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Fiduciary Risk Management

Offering a 401(k) plan does not have to increase plan trustee’s fiduciary risk.

Offering a qualified retirement plan does open trustees to individual liability.  GBB helps plan sponsors understand fiduciary responsibilities and where the exposure lies.  Our fiduciary risk management approach is rooted in several core ideas:

  • Developing a prudent process for monitoring delegated and retained responsibilities
  • GBB will assist clients with the development of a proper fiduciary structure that documents:
    • The parties involved with the plan
    • Their roles and responsibilities (board resolutions, committee charters)
    • Appropriate delegation of responsibilities to professional service providers
    • Prudent processes for retained and delegated responsibilities
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