Jenny Kiesewetter: Selecting ERISA Plan Service Providers

About Jenny Kiesewetter: As an ERISA and employee benefits attorney at Fisher Phillips, Jenny Kiesewetter helps clients navigate the complex and ever-changing landscape of ERISA, health and welfare benefit plans, retirement plans, cafeteria plans, severance plans, and equity-based compensation plans. Jenny also works with plan sponsors, administrators, fiduciaries, and human resources professionals on compliance, litigation, and risk mitigation matters.Jenny’s passion for teaching and writing drives her to share her knowledge and insights with others in the field of employee benefits and human resources. She has taught employee benefits law to law students for over 15 years, and written numerous articles, blogs, and presentations on various ERISA and employee benefits topics. Jenny’s goal is to make ERISA and employee benefits compliance accessible, understandable, and practical for employers of all sizes.In this episode, Eric and Jenny Kiesewetter discuss:Following a prudent process when comparing service providers Looking in-depth into the services offered by advisors How benchmarking compliments the RFP process Asking the right questions as a fiduciaryKey Takeaways:When comparing service providers, such as record keepers and advisors, employers should follow a written, prudent process. This involves asking the same questions to each provider and evaluating their answers in a meaningful way. It is essential to consider the depth and breadth of services offered by advisors, as well as the technology differences among record keepers. Additionally, record keeper searches should focus on employee experience and education.Benchmarking supplements the RFP process and is crucial for staying informed about changes in investments, technology, and services to act in the best interest of plan participants. However, benchmarking does not replace the need for regular RFPs every 3-5 years, as failing to do so may increase the risk of litigation.As a committee member and fiduciary, it is essential to ask questions and not be hesitant when selecting service providers, even if the topic seems complicated or confusing. Documenting the 401(k) process is also vital for mitigating fiduciary responsibility liability, even if the Department of Labor disagrees with the conclusion reached.“Part of that overall fiduciary responsibility is you must follow a written prudent process when you're selecting hiring and monitoring third-party service providers.” - Jenny KiesewetterConnect with Jenny Kiesewetter:LinkedIn: https://www.linkedin.com/in/jennykiesewetter/Connect with Eric Dyson: Website: https://90northllc.com/Phone: 940-248-4800Email: [email protected] 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 for any type of product or service discussed in this presentation or to provide any warranties, financial advice, or legal advice.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.