A point to reiterate is that individuals who are deemed to have a fiduciary responsibility to a qualified plan can be held liable for all decisions that are made. Accordingly, employers and plan trustees should take extra care when making decisions that in some way affect their retirement plan.

As the financial professional in the case, part of your job is to make sure your plan sponsors are aware of the fiduciary responsibilities attendant with plan sponsorship. Make certain to take the time to explain to your plan sponsors that, as part of their fiduciary responsibility, they should have a written Investment Policy Statement. The next section will provide more specifics about the Investment Policy Statement. Also, financial professionals may give plan sponsors a copy of Ohio National's brochure Investment Policy Statement (Form 3886). Furthermore, Ohio National's Retirement Plan Services Department can provide you with guidance and more detail about fiduciary responsibility.

Back to Top | Next

Ohio National is not affiliated with, nor does it endorse or sponsor, any particular prospecting, marketing or selling system.

121