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2201 Providence Park, Suite 200, Birmingham, AL 35242

(205) 871-7743
jnix@horizonsfinancial.com
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Why Hire an Independent
Retirement Plan Fiduciary?

Employers/Plan Fiduciaries must act as prudent experts under ERISA, and are therefore held to a high standard of care with respect to plan-related decisions regarding investments, service providers, plan administration, and general ERISA compliance issues. Most prudent plan sponsors hire a plan fiduciary consultant (advisor) to assist them in adhering to ERISA’s rigorous standards, and to meet their objective of offering a best practices retirement plan to their employees.

Attributes of a Good Retirement Plan Fiduciary

Why You Should Hire One

Independence

Ability to help evaluate funds and providers objectively and without conflict of interest

Familiarity with ERISA

Ability to keep the committee updated on litigation, legislation and regulations impacting plans fiduciaries

Prudent Expert

ERISA section 404(a) requires fiduciaries to act with the skill, knowledge and expertise of a prudent expert

Expertise with Plan Design

Ability to help plans maintain qualified status while continuing to meet the goals and objectives of our organization

Knowledge of the Provider Marketplace

Ability to ensure that our plan is being administered in the most efficient manner and for a reasonable price

Qualified Plan Investment Expertise

Ability to evaluate, select and monitor fund performance

Documentation Skills

Ability to demonstrate procedural prudence in a well-documented manner

Communication Skills

Ability to educate employers and employees regarding plan highlights, and how to create an appropriate investment strategy

Acceptance of Role as an ERISA section 3(21)A Fiduciary or ERISA section 3(38) Fiduciary

Willingness to acknowledge in writing that they are a Fiduciary to your plan with respect to the investment advice being delivered

Full and Open Disclosure

Fully and openly discloses all sources of fees being received on a direct and/or indirect basis

ERISA’s rules are crystal clear: every decision you make as a fiduciary must be in the best interests of plan participants and their beneficiaries and certain relationships may result in prohibited transactions.


Horizons Financial Group is a member of Retirement Plan Advisory Group (RPAG), a national alliance of defined contribution advisors in the United States representing over 2,000 select member firms, serving 80,000 sponsors with over $800 billion in collective assets under influence


RPAG and LPL Financial are separate entities.