Tacit in the language of the DOL’s proposed prudence safe harbor requirement that a fiduciary “read and critically review” the investment documents supporting a broad range of often commonplace DC investments is, I would think, the implication that the documents provided to the fiduciary should, indeed, be “readable.”
There are really two different types of
This topic has never been one that has much concerned either analysts or operators of programs which involve the purchase by a DC plan of an annuity contract. This one has always been in the purview of the engineer-those insurance legal and compliance folks who have well established procedures to deal with each state’s insurance
One of the key fiduciary roles in the assessment of any DC lifetime income program process necessarily involves whether, and how, the plan or the vendor accommodates any required spousal consent rules related to the payout of annuities.
The vast majority of the defined contribution plans comply with ERISA and the Code’s spousal consent rules
We have all been well attuned over the decades since mutual funds became available to be daily traded under DC plans to a very particular view of an investment funds’ cost. ERISA’s participant investment disclosure rules have successfully established what I best described as a certain “language,” which permits any participant or fiduciary to assess