The Principal Offers Updated Fiduciary Handbook, Other Tools for Retirement Plan Sponsors and Financial Professionals

“The Fiduciary Handbook: A Guide to Plan Sponsor and Plan Fiduciary Responsibilities” includes the latest changes to retirement plan rules from the Pension Protection Act. The guide has received an endorsement from Fred Reish, a nationally known ERISA attorney and partner and managing director of Reish, Luftman, Reicher & Cohen.

“Offering and managing a retirement plan does not need to involve liability or government penalties,” Reish said. “The materials from the Principal can help fiduciaries enjoy the successes of a qualified retirement plan—and avoid the legal pitfalls.”

The revised handbook is part of a package of tools from the Principal to help plan sponsors understand and manage their fiduciary responsibilities. The package includes an annual fiduciary file folder for storing all important plan materials in one convenient location. It also includes sample notices and steps plan sponsors can take to document their important decisions.

Reish has reviewed these other kit materials and endorsed them as well.

Clients of The Principal can use the kit to:

• Better understand their fiduciary responsibilities under ERISA and the Pension Protection Act.
• Document the steps they take to satisfy their obligations, a critical component of their fiduciary duties.
• Get answers to tough questions, such as, “How do the new investment safe harbor rules impact our plan?”
  

Dennis Long, vice president with the Principal, said the fiduciary kit is part of the company’s commitment to help plan sponsors understand their fiduciary duties.

“[The materials] spell out—in simple terms—the role of a fiduciary. And they walk fiduciaries through a step-by-step process for fulfilling that role,” Long said.