Jeremy Burroughs: How Clear Priorities and Candid Voices Drive Better Retirement Plan Decisions

A company with “nothing broken” in its 401(k) plan decides it still wants to be better—so what happens next? In this episode, you’ll hear how a benefits committee clarified its priorities, navigated the 3(21) vs 3(38) decision, and ran a disciplined advisor search that elevated both fiduciary governance and employee outcomes.In this episode, Eric and Jeremy Burroughs discuss:Background on ESCO, Weir, and committee chair responsibilitiesWhy a solid 401(k) plan still needed an advisorSetting clear priorities and using them as a “north star”3(21) vs 3(38) advisors and committee compositionRunning finalist presentations and empowering every committee voiceKey Takeaways:A retirement plan can be functioning well on the surface and still benefit greatly from more structure, rigor, and the addition of an outside advisor.Defining a small set of clear priorities early in an advisor search—and returning to them often—keeps every decision aligned and consistent.The choice between a 3(21) and 3(38) advisor should reflect the actual strengths, bandwidth, and investment expertise of the committee, not just past experience.Effective searches invite honest, value-adding presentations from finalists and encourage every committee member to ask direct, practical questions.Having the confidence to share opinions, concerns, and preferences is essential; silence in the room can prevent the committee from reaching the best decision for participants.“In business, the relationships that you develop over time are really important. And if you have trusted relationships, they're that much more important.” - Jeremy BurroughsJeremy C. Burroughs serves as the Weir Group Inc.'s President and Head of North American Tax. In his role, Mr. Jeremy oversees all Weir tax operations in North America as well as the global tax operations for the ESCO Division. Jeremy joined Weir as part of its acquisition of ESCO Corporation, where he served as the Company’s Vice President, Tax and Treasurer. Mr. Burroughs has served as Chairperson of the ESCO Division's North America benefit plans for over ten years. Mr. Burroughs is a Certified Public Accountant and, prior to joining ESCO Corporation, spent 11 years at Grant Thornton LLP and KPMG LLP.Connect with Jeremy Burroughs:Website: https://www.global.weir/ LinkedIn: https://www.linkedin.com/in/jeremy-burroughs-tax-exec/ Connect with Eric Dyson: Website: https://90northllc.com/Phone: 940-248-4800Email: [email protected] LinkedIn: https://www.linkedin.com/in/401kguy/ The information and content of this podcast are general in nature and are provided solely for educational and informational purposes. It is believed to be accurate and reliable as of the posting date, but may be subject to change.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, investment advice, financial advice, tax, plan design, or legal advice (unless otherwise specifically indicated). Please consult your own independent advisor as to any investment, tax, or legal statements made.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.The opinions expressed by guests on the Be More Than a Fiduciary podcast are not necessarily the same as the opinions held by 90 North Consulting or by Executive Director Eric Dyson.