Description

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.

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 the current year’s President.  

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

Email: contact@90northllc.com 

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 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.