Be More Than A Fiduciary

For a demo of the Behavioral Governance Special Purpose Avatar - contact Eric Dyson at edyson@90northllc.com Don Trone, GFS™, is the CEO of the Behavioral Governance Institute (BGI), where he leads the development of Special Purpose Avatars (SPAs) designed to accelerate the professional development of leaders, stewards, and fiduciaries with governance responsibility. Widely known as the “Father of Fiduciary,” he has spent decades shaping fiduciary standards and governance practices. He was the founding CEO of fi360, the Center for Board Certified Fiduciaries, and the Foundation for Fiduciary Studies, and previously directed the Institute for Leadership at the U.S. Coast Guard Academy.A former U.S. Coast Guard helicopter rescue pilot, Don brings real-world experience from high-stakes environments to his focus on clarity, foresight, and accountability in governance. He has also testified before the U.S. Senate Finance Committee and the Department of Labor on fiduciary best practices.In this episode, Eric and Don Trone discuss:The origins of the Behavioral Governance Institute and why fiduciary standards alone are not enoughHow leadership behaviors and decision-making frameworks influence retirement outcomesThe development of “Special Purpose Avatars” is designed to support governance professionalsHow AI-powered avatars can deliver personalized professional development and trainingKey Takeaways:Behavioral governance expands the traditional fiduciary framework. Instead of focusing only on procedural prudence, it integrates leadership, judgment, ethics, and decision-making into governance responsibilities.AI-powered avatars are emerging as powerful tools for professional development. By curating expert knowledge in closed systems, these avatars help professionals strengthen their understanding of complex governance and fiduciary responsibilities.The future of professional education is shifting from traditional classroom-style programs to on-demand learning experiences. AI avatars enable a “Netflix-style” training model where professionals control when, how, and what they learn.Mastery-based learning loops represent a major advancement in professional education. Instead of allowing professionals to pass certification tests with partial understanding, avatars keep users in a training loop until they demonstrate full mastery of the subject.“If we had a better understanding of how certain leadership behaviors impact the quality of decision-making outcomes, we could have a material positive impact on the management of investment decisions.” - Don TroneConnect with Don Trone:Website: https://www.3ethos.com/ LinkedIn: https://www.linkedin.com/in/don-trone-89873013/ Connect with Eric Dyson: Website: https://90northllc.com/Phone: 940-248-4800Email: contact@90northllc.com LinkedIn: https://www.linkedin.com/in/401kguy/ The information and content of this podcast are general in nature and are provided solely for educational and informational purposes. It is believed to be accurate and reliable as of the posting date, but may be subject to change.It is not intended to provide a specific recommendation for any type of product or service discussed in this presentation or to provide any warranties, investment advice, financial advice, tax, plan design, or legal advice (unless otherwise specifically indicated). Please consult your own independent advisor as to any investment, tax, or legal statements made.The specific facts and circumstances of all qualified plans can vary, and the information contained in this podcast may or may not apply to your individual circumstances or to your plan or client plan-specific circumstances.The opinions expressed by guests on the Be More Than a Fiduciary podcast are not necessarily the same as the opinions held by 90 North Consulting, or of Executive Director Eric Dyson.

In this episode of Friday Fiduciary Five, Eric Dyson talks about the importance of understanding different fiduciary roles, particularly for ERISA plan committee members. He emphasizes the duty of loyalty, which requires acting exclusively in the best interest of plan participants, and the duty of prudence, which involves conducting oneself like an expert. Eric shares an example of a CFO recognizing the need to put the plan's interests above personal preferences. He also stresses that all committee members, regardless of their position, should have equal weight in fiduciary decisions and that personal interests should be set aside for the benefit of the plan participants.Connect with Eric Dyson: Website: https://90northllc.com/Phone: 940-248-4800Email: contact@90northllc.com LinkedIn: https://www.linkedin.com/in/401kguy/ The information contained herein is general in nature and is provided solely for educational and informational purposes.It is not intended to provide a specific recommendation of any type of product or service discussed in this presentation or to provide any warranties, financial advice, or legal advice.The specific facts and circumstances of all qualified plans can vary, and the information contained in this podcast may or may not apply to your individual circumstances or to your plan or client plan specific circumstances.

For over 30 years, Robin has helped Investment Consultants, Retirement Plan Advisors, and recordkeepers better understand their competition, improve efficiency, elevate client service, and win new business. She began her career as a retirement plan sponsor in healthcare and manufacturing before moving into consulting roles with Deloitte and North Highland, and later serving as Head of Research at Ann Schleck & Co. Following its sale to fi360, she became a Senior Vice President overseeing the Fiduciary Score.In 2018, Robin founded WinMore Plans and relaunched the Practice Management Benchmarking Study for retirement plan advisors. Today, she partners with hundreds of advisory firms nationwide, providing benchmarking, coaching, win/loss analysis, and valuation services to help advisors implement practical growth strategies.In this episode, Eric and Robin Green discuss:Positioning the advisor as a true business partnerCapturing a history of plan accomplishmentsDelivering meaningful financial wellness supportClarifying contracts, data use, and rising expectationsKey Takeaways:Advisors should be treated as strategic partners, not just investment technicians. Committees can formalize this by adding a recurring Strategic Business Discussion as the first agenda item each year. This ensures the retirement plan aligns with the company’s broader goals and workforce strategy.An important and very useful deliverable to consider; a concise document that tracks major milestones like fee reductions, vendor changes, and plan design improvements. This goes beyond an annual report by highlighting long-term strategic progress. It strengthens continuity during leadership turnover and supports the advisor’s value in RFP situations.In many cases, employers now expect help for participants beyond the retirement plan itself. Advisors should support broader financial wellness, including debt, budgeting, and outside assets. For many participants, this may be their only access to professional financial guidance.Sponsors should review recordkeeper contracts to understand participant outreach and data usage. Decisions about who can contact participants must be intentional and documented. Advisors who provide strategic insight and participant-level impact will stand out in today’s higher-expectation environment.“The plan sponsor, I want you to focus on your advisor as your business partner. Ask them, What am I missing? What else should we be doing here? And will you be my strategic business partner, not just tactical investment information?” - Robin GreenConnect with Robin Green:Website: https://winmoreplans.com/ LinkedIn: https://www.linkedin.com/in/robingreen/ Connect with Eric Dyson: Website: https://90northllc.com/Phone: 940-248-4800Email: contact@90northllc.com LinkedIn: https://www.linkedin.com/in/401kguy/ The information and content of this podcast are general in nature and are provided solely for educational and informational purposes. It is believed to be accurate and reliable as of the posting date, but may be subject to change.It is not intended to provide a specific recommendation for any type of product or service discussed in this presentation or to provide any warranties, investment advice, financial advice, tax, plan design, or legal advice (unless otherwise specifically indicated). Please consult your own independent advisor as to any investment, tax, or legal statements made.The specific facts and circumstances of all qualified plans can vary, and the information contained in this podcast may or may not apply to your individual circumstances or to your plan or client plan-specific circumstances.The opinions expressed by guests are not necessarily agreed by, or the same opinions of 90 North Consulting or of Eric Dyson.

In this episode of Friday Fiduciary Five, Eric Dyson talks about the pride and privilege of fiduciary duty, drawing parallels to Team USA's Olympic gold in hockey. He highlights the significance of the USA's gold medal win, emphasizing the team's unity and Coach Mike Sullivan's simple yet powerful message. Eric compares this to the fiduciary duty of ERISA professionals, urging them to see it as a privilege rather than a burden. Connect with Eric Dyson: Website: https://90northllc.com/Phone: 940-248-4800Email: contact@90northllc.com LinkedIn: https://www.linkedin.com/in/401kguy/ The information contained herein is general in nature and is provided solely for educational and informational purposes.It is not intended to provide a specific recommendation of any type of product or service discussed in this presentation or to provide any warranties, financial advice, or legal advice.The specific facts and circumstances of all qualified plans can vary, and the information contained in this podcast may or may not apply to your individual circumstances or to your plan or client plan specific circumstances.

David J. Witz is a nationally recognized fiduciary governance expert with more than 44 years of experience in retirement plan consulting, ERISA compliance, and fintech solutions. He is the CEO and founder of Fiduciary Risk Assessment LLC, CEO of PlanTools, LLC, and co-founder and COO of Catapult HQ, Inc., where he leads executive management, product design, SaaS development, and fiduciary consulting. Over his career, he has served as an expert witness in major ERISA litigation, advised national financial institutions, authored and presented extensively on fiduciary risk and governance, and helped shape industry best practices through technology, education, and thought leadership.In this episode, Eric and David discuss:Using scorecards to filter, not decidePreferring consistency over hero-to-zero performanceMaking fiduciary decisions visible and defensibleRisk must be understood, not assumedKey Takeaways:IPS scorecards narrow the universe, but they don’t tell you which “10 out of 10” is actually better. “Consistently Good Occasionally Great”  (CGOG)  steps in as an alternate but compatible filter to evaluate pattern, persistence, and risk consistency. Selection becomes intentional, not defaulting to the lowest cost or the best recent return.CGOG favors “singles and doubles” over volatile home runs and strikeouts. Rolling-period analysis reveals whether excess returns are repeatable or masked by boom-and-bust cycles. The goal is to minimize large losses and avoid unpleasant fiduciary surprises.Clear visuals and documented processes allow committees to understand risk and return without deep technical expertise. IPS, monitoring reports, and CGOG together create a repeatable decision framework. If challenged, the process—not hindsight—becomes the defense.Rolling data and deeper analysis reveal behavior that point-in-time returns can hide. Looking beyond recent performance leads to more intentional portfolio construction.“Your scorecard is great at whittling down, filtering the universe into a smaller group where you can go deeper, but utilizing the scorecard as a baseline for selecting your funds is not a good idea. It does not give you the ability to look under the hood and determine why one 10 is a better 10 than another 10.” - David WitzConnect with David Witz:Website: www.plantools.com LinkedIn: https://www.linkedin.com/in/david-witz/ Connect with Eric Dyson: Website: https://90northllc.com/Phone: 940-248-4800Email: contact@90northllc.com LinkedIn: https://www.linkedin.com/in/401kguy/ The information and content of this podcast are general in nature and are provided solely for educational and informational purposes. It is believed to be accurate and reliable as of the posting date, but may be subject to change.It is not intended to provide a specific recommendation for any type of product or service discussed in this presentation or to provide any warranties, investment advice, financial advice, tax, plan design, or legal advice (unless otherwise specifically indicated). Please consult your own independent advisor as to any investment, tax, or legal statements made.The specific facts and circumstances of all qualified plans can vary, and the information contained in this podcast may or may not apply to your individual circumstances or to your plan or client plan-specific circumstances.The opinions expressed by guests are not necessarily agreed by, or the same opinions of 90 North Consulting or of Eric Dyson.

In this episode of Friday Fiduciary Five, Eric Dyson talks about the Employee Benefit Security Administration's January 29, 2026, proposal to enhance transparency into pharmacy benefit manager (PBM) fee disclosures. The proposal aims to provide ERISA plan fiduciaries with clearer information on PBM compensation, including direct and indirect revenue streams. If finalized, PBMs and associated brokers must disclose detailed compensation at regular intervals for the benefit of plan sponsors. Connect with Eric Dyson: Website: https://90northllc.com/Phone: 940-248-4800Email: contact@90northllc.com LinkedIn: https://www.linkedin.com/in/401kguy/ The information contained herein is general in nature and is provided solely for educational and informational purposes.It is not intended to provide a specific recommendation of any type of product or service discussed in this presentation or to provide any warranties, financial advice, or legal advice.The specific facts and circumstances of all qualified plans can vary, and the information contained in this podcast may or may not apply to your individual circumstances or to your plan or client plan specific circumstances.The opinions expressed by guests are not necessarily agreed by, or the same opinions of 90 North Consulting or of Eric Dyson.

Jamie Hayes is the Senior Vice President at Wealthspire Retirement. She specializes in employer retirement plan fiduciary management and investment consulting. With over 20 years of experience in the retirement industry, Jamie works directly with corporations and governments, providing progressive, unique ideas and solutions to enhance retirement plan success while maximizing the fiduciary protection of the committee members. Jamie is a University of Michigan graduate. She and her husband, Bobby, have two teenage daughters.In this episode, Eric and Jamie Hayes discuss:Understanding fiduciary models in practiceEvaluating pricing, access, and conflicts thoughtfullyChoosing a fiduciary structure as a risk and trust decisionDesigning smarter advisor searches and RFP processesKey Takeaways:The real difference between 3(21) and 3(38) shows up less in meetings and more in authority, liability, and documentation. Under 3(38), advisors direct changes and assume more responsibility, enabling faster action while committees remain informed and oversight-focused.Not all 3(38) offerings are created equal, with some firms limiting fund choices or charging materially different fees. An open architecture approach can preserve customization, reduce conflicts, and unlock lower-cost share classes that meaningfully cut expenses.Committees often begin with 3(21) and move to 3(38) as confidence grows in the advisor’s process and judgment. Even in a discretionary model, fiduciary duty remains active through monitoring, questioning, and ensuring the advisor never runs on autopilot.Well-run RFPs emphasize context, clarity, and fit rather than volume, secrecy, or recycled templates.Clear timelines, focused questions, right-sized finalist pools, and experienced search consultants lead to better decisions and cleaner outcomes.“You don't want to just pick a template off the internet and go with that… The more information that you can give to the advisor in the beginning, the quicker and easier it's going to be for them to make a decision.” - Jamie HayesConnect with Jamie Hayes:Website: https://www.wealthspire.com/ LinkedIn: https://www.linkedin.com/in/jamiehayesqpfc/ Connect with Eric Dyson: Website: https://90northllc.com/Phone: 940-248-4800Email: contact@90northllc.com LinkedIn: https://www.linkedin.com/in/401kguy/ The information and content of this podcast are general in nature and are provided solely for educational and informational purposes. It is believed to be accurate and reliable as of the posting date, but may be subject to change.It is not intended to provide a specific recommendation for any type of product or service discussed in this presentation or to provide any warranties, investment advice, financial advice, tax, plan design, or legal advice (unless otherwise specifically indicated). Please consult your own independent advisor as to any investment, tax, or legal statements made.The specific facts and circumstances of all qualified plans can vary, and the information contained in this podcast may or may not apply to your individual circumstances or to your plan or client plan-specific circumstances.The opinions expressed by guests are not necessarily agreed by, or the same opinions of 90 North Consulting or of Eric Dyson.

In this episode of Friday Fiduciary Five, Eric Dyson outlines three common process hiccups he believes need to stop. He emphasizes that an Investment Policy Statement (IPS) is a binding plan document under DOL guidance and warns against including language that suggests it does not have to be followed, while still allowing for reasonable flexibility. Eric also advises fiduciaries to stop keeping meeting minutes too brief, stressing that minutes should clearly document decisions, rationale, and demonstrate prudence and loyalty. Lastly, he discusses the cautious but potential value of retaining AI-generated meeting summaries, suggesting their benefits may outweigh discovery concerns. Overall, Eric encourages fiduciaries to review these practices with advisors and ERISA counsel to strengthen compliance and governance.Connect with Eric Dyson: Website: https://90northllc.com/Phone: 940-248-4800Email: contact@90northllc.com LinkedIn: https://www.linkedin.com/in/401kguy/ The information contained herein is general in nature and is provided solely for educational and informational purposes.It is not intended to provide a specific recommendation of any type of product or service discussed in this presentation or to provide any warranties, financial advice, or legal advice.The specific facts and circumstances of all qualified plans can vary, and the information contained in this podcast may or may not apply to your individual circumstances or to your plan or client plan specific circumstances.

Matthew Patrick is a senior manager on CAPTRUST’s Defined Contribution team. Matt joined CAPTRUST in 2014 and serves as a senior manager on the defined contribution team. His role encompasses the strategic planning and leadership of the team that manages CAPTRUST's discretionary services for defined contribution plans. He holds a Bachelor of Business Administration degree in finance from James Madison University and is a member of DCIIA. Matt holds the designation of Chartered Retirement Plans Specialist℠ (CRPS®).In this episode, Eric and Matthew Patrick discuss:Personalizing investing effectivelyMeasuring success by outcomes, not benchmarksApplying a documented fiduciary frameworkPrioritizing transparency in provider selectionKey Takeaways:Managed accounts tailor portfolios using plan and participant data, often combining core and non-core funds. Their true value comes from thoughtfully aligning the portfolio design with participant needs and plan demographics.Traditional benchmarking struggles when each participant has a unique portfolio. Committees should evaluate fees, engagement, and behavioral changes like savings rates and retirement readiness to gauge meaningful impact.DOL target-date guidance provides a practical model for evaluation. Committees should review methodology, underlying investments, fees versus value, fiduciary roles, and plan fit, while thoroughly documenting their rationale and process.Managed accounts can be offered by third parties, recordkeepers, or advisor-managed structures. Committees must clearly understand payments, fiduciary responsibilities, and ensure the sponsor actively engages and oversees participant outcomes.“You’ve got to start with best fit. You’ve got to start with appropriateness.” - Matthew PatrickConnect with Matthew Patrick:Website: https://www.captrust.com/ LinkedIn: www.linkedin.com/in/matthew-patrick-39759555 Connect with Eric Dyson: Website: https://90northllc.com/Phone: 940-248-4800Email: contact@90northllc.com LinkedIn: https://www.linkedin.com/in/401kguy/ The information and content of this podcast are general in nature and are provided solely for educational and informational purposes. It is believed to be accurate and reliable as of the posting date, but may be subject to change.It is not intended to provide a specific recommendation for any type of product or service discussed in this presentation or to provide any warranties, investment advice, financial advice, tax, plan design, or legal advice (unless otherwise specifically indicated). Please consult your own independent advisor as to any investment, tax, or legal statements made.The specific facts and circumstances of all qualified plans can vary, and the information contained in this podcast may or may not apply to your individual circumstances or to your plan or client plan-specific circumstances.The opinions expressed by guests are not necessarily agreed by, or the same opinions of 90 North Consulting or of Eric Dyson.

In this episode of Friday Fiduciary Five, Eric Dyson discusses the concept of preparing for potential regulatory scrutiny, drawing a parallel between military readiness and fiduciary responsibilities. He suggests that fiduciaries should assume the Department of Labor (DOL) could audit a plan within six months, prompting them to focus on defensive and proactive measures like updating plan documents and ensuring due diligence. Eric emphasizes the importance of both defensive and offensive strategies, including proactive participant education. He advises fiduciaries to anticipate regulatory scrutiny and prepare accordingly to mitigate risks and ensure compliance.Connect with Eric Dyson: Website: https://90northllc.com/Phone: 940-248-4800Email: contact@90northllc.com LinkedIn: https://www.linkedin.com/in/401kguy/ The information contained herein is general in nature and is provided solely for educational and informational purposes.It is not intended to provide a specific recommendation of any type of product or service discussed in this presentation or to provide any warranties, financial advice, or legal advice.The specific facts and circumstances of all qualified plans can vary, and the information contained in this podcast may or may not apply to your individual circumstances or to your plan or client plan specific circumstances.

Kristen Deere is a Director in the Employee Benefit Plan Audit Services practice at Weaver & Tidwell, LLP. With over 20 years of experience in public accounting, she has specialized in auditing employee benefit plans throughout most of her career. Kristen leads audits for both private and public plan sponsors, covering a wide range of plan types, including defined contribution (401(k), 403(b), ESOP, 11-K), defined benefit, and health & welfare plans. Kristen has led audits for plans ranging from under $1 million to over $45 billion in assets, ensuring compliance with complex ERISA, DOL, and SEC compliance requirements. Her industry expertise spans not-for-profit organizations, government entities, financial services, energy, and a diverse portfolio of employee benefit plan administrators. She also champions technology innovation initiatives that enhance audit quality and efficiency.  In this episode, Eric and Kristen Deere discuss:Understanding why benefit plan audits existUsing technology to reduce audit burdenPreparing proactively for smooth auditsFollowing the plan document above all elseKey Takeaways:Department of Labor audits are required for large plans to confirm that operations follow the plan document. Their goal is to protect participants and ensure promised benefits are delivered accurately. Audits may surface issues or risks, but they are not designed as fraud detection guarantees.Employee benefit plan audits rely heavily on payroll, census, and record-keeper data. Audit software, structured spreadsheets, and direct system access improve accuracy and efficiency. When used well, technology makes audits less disruptive for plan sponsors.Successful plan sponsors stay organized throughout the year, not just during audit season. They maintain clear documentation, communicate changes early, and reconcile data regularly. This preparation prevents last-minute scrambles and repeated audit findings.Most audit issues trace back to operations drifting from the written plan document. Payroll, record keepers, and processes must all align with what the plan actually says. Reading, understanding, and following the document is the strongest safeguard against errors.“They can outsource the function, but they can’t outsource the responsibility.” - Kristen DeereConnect with Kristen Deere:Website: https://weaver.com/ LinkedIn: https://www.linkedin.com/in/kristen-derryberry/ Connect with Eric Dyson: Website: https://90northllc.com/Phone: 940-248-4800Email: contact@90northllc.com LinkedIn: https://www.linkedin.com/in/401kguy/ The information and content of this podcast are general in nature and are provided solely for educational and informational purposes. It is believed to be accurate and reliable as of the posting date, but may be subject to change.It is not intended to provide a specific recommendation for any type of product or service discussed in this presentation or to provide any warranties, investment advice, financial advice, tax, plan design, or legal advice (unless otherwise specifically indicated). Please consult your own independent advisor as to any investment, tax, or legal statements made.The specific facts and circumstances of all qualified plans can vary, and the information contained in this podcast may or may not apply to your individual circumstances or to your plan or client plan-specific circumstances.The opinions expressed by guests are not necessarily agreed by, or the same opinions of 90 North Consulting or of Eric Dyson.

In this episode of Friday Fiduciary Five, Eric Dyson talks about seeking more plan sponsors as podcast guests to provide valuable insights to other committee members and peers, service providers, advisors, and other professionals in the ERISA retirement and healthcare sectors. Connect with Eric Dyson: Website: https://90northllc.com/Phone: 940-248-4800Email: contact@90northllc.com LinkedIn: https://www.linkedin.com/in/401kguy/ The information contained herein is general in nature and is provided solely for educational and informational purposes.It is not intended to provide a specific recommendation of any type of product or service discussed in this presentation or to provide any warranties, financial advice, or legal advice.The specific facts and circumstances of all qualified plans can vary, and the information contained in this podcast may or may not apply to your individual circumstances or to your plan or client plan specific circumstances.The opinions expressed by guests are not necessarily agreed by, or the same opinions of 90 North Consulting or of Eric Dyson.

In this episode of Friday Fiduciary Five, Eric Dyson encourages plan fiduciaries and advisors to set structured, written goals for 401(k) plans in 2026, contrasting them with the low success rate of New Year's resolutions. He cites a Harvard MBA study showing that only 3% of the graduating class had written goals.  Their success far exceeded the remainder. Eric emphasizes the importance of specificity, measurability, and accountability in goal setting. He shares personal experiences with fitness apps and discusses key performance indicators (KPIs) for defined contribution plans, such as average projected income replacement ratios. Connect with Eric Dyson: Website: https://90northllc.com/Phone: 940-248-4800Email: contact@90northllc.com LinkedIn: https://www.linkedin.com/in/401kguy/ The information contained herein is general in nature and is provided solely for educational and informational purposes.It is not intended to provide a specific recommendation of any type of product or service discussed in this presentation or to provide any warranties, financial advice, or legal advice.The specific facts and circumstances of all qualified plans can vary, and the information contained in this podcast may or may not apply to your individual circumstances or to your plan or client plan specific circumstances.

For over 20 years, Shannon and her team at Tristar Pension Consulting have acted as a secret weapon for financial advisors, CPAs, small businesses, and plan sponsors. They are the go-to resource for plan design, fixing broken retirement plans, client presentation support, and high-touch customer service.Since starting the firm over two decades ago, her goal has been to provide a deeper level of retirement plan knowledge and service for clients, as well as a flexible workplace for employees. Today, they are one of the leading providers of retirement plan administration for small businesses.Shannon is a credentialed member of the American Society of Pension Professionals and Actuaries (ASPPA) and the National Institute of Pension Administrators (NIPA). She currently serves on the ASPPA Leadership Council and as the current year’s President.  She has also served on several fundraising committees and supports many non-profits locally, such as Infant Crisis Services, Make a Wish Oklahoma, and Cleats for Kids.If you are a financial advisor, CPA, or business owner with retirement plan questions, please be sure to connect with Shannon on LinkedIn. You can also email her at shannon@tristarpension.com.The podcast mentions a resource on the Tristar Pension webpage. It is available at - https://www.tristarpension.com/tpa/compliance-administration-checklist In this episode, Eric and Shannon Edwards discuss:Understanding fiduciary roles clearlyEvaluating service providers carefullyComparing plan structures strategicallyBuilding knowledge and relationships proactivelyKey Takeaways:Different fiduciary types—3(16), 3(21), 3(38), and 402(a)—carry distinct responsibilities and authority levels. Plan sponsors must still monitor and fulfill their duties, even when delegating to these fiduciaries.Reading service agreements and using checklists clarifies who does what and prevents misunderstandings. Tools like the ARA TPA Checklist help sponsors ask better questions and assess compliance partners effectively.Pooled Employer Plans (PEPs) can expand access but may introduce higher costs, operational complexity, and exit challenges. Sponsors should weigh total cost, services, and fiduciary responsibilities when choosing between PEPs and standalone plans.New benefits managers and advisors benefit from targeted education and responsive compliance partners. Continuous learning and relationship-building ensure fiduciary effectiveness and confident plan management.“Your fiduciary duties are not gone. You are still submitting contributions, you are still supposed to be monitoring your 3(16) fiduciary, you’re still supposed to be checking to make sure things are done properly.” - Shannon EdwardsConnect with Shannon Edwards:Website: https://www.tristarpension.com/ LinkedIn: https://www.linkedin.com/in/shannonedwardsplanconsultant/ Connect with Eric Dyson: Website: https://90northllc.com/Phone: 940-248-4800Email: contact@90northllc.com LinkedIn: https://www.linkedin.com/in/401kguy/ The information and content of this podcast are general in nature and are provided solely for educational and informational purposes. It is believed to be accurate and reliable as of the posting date, but may be subject to change.It is not intended to provide a specific recommendation for any type of product or service discussed in this presentation or to provide any warranties, investment advice, financial advice, tax, plan design, or legal advice (unless otherwise specifically indicated). Please consult your own independent advisor as to any investment, tax, or legal statements made.The specific facts and circumstances of all qualified plans can vary, and the information contained in this podcast may or may not apply to your individual circumstances or to your plan or client plan-specific circumstances.

In this episode of Friday Fiduciary Five, Eric Dyson talks about the origins of Christmas, explaining its historical roots and its transformation by Emperor Constantine into a Christian holiday. He highlights the significance of December 25 as the day that we celebrate Christ's birth and its integration into Roman life. Eric draws a parallel between Jesus Christ as the ultimate fiduciary, who acted selflessly for others, and the responsibilities of fiduciaries in the financial sector. Connect with Eric Dyson: Website: https://90northllc.com/Phone: 940-248-4800Email: contact@90northllc.com LinkedIn: https://www.linkedin.com/in/401kguy/ The information contained herein is general in nature and is provided solely for educational and informational purposes.It is not intended to provide a specific recommendation of any type of product or service discussed in this presentation or to provide any warranties, financial advice, or legal advice.The specific facts and circumstances of all qualified plans can vary, and the information contained in this podcast may or may not apply to your individual circumstances or to your plan or client plan specific circumstances.

Dan Fay serves as Chief Distribution Officer, overseeing Stadion’s sales and business development teams. In this role, he is responsible for distribution through Stadion’s institutional relationships, which include retirement recordkeeping partners, retirement advisor firms, and asset managers. With Dan’s leadership, Stadion has expanded our nationwide distribution of retirement managed accounts and raised awareness of the benefits of personalization. Prior to being Chief Distribution Officer, he was Stadion’s SVP, Sales and Business Development. Dan has spent his entire 25+ year career in the retirement industry. Prior to joining Stadion in 2018, Dan served as Senior Advisor Relations Manager at Financial Engines with responsibility for establishing and managing relationships with leading financial advisor and consulting firms. He identified and developed new business opportunities through advisors and consultants, leading to the distribution of the firm’s managed account service. Prior to that, Dan was a National Accounts Manager with responsibility for business development at MassMutual Retirement Services. While there, he developed retirement plan opportunities and sales through financial advisor firms. In this episode, Eric and Dan Fay discuss:Recognizing the value of true personalizationStrengthening participant confidence through guidanceEvaluating solutions with a fiduciary mindsetLeveraging managed accounts as a strategic advantageKey Takeaways:Personalized allocations built on multiple data points lead to better decisions than age-based defaults. They guide participants toward healthier savings habits and steadier long-term outcomes.When participants feel supported, they make calmer, wiser financial choices. This confidence often leads to higher contribution rates and more consistent engagement.Committees must review fees, reporting, demographics, and engagement regularly. Documenting decisions ensures a strong, compliant process that protects participants.Advisors who bring personalized solutions early reinforce trust and stay ahead of competitors. Proactive education becomes a distinct advantage in maintaining strong client relationships.“For the advisor, it's, how do you differentiate yourself, right, from your competition?... If that competing advisor makes [the sponsor] aware of something or brings something of value to them that you haven't, that could obviously jeopardize that client relationship.” - Dan FayConnect with Dan Fay:Website: www.stadionmoney.com Connect with Eric Dyson: Website: https://90northllc.com/Phone: 940-248-4800Email: contact@90northllc.com LinkedIn: https://www.linkedin.com/in/401kguy/ Past performance is no guarantee of future results. Investments are subject to risk, and any of Stadion’s investment strategies may lose money.Stadion Money Management, LLC (“Stadion”) is a registered investment adviser under the Investment Advisers Act of 1940. Registration does not imply a certain level of skill or training. More information about Stadion, including fees, can be found in Stadion’s ADV Part 2, which is available free of charge.The information and content of this podcast are general in nature and are provided solely for educational and informational purposes. It is believed to be accurate and reliable as of the posting date, but may be subject to change.It is not intended to provide a specific recommendation for any type of product or service discussed in this presentation or to provide any warranties, investment advice, financial advice, tax, plan design, or legal advice (unless otherwise specifically indicated). Please consult your own independent advisor as to any investment, tax, or legal statements made.The specific facts and circumstances of all qualified plans can vary, and the information contained in this podcast may or may not apply to your individual circumstances or to your plan or client plan-specific circumstances.SMM-2512-34

In this episode of Friday Fiduciary Five, Eric Dyson explores why plan sponsors and finance professionals should carefully consider how record-keeping fees are paid in 401(k), 403(b), and 457 plans. He explains that having companies directly write checks for these fees can reduce fiduciary risk and enhance transparency. Dyson notes that the Department of Labor (DOL) does not take a position on how fees are paid, as long as plan participants are not unfairly burdened. He also discusses the potential use of plan forfeitures to offset these expenses, while pointing out that Safe Harbor plans typically generate minimal forfeitures. The episode concludes with a call for plan sponsors to proactively address this topic and educate employees about their plan’s fee structure.Connect with Eric Dyson: Website: https://90northllc.com/Phone: 940-248-4800Email: contact@90northllc.com LinkedIn: https://www.linkedin.com/in/401kguy/ The information contained herein is general in nature and is provided solely for educational and informational purposes.It is not intended to provide a specific recommendation of any type of product or service discussed in this presentation or to provide any warranties, financial advice, or legal advice.The specific facts and circumstances of all qualified plans can vary, and the information contained in this podcast may or may not apply to your individual circumstances or to your plan or client plan specific circumstances.

Jennifer Giannini brings more than 30 years of experience leading independent audit engagements for corporate clients across a wide range of industries. Throughout her career, she has developed deep expertise in employee benefit plan audits, making this a primary focus area. After many years of working at Baker Tilly, a national CPA firm, Jennifer recently joined LJB CPA to lead the firm’s audit practice. Passionate about building strong client relationships, Jennifer returned to a smaller firm to work more closely with clients and deliver a personalized, value-added experience. Her experience at both mid-sized and national firms gives her a unique ability to tailor services to meet each client’s specific needs and complexities. In her years of auditing employee benefit plans, she has pretty much seen just about everything- and enjoys helping plan sponsors navigate the tough issues that keep them up at night.      In this episode, Eric and Jennifer Giannini discuss:Protecting participants through disciplined plan auditsMaking audit readiness a year-round responsibilityOwning fiduciary controls that cannot be outsourcedAvoiding costly errors through informed governanceKey Takeaways:Plan audits protect participant assets and confirm the plan follows its governing documents. They ensure contributions, matches, distributions, and eligibility are applied consistently. They also help identify fraud or embezzlement risks early.Audits run smoothly when preparation happens throughout the year. Developing processes that represent a living checklist keeps documentation complete. Retaining internal records prevents gaps that auditors will flag.Some fiduciary duties remain with the plan sponsor at all times. Regular reconciliations and documented committee oversight demonstrate prudence. Simple tracking helps surface issues before they escalate.Operational errors often stem from payroll misalignment with plan terms. Early engagement with experienced ERISA auditors reduces surprises. Committees must weigh cost, complexity, and fiduciary risk together.“The early bird always gets the worm. The earlier you start that process with your auditor, the better.” - Jennifer GianniniConnect with Jennifer Giannini:Website: https://ljbcpa.com LinkedIn: linkedin.com/in/jennifer-giannini-875071a Connect with Eric Dyson: Website: https://90northllc.com/Phone: 940-248-4800Email: contact@90northllc.com LinkedIn: https://www.linkedin.com/in/401kguy/ The information and content of this podcast are general in nature and are provided solely for educational and informational purposes. It is believed to be accurate and reliable as of the posting date, but may be subject to change.It is not intended to provide a specific recommendation for any type of product or service discussed in this presentation or to provide any warranties, investment advice, financial advice, tax, plan design, or legal advice (unless otherwise specifically indicated). Please consult your own independent advisor as to any investment, tax, or legal statements made.The specific facts and circumstances of all qualified plans can vary, and the information contained in this podcast may or may not apply to your individual circumstances or to your plan or client plan-specific circumstances.

In this episode of Friday Fiduciary Five, Eric Dyson talks about America’s Game! Army - Navy Football that is!  He encourages everyone to show appreciation to service members during the holiday season and throughout the year. Eric suggests small gestures like buying meals or snacks for service members, emphasizing that while they may politely decline, the gesture is appreciated. He relates this to the appreciation of fiduciaries' efforts, which often go unnoticed. He ties it to the significance of the Army-Navy game, highlighting the values of service and sacrifice.Connect with Eric Dyson: Website: https://90northllc.com/Phone: 940-248-4800Email: contact@90northllc.com LinkedIn: https://www.linkedin.com/in/401kguy/ The information contained herein is general in nature and is provided solely for educational and informational purposes.It is not intended to provide a specific recommendation of any type of product or service discussed in this presentation or to provide any warranties, financial advice, or legal advice.The specific facts and circumstances of all qualified plans can vary, and the information contained in this podcast may or may not apply to your individual circumstances or to your plan or client plan specific circumstances.

Tamra Miller is a prime example of the “Break the Paper Ceiling” movement—building her career from the ground up after starting work right out of high school and rising through determination, capability, and earned trust. She is deeply grateful for the leaders who recognized her talent without requiring a college degree, and her recent completion of the CEBS exam reflects her continued pursuit of growth and excellence.In this episode, Eric and Tamra discuss:Managing complex vendor strategyEmpowering a focused subcommitteeEvaluating personality and precisionBalancing change with institutional knowledgeKey Takeaways:Tamra created a structured, multi-year review plan to evaluate retirement and actuarial providers with the intention. She prioritized risk mitigation, like the 401(k), due to fiduciary exposure. Treating the review as a staged project ensured clarity, accountability, and prudent oversight.Instead of relying on a C-suite-heavy committee with limited time, she formed a small, agile group. This team handled weekly deep dives, vendor screens, and detailed RFP analysis. The full committee engaged only at key decisions, improving efficiency and clarity.Beyond technical competence, personality and working style became major differentiators. Short “fit checks” revealed which teams were enjoyable, responsive, and easy to partner with. Finalist success hinged on concise, tailored presentations that proved real understanding.While most services went to market, Tamra retained a long-time actuary with deep union expertise. This preserved crucial institutional memory and proactive problem-solving. Sometimes the best choice isn’t new—it’s the partner who already understands your complexity.“Remember who you're there to support and what's the best way to go about doing that… I can't support my employees if I don't have good relationships with my vendors, because those are the people that I'm going to for problem resolution when I can't fix it myself.” - Tamra MillerConnect with Tamra Miller:LinkedIn: https://www.linkedin.com/in/tamra-miller-cebs-shrm-cp-19b1102b Connect with Eric Dyson: Website: https://90northllc.com/Phone: 940-248-4800Email: contact@90northllc.com LinkedIn: https://www.linkedin.com/in/401kguy/ The information and content of this podcast are general in nature and are provided solely for educational and informational purposes. It is believed to be accurate and reliable as of the posting date, but may be subject to change.It is not intended to provide a specific recommendation for any type of product or service discussed in this presentation or to provide any warranties, investment advice, financial advice, tax, plan design, or legal advice (unless otherwise specifically indicated). Please consult your own independent advisor as to any investment, tax, or legal statements made.The specific facts and circumstances of all qualified plans can vary, and the information contained in this podcast may or may not apply to your individual circumstances or to your plan or client plan-specific circumstances.