Shows
Be More Than A FiduciaryFF5 #88 - New Year's Resolutions or Written Goals?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 Er...
2026-01-0212 min
Be More Than A FiduciaryFF5 #87 - A Special Christmas EpisodeIn 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: 940-248-4800Email: contact@90northllc.co...
2025-12-2605 min
Be More Than A FiduciaryFF5 #86 - A Thought for 2026In 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...
2025-12-1906 min
Be More Than A FiduciaryFF5 #85 - America's GameIn 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...
2025-12-1205 min
Be More Than A FiduciaryFF5 #84 - Thanksgiving Message 2025In 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...
2025-11-2806 min
Be More Than A FiduciaryFF5 #83 - The IPS and Interpretive Bulletin 2016-1In 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.
2025-11-2107 min
Be More Than A FiduciaryFF5 #82 - Back to Basics - Plan DocumentsIn 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 Sh...
2025-11-1404 min
Be More Than A FiduciaryFF5 #81 - Advisor Cost StructureIn 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: 940-248-4800Email: contact@90northllc.com LinkedIn: https://www.linkedin.com/in/401kgu...
2025-11-0706 min
Be More Than A FiduciaryFF5 #80 - Custom Investment BenchmarksIn 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...
2025-10-2408 min
Be More Than A FiduciaryFF5 #79 - ERISA 3(21) v 3(38)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...
2025-10-1711 min
Be More Than A FiduciaryFF5 #78 - ERISA Fiduciary TrainingIn 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....
2025-10-1006 min
Be More Than A FiduciaryFF5 #77 - ERISA Bond v Fiduciary Liability InsuranceIn 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...
2025-09-1907 min
Be More Than A FiduciaryFF5 #76 - A Cyber Risk That's Simple to FixIn 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.
2025-09-1203 min
Be More Than A FiduciaryFF5 #75 - McDonald v LabCorp Decision - Part 3In 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...
2025-09-0508 min
Be More Than A FiduciaryFF5 #74 - McDonald v LabCorp Decision - Part 2In 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 w...
2025-08-2907 min
Be More Than A FiduciaryFF5 #73 - McDonald v Labcorp Decision Part 1In 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.
2025-08-2206 min
Be More Than A FiduciaryFF5 #72 - Alternative Investments Executive OrderIn 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 d...
2025-08-1511 min
Be More Than A FiduciaryFF5 #71 The Devil is in the Details - Part 2In 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...
2025-08-0808 min
Be More Than A FiduciaryFF5 #70 - The Devil is in the Details - Part 1In 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...
2025-08-0107 min
Be More Than A FiduciaryFF5 #69 - What's Hot?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 fiduciar...
2025-07-1809 min
Be More Than A FiduciaryFF5 #68 - The DOL Weighs in on Forfeiture LitigationIn 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...
2025-07-1112 min
Be More Than A FiduciaryFF5 #67 - Trends in Advisor RFPsIn 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 t...
2025-07-0410 min
Be More Than A FiduciaryFF5 #66 - What Cunningham v Cornell Means for Health PlansIn 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...
2025-06-1304 min
Be More Than A FiduciaryComparing Cunningham v Cornell to Steen v SonocoIn 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...
2025-06-1317 min
Be More Than A FiduciaryFF5 #65 - How Often Should You Benchmark?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.
2025-06-0605 min
Be More Than A FiduciaryFF5 #64 - DOL Updates Guidance on Cryptocurrency in ERISA PlansIn 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 e...
2025-05-3006 min
Be More Than A FiduciaryFF5 #63 - We Remember - We Will Never ForgetIn 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, M...
2025-05-2306 min
Be More Than A FiduciaryFF5 #62 - Forfeiture Lawsuits - Read Your Plan Document PLEASE!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.
2025-05-1609 min
Be More Than A FiduciaryFF5 #61 - The CAA Meets Cunningham v CornellIn 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 fidu...
2025-05-0907 min
Be More Than A FiduciaryFF5 #60 - 408(B)2 Disclosures = Affirmative DefenseIn 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.
2025-05-0205 min
Be More Than A FiduciaryAnatomy of an ERISA LawsuitIn 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...
2025-04-3017 min
Be More Than A FiduciaryFF5 #59 - Supreme Court Lessons Learned - Cunningham v CornellIn 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...
2025-04-2509 min
Be More Than A FiduciaryFF5 #58 Cryptocurrency in 401k PlansIn 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...
2025-04-1809 min
Be More Than A FiduciaryFF5 #57 - The ARA Leadership TriangleIn 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...
2025-04-1110 min
Be More Than A FiduciaryFF5 #56 - Two AbsolutesIn 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...
2025-04-0406 min
Be More Than A FiduciaryFF5 #55 - The 80/20 Rule for ERISA PlansIn 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...
2025-03-2807 min
Be More Than A FiduciaryFF5 #54 - 3(21) vs 3(38)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...
2025-03-2109 min
Be More Than A FiduciaryFF5 #53 - Your IPS for Target Date FundsIn 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...
2025-03-1411 min
Be More Than A FiduciaryFF5 #52 - Is the IPS a "Plan Document?"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...
2025-03-0708 min
Be More Than A FiduciaryFF5 #51 - A Few of My Favorite Things - Revenue Share and Participant Fee DisclosuresIn 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...
2025-02-2813 min
Be More Than A FiduciaryFF5 #50 - A Few of My Favorite Things - Per Capita or Pro Rata?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 h...
2025-02-2110 min
Be More Than A FiduciaryFF5 #49 - Plan Forfeiture Lawsuits - Part 2In 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...
2025-02-1407 min
Be More Than A FiduciaryFF5 #48 - The Death of Revenue ShareIn 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 i...
2025-02-0706 min
Be More Than A FiduciaryFiduciary vs Settlor DecisionsIn 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...
2025-01-3108 min
Be More Than A FiduciaryFF5 #46 - The Plan Document - A Fiduciary DutyIn 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: 940-248-4800Email: contact@90northllc.com LinkedIn: https://www.linkedin.com/in...
2025-01-2404 min
Be More Than A FiduciaryFF5 #45 - ERISA Fiduciary Training ReferenceIn 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:
2025-01-1710 min
Be More Than A FiduciaryFF5 #44 - ERISA Fiduciary TrainingIn 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: 940-248-4800Email: contact@90northllc.com LinkedIn: https://www.linkedin.com/in/401kguy/ The information contained herein is general in nature and...
2025-01-1008 min
Be More Than A FiduciaryWhat Does it Mean to "Be More Than a Fiduciary?"In this episode, Eric discuss:Going beyond obligations The difference stewardship makesProcedural and substantive prudenceBehavioral 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 pr...
2025-01-0828 min
Be More Than A FiduciaryFF5 #43 The Ghost of ERISA Yet to ComeIn 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: 940-248-4800Email: contact@90northllc.com LinkedIn: https://www.linkedin.com/in/401kguy/ The information contained herein is general in nature and is provided solely for educational and informational purpose...
2025-01-0304 min
Be More Than A FiduciaryThe Tug of War in ERISA Forfeiture LawsuitsIn this episode, Eric discussed:The metaphorical IRS vs. ERISA Tug-of-War on ForfeituresERISA Fiduciary Duties and the Plan DocumentForfeiture Lawsuits and Plan Document Compliance Reviewing and Updating the Plan Document for ForfeituresKey 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 c...
2025-01-0114 min
Be More Than A FiduciaryFF5 #42 The Ghost of ERISA PresentIn 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: 940-248-4800Email: contact@90northllc.com 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...
2024-12-2704 min
Be More Than A FiduciaryEric Dyson - Selling vs NegotiatingIn this episode, Eric discusses:General concepts on negotiation The best timing for price negotiationThe give and take of negotiationsSelling should be a win-win processKey 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 ta...
2024-12-2520 min
Be More Than A FiduciaryFF5 #41 The Ghost of ERISA PastIn 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: 940-248-4800Email: contact@90northllc.com 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...
2024-12-2005 min
Be More Than A FiduciaryFF5 #40 - A Special Army Navy Game EditionIn 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: 940-248-4800Email: contact@90northllc.com LinkedIn: https://www.linkedin.com/in/401kguy/ The information contained herein is general in natu...
2024-12-1306 min
Be More Than A FiduciaryFF5 #39 - Leadership Philosophy Wrap UpIn 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: 940-248-4800Email: contact@90northllc.co...
2024-12-0606 min
Be More Than A FiduciaryFF5 #38 - Leadership Philosophy - Be an InspirationIn 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: 940-248-4800Email: contact@90northllc.com LinkedIn: https://www.linkedin.com/in/401kguy/ The information contained herein is general in nature and is provided solely for educational and informational purposes.
2024-11-2906 min
Be More Than A FiduciaryFF5 #37 - Pat Them on the Back Often EnoughIn 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: 940-248-4800Email: contact@90northllc.com LinkedIn: https://www.linkedin.com/in/401kguy/ Th...
2024-11-2204 min
Be More Than A FiduciaryFF5 #36 Give Them the Tools They NeedIn 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: 940-248-4800Email: contact@90northllc.com LinkedIn: https://www.linkedin.com/in/401kguy/ The...
2024-11-1507 min
Be More Than A FiduciaryFF5 #35 Leadership Philosophy - Train Them RightIn 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: 940-248-4800Email: contact@90northllc.com LinkedIn: https://www.linkedin.com/in/401kguy/
2024-11-0811 min
Be More Than A FiduciaryFF5 #34 Leadership Philosophy - Find the Right PeopleIn 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: 940-248-4800Email: contact@90northllc.com LinkedIn: https://www.linkedin.com/in/401kgu...
2024-11-0107 min
Be More Than A FiduciaryFF5 #33 Leadership Philosophy - Define Your PurposeIn 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: 940-248-4800Email: contact@90northllc.com LinkedIn: https://www.linkedin.com/in/401kguy/ The information contained herein is general in nature and is p...
2024-10-2509 min
Be More Than A FiduciaryFF5 #32 - Leadership Philosophy - What You BelieveIn 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: 940-248-4800Email: contact@90northllc.com LinkedIn: https://www.linkedin.com/in/401kguy/ The...
2024-10-1807 min
Be More Than A FiduciaryFF5 #31 DOL TDF Guidance - Document the ProcessIn 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: 940-248-4800Email: contact@90northllc.com 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...
2024-10-1107 min
Be More Than A FiduciaryFF5 #30 DOL TDF Guidance - Use of Third-Party ResourcesIn 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: 940-248-4800Email: contact@90northllc.com LinkedIn: https://www.linkedin.com/in/401kguy/ The information contained here...
2024-10-0405 min
Be More Than A FiduciaryEric Dyson: LeadershipIn this episode, Eric discussed:Defining your purpose Finding the right peopleBringing 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 yo...
2024-10-0221 min
Be More Than A FiduciaryFF5 #29 DOL TDF Guidance - Effective Employee CommunicationsIn 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: 940-248-4800Email: contact@90northllc.com LinkedIn: https://www.linkedin.com/in/401kguy/ The information contained herein is general in nature and is provided solely for educational and...
2024-09-2703 min
Be More Than A FiduciaryFF5 #28 - LeadershipIn 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: 940-248-4800Email: contact@90northllc.com 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 a...
2024-09-2003 min
Be More Than A FiduciaryFF5 #27 - DOL TDF Guidance - Non-Proprietary TDFsIn 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: 940-248-4800Email: contact@90northllc.com 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 n...
2024-09-1307 min
Be More Than A FiduciaryFF5 #26 - DOL TDF Guidance - Review TDF Fund FeesIn 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: 940-248-4800Email: contact@90northllc.com 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...
2024-09-0606 min
Be More Than A FiduciaryFF5 #25 - DOL TDF Guidance - Understand TDF Investments and GlidepathIn 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: 940-248-4800Email: contact@90northllc.com 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...
2024-08-3006 min
Be More Than A FiduciaryFF5 #24 DOL TDF Guidance - Periodic TDF ReviewIn 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: 940-248-4800Email: contact@90northllc.com 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 reco...
2024-08-2306 min
Be More Than A FiduciaryFF5 #23 - DOL TDF Guidance - Comparing and Selecting TDFsIn 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: 940-248-4800Email: contact@90northllc.com 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 prod...
2024-08-1607 min
Be More Than A FiduciaryFF5 #22 - DOL TDF Guidance - Glidepath DeterminationIn 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: 940-248-4800Email: contact@90northllc.com 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 sp...
2024-08-0908 min
Be More Than A FiduciaryFF5 #21 - DOL TDF Guidance - It's More Than "To vs Through"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: 940-248-4800Email: contact@90northllc.com LinkedIn: https://www.linkedin.com/in/401kguy/ The information contained herein is gene...
2024-08-0208 min
Be More Than A FiduciaryFF5 #20 - DOL Target Date Guidance - Series PreviewAs 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: 940-248-4800Email: contact@90northllc.com LinkedIn: https://www.linkedin.com/in/401kguy/ The information contained herein is general in nature and...
2024-07-2608 min
Be More Than A FiduciaryFF5 #19 - Revenue Share - The Devil is in the DetailsIn 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: 940-248-4800Email: contact@90northllc.com LinkedIn: https://www.linkedin.com/in/401kguy/ The information contained herein is general in nature and is provided sol...
2024-07-1908 min
Be More Than A FiduciaryDennis Fowler: What’s In A PBM?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 PBMsThe advantage of having a raw data warehouse Key Takeawa...
2024-07-1737 min
Be More Than A FiduciaryFF5 #18 - Meeting Minutes - How Much is Enough?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: 940-248-4800Email: contact@90northllc.com 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 inte...
2024-07-1208 min
Be More Than A FiduciaryFF5 #17 - Placing Service Provider Fees at RiskIn 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: 940-248-4800Email: contact@90northllc.com LinkedIn: https://www.linkedin.com/in/401kguy/ The information contained herein is gen...
2024-07-0506 min
Be More Than A FiduciaryBeth Allen: DOL Investigators are People TooBeth 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 investigationsThe advantage of honesty and a cooperative attitudeIPS and fiduciary training benefitsBeing a proactive fiduciary Key Takeaways:Voluntary compliance is the primary aim of DOL investigations, not penalty enforcement.Honest a...
2024-07-0331 min
Be More Than A FiduciaryFF5 #16 - Fiduciary Duty to Follow Plan DocumentsIn 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: 940-248-4800Email: contact@90northllc.com 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...
2024-06-2805 min
Be More Than A FiduciaryFF5 #15 - Fiduciary Duty to Diversify InvestmentsIn 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: 940-248-4800Email: contact@90northllc.com 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 sp...
2024-06-2106 min
Be More Than A FiduciaryTina Wilson - DC Plan Retirement Income OptionsTina 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 educ...
2024-06-1931 min
Be More Than A FiduciaryFF5 #14 - Fiduciary Duty of PrudenceIn 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: 940-248-4800Email: contact@90northllc.com LinkedIn: https://www.linkedin.com/in/401kguy/ The information contained herein is general in nature and is provided sole...
2024-06-1406 min
Be More Than A FiduciaryDebbie Vince: All Things Stable ValueThe 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 - WestIn this episode, Eric and Debbie discuss:Cash...
2024-06-1227 min
Be More Than A FiduciaryFF5 #13 - Fiduciary Duty of LoyaltyIn 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: 940-248-4800Email: contact@90northllc.com 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 sp...
2024-06-0708 min
Be More Than A FiduciaryFF5 #12 - ERISA Fiduciary Duties: Back to BasicsIn 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: 940-248-4800Email: contact@90northllc.com LinkedIn: https://www.linkedin.com/in/401kguy/ The information contained herein is general in nature and is provided solely for...
2024-05-3104 min
Be More Than A FiduciaryRenee Scherzer: Hear from NAPA's Immediate Past PresidentAbout 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 levelMaking a meaningful impactThe value of building a strong networkHow diversity enhances innovationKey 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 an...
2024-05-2930 min
Be More Than A FiduciaryFF5 #11 What Does it Mean to Be More Than a Fiduciary?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: 940-248-4800Email: contact@90northllc.com LinkedIn: https://www.linkedin.com/in/401kguy/ The information contained herein is general in nature and is provided solely...
2024-05-2406 min
Be More Than A FiduciaryFF5 #10 Write the Check!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: 940-248-4800Email: contact@90northllc.com LinkedIn: https://www.linkedin.com/in/401kguy/ The information contained herein is general in nature and is provided solely for educational and inf...
2024-05-1706 min
Be More Than A FiduciaryFF5 #9 GAO Recommends DOL Update TDF GuidanceIn 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: Website: https://90northllc.com/Phone: 940-248-4800Email: contact@90northllc.com LinkedIn: https://www.linkedin.com/in/401kguy/ The information contained herein is general in nature and is provided solely for educational and informational purposes.I...
2024-05-1004 min
Be More Than A FiduciaryFF5 #8 RFP Every 3 to 5 Years; Guidance or Not?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: 940-248-4800Email: contact@90northllc.com LinkedIn: https://www.linkedin.com/in/401kguy/ The information contained herein is general in nature and is provided solely for educational and informational pur...
2024-05-0305 min
Be More Than A FiduciaryFF5 #7 You Can Delegate Authority But Not ResponsibilityIn 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: 940-248-4800Email: contact@90northllc.com 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...
2024-04-2607 min
Be More Than A FiduciaryFF5 #6 - The ABC's of the CAA for your PBMIn 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: 940-248-4800Email: contact@90northllc.com 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 rec...
2024-04-1906 min
Be More Than A FiduciaryFF5 #5 IPS Language: A Fiduciary DecisionIn 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: 940-248-4800Email: contact@90northllc.com 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...
2024-04-1204 min
Be More Than A FiduciaryFF5 #4 - IPS Best Practices - BenchmarksIn 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: 940-248-4800Email: contact@90northllc.com 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...
2024-04-0506 min
Be More Than A FiduciaryFriday Fiduciary Five #3: Using Your IPS As A RoadmapIn 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: 940-248-4800Email: contact@90northllc.com 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 inte...
2024-03-2905 min
Be More Than A FiduciaryFriday Fiduciary Five #2: Is the IPS a Plan Document According to ERISA?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: 940-248-4800Email: contact@90northllc.com 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 prov...
2024-03-2204 min
Be More Than A FiduciaryFriday Fiduciary Five #1: Would’ve, Could’ve, Should’veIn 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: 940-248-4800Email: contact@90northllc.com 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 spec...
2024-03-1508 min
Be More Than A FiduciaryWelcome to Be More than a Fiduciary!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. Wh...
2024-03-0810 min