The information contained herein is general in nature and is provided solely for educational and informational purposes.

It is not intended to provide a specific recommendation of any type of product or service discussed in this presentation or to provide any warranties, financial advice or legal advice.

Welcome to Be More than a Fiduciary!

Fri, 08 Mar 2024 11:00:00 GMT

Serving as an ERISA fiduciary is not just an honor and a privilege; it is a profound responsibility intertwined with the essential qualities of stewardship, governance, and leadership.

Eric Dyson, the Executive Director of 90 North Consulting, dedicates each week to engaging with individuals who are deeply committed to achieving excellence beyond the traditional fiduciary role. If you are a member of a retirement plan committee, a plan fiduciary, or an ERISA advisor genuinely dedicated to enhancing the retirement prospects of hard-working Americans, then this podcast is tailor-made for you.

Whether you relish in-depth interviews with industry experts discussing crucial topics or seek concise tips for fiduciary best practices, More Than A Fiduciary is your go-to resource. Tune in and elevate your understanding and performance in this crucial domain.

Connect with Eric Dyson:

Phone: 940-248-4800

Email: contact@90northllc.com