PLANADVISER recently published the article, “What Makes a Provider Partnership Truly ‘Fiduciary-Ready’?”, featuring insights from Groom principal Michael Kreps. The article examines how plan sponsors can effectively partner with 3(16) and 3(38) fiduciaries, while recognizing that sponsors remain responsible for selecting and overseeing those providers. Kreps discusses the importance of clear roles, ongoing oversight, and a well-documented fiduciary process.
As Kreps explains, “The sponsor does not have to second-guess every decision that gets made, but they do have to ensure that the professionals they have selected are competently executing their duties.” He also emphasizes that prudent monitoring requires more than a one-time review.
To read the article, click here.
