An independent fiduciary: value, transparency, and support for your 401(k) plan.
Physicians who sponsor 401(k) plans for their employees must protect themselves from allegations of fiduciary breach related to investment losses or fund mismanagement. Selecting an independent fiduciary to assume legal responsibility for selecting, monitoring, and replacing plan investment options provides support, transparency, and protection from legal exposure. Physicians who select an independent fiduciary for their practice's 401(k) plans continue to administer the fund, but limit their legal liability and ensure that investment recommendations come with full accountability. This article explains the role of independent fiduciaries and their importance in medical practice management.
Sorli
Gisle
G
McLean Asset Management Corporation, 8200 Greensboro Drive, Suite 1150, McLean, VA 22102, USA. gisle.sorli@mcleanam.com
D019461:Employee Retirement Income Security Act; D006801:Humans; D007449:Investments / Q000331:legislation & jurisprudence*; D016365:Liability, Legal; D010415:Pensions; D011216:Practice Management, Medical / Q000331:legislation & jurisprudence*; D014481:United States