Premier is a leader in the industry regarding fiduciary responsibilities and fully accepts its role as a co-fiduciary with plan trustees. We are committed to providing fiduciary support services that raise the bar for the financial services industry.
Did you know that every trustee and plan fiduciary of a business retirement plan is potentially personally liable for the investment results of both trustee-directed and participant-directed accounts?
Have you established prudent procedures to protect yourself against fiduciary liability?
It is of the utmost importance to recognize that the majority of vendors and service providers in the retirement plan industry specifically avoid a co-fiduciary relationship with their clients. Unfortunately, through its marketing driven sales approach, the industry's methods provide a false sense of security for the plan sponsor's fiduciary obligations to its plan participants.
“Pension plan fiduciaries can protect themselves, or at least greatly reduce their exposure to fiduciary liability, by adhering to a properly established prudent process which, if correctly followed, will shield fiduciaries from liability regardless of whether their actions result in investment losses.”
— James D. Kemper, Esq., and Jason E. Levine, Esq., of Ice Miller, an employee benefits law firm specializing in ERISA and fiduciary services.
Premier strongly believes the most distinguishing service that differentiates us from our competitors is our written acknowledgement of our fiduciary relationship with our clients and the fiduciary support services we provide. In addition, we believe our understanding of Employee Retirement Income Security Act (ERISA) and the areas where there is the most potential for liability creates a buffer between the Department of Labor (DOL) and the fiduciaries that will be difficult to penetrate.
Premier's comprehensive fiduciary services and formalized documentation process provides each retirement plan sponsor with a prudent course of action as outlined by ERISA. By law, hiring and appointing Premier Financial Group, a Securities and Exchange Commission Registered Investment Advisor (SEC RIA), reduces liability for trustees and other plan fiduciaries.
First Chapter: Trustee and Other Fiduciaries
