The Fiduciary Fitness Program

The Fiduciary Fitness Program (FFP) is an independent compliance tool to measure the health of a retirement plan. Our program provides resources as a means to identifying potential weaknesses in your plan and remedy through education, diligence, and process.

Retirement Plans require prudent governance by plan sponsors and fiduciaries. EFA utilizes the Fiduciary Fitness ProgramTM, a well-designed decision-making process to confirm and document proper roles and execution of responsibilities in a prudent manner.

Program Goals

  • Identify plan fiduciaries and understand the extent of their specific responsibilities
  • Attempt to comply with ERISA §404(a) and §404(c)
  • Document the hiring process for service providers and other vendors
  • Identify parties in interest to the plan and take steps to monitor transactions
  • Understand major exemptions under ERISA that permit transactions with parties in interest
  • Review plan documents in light of current plan operations and make necessary updates
  • Comply with reporting and disclosure requirements
  • Ensure that individuals are properly bonded and covered by liability insurance and more

Best Practices Approach

The Program offers a holistic approach to fiduciary best practices, and encompasses three key deliverables:

  • Report Card: Demonstrates what plan sponsors and fiduciaries need to address and documents plan management responsibilities. 
  • Fiduciary Plan ReviewTM: Educates fiduciaries regarding their responsibilities, examines plan design, and documents prudent processes.
  • Reference Guide: Graphs, charts and checklists provide easy to understand technical guidance for the completion of action items contained on the Report Card.
  • Fiduciary Fitness Training Videos: part of our committee member training is to have committee members watch a series of 3 or 4 short videos (each 3 to 5 minutes in duration) each quarter that identifies fiduciary responsibilities. It is important to note the DOL has publicly stated they are examining retirement plans and inquiring as to the training methods and content being utilized to ensure committee members understand their responsibility. This video series helps demonstrate compliance with the DOL expectations.

Sample Fiduciary Fitness Training Video