Be More Than A Fiduciary

In this episode of Friday Fiduciary Five, Eric Dyson talks about the differences between ERISA bonds and fiduciary liability insurance. ERISA bonds protect against fraud and theft, while fiduciary liability insurance covers fiduciary breaches. Eric emphasizes the importance of having both types of insurance, noting that ERISA bonds are required by the Department of Labor, while fiduciary liability insurance is not required, but is highly recommended. He advises that committees should ensure their policies cover past, present, and future committee members and highlights the need for clear communication between risk management and the 401(k) plan committee to determine adequate coverage.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.

In this episode of Friday Fiduciary Five, Eric Dyson talks about a common and easily fixable cybersecurity risk in retirement plans: participants who have not set up user IDs and passwords for their accounts. This oversight is the most frequent cause of cyber breaches, not the fault of plan sponsors or record keepers. Eric shares an anecdote about an employee discovering unauthorized 401(k) loan deductions, highlighting the importance of security measures like user IDs, passwords, and two-factor authentication. He urges plan sponsors and advisors to communicate the necessity of these security steps to participants to prevent cyber breaches.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's specific circumstances.

Ellen Alphonso, CPA, is a Senior Manager at Boyum Barenscheer PLLP and a recognized expert in employee benefit plan audits, with extensive experience guiding plan sponsors through the complexities of employee benefit plan compliance. Licensed as a Certified Public Accountant in Minnesota, Ellen has led audits for retirement plans ranging from under $500,000 to over $5 billion in assets, offering a rare depth of insight across a wide spectrum of plan sizes and structures.Known for her collaborative approach and clear communication style, Ellen excels at translating technical audit findings into actionable strategies for fiduciaries and plan management. Her work emphasizes not only regulatory compliance but also the importance of accountability, transparency, and a participant-first mindset.Ellen leads Boyum Barenscheer’s training initiatives for employee benefit plan audits, a vital component of the firm’s ongoing compliance with its EBPAQC (Employee Benefit Plan Audit Quality Center) credentials. She also contributes her expertise as a member of the Minnesota Society of CPAs’ Audits of Employee Benefit Plans Conference Task Force, helping shape educational programming for practitioners across the state. Beyond her professional work, Ellen serves as the board treasurer for In the Heart of the Beast Puppet and Mask Theater, supporting the organization’s mission to foster creativity and community through the arts.In this episode, Eric and Ellen Alphonso discuss:Prioritizing specialized expertiseStrengthening audit scope and practicesAddressing common pitfallsLeveraging auditors as partnersKey Takeaways:Auditors with deep experience in employee benefit plan audits reduce errors and ensure compliance. Choosing specialists, especially for first-time audits, safeguards accuracy.Effective audits go beyond financials to include compliance checks, reconciliations, and verification of new employee contributions, building stronger systems.Errors often stem from overextended HR/payroll departments, manual processes, or system changes. Proactive integration and training minimize risks.Strong audit firms provide more than compliance—they communicate with service providers, share best practices, assist with onboarding, and support fraud prevention through security measures.“Absolute best practice I see in my superstar clients is they do reconciliations regularly and on an annual basis.” - Ellen AlphonsoConnect with Ellen Alphonso:Website:  https://myboyum.com/leadership/ellen-alphonso/ Connect with Eric Dyson: Website: https://90northllc.com/Phone: 940-248-4800Email: contact@90northllc.com LinkedIn: https://www.linkedin.com/in/401kguy/ Important clarification from the podcast show dialogue: "If an ERISA plan exceeds 100 participants with an account balance but remains under 120 in perpetuity, then the plan would not require an audit for each subsequent year that it remains under 120 participants with a balance.  Please verify current rules and check with your plan record-keeper, advisor, or CPA to ensure compliance with this requirement." 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 McDonald v LabCorp lawsuit, focusing on part three and float compensation. He recaps previous episodes on record-keeping fees and investment share classes. The court found the plan's fee monitoring process sufficient. Float income, earned on stale checks, is a plan asset under ERISA, and fiduciaries must ensure it's managed in participants' best interests. Eric advises plan fiduciaries to inquire about float income from record keepers and to review old service agreements. In the LabCorp case, the court concluded that float income was disclosed and monitored appropriately. Eric emphasizes regular benchmarks and RFPs for service providers.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's specific circumstances.

In this episode of Friday Fiduciary Five, Eric Dyson talks about the McDonald v. LabCorp ERISA litigation, focusing on investment share classes and collective investment trusts. He highlights that institutional share classes offer lower costs, and LabCorp moved participants to these classes within a reasonable timeframe. Eric emphasizes the importance of exploring collective trusts for plans of all sizes, recommending a thorough analysis to determine eligibility and potential savings. He also addresses the issue of new share classes with short track records, suggesting they be monitored alongside existing ones to ensure similar performance. 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's specific circumstances.

As Vice President of Human Resources at Glazer’s Beer & Beverage, Jonathan collaborates with his GBB colleagues to establish, implement, and improve people strategies and processes.Prior to joining GBB, Jonathan held HR executive roles across various industries, spanning over 20 years. His previous roles include stops at M&M Manufacturing (a Berkshire Hathaway operating company), Southern Glazer’s Wine & Spirits, Lennox International, Carrier Enterprise, and Alliance Data (now Bread Financial). Jonathan earned his BBA from Southern Methodist University in Dallas, TX, and his MBA from Regis University in Denver, CO.Jonathan resides in Plano, TX, with his wife and has two grown children. He spends his free time running, learning how to play the piano, and spending time with friends.In this episode, Eric and Jonathan Lee discuss:Patience and Integrity in HR CareersAttracting and Retaining the Right TalentThe Power of Education and ClarityHR’s Role in Enterprise ValueKey Takeaways:Young HR professionals succeed by being patient, understanding their role, asking questions, and holding firm to integrity.The ongoing challenge is finding employees who fit both technically and culturally, while keeping them engaged with meaningful work.HR plays a critical role in helping employees—especially younger ones—understand savings, benefits, and the link between financial and health decisions.HR is not just a cost center but a driver of organizational value when it partners with service providers and aligns employee well-being with company success.“At the end of the day, regardless of whatever role you have, your integrity is really all you have. That's what you trade with. So let your actions speak louder than your words, and let your words be consistent with your actions.” - Jonathan LeeConnect with Jonathan Lee:Website: https://www.glazersbeer.com/ LinkedIn: https://www.linkedin.com/in/jonathanhlee/ 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 changeIt 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 LabCorp case, focusing on record-keeping fees. Plaintiffs argued fees should be $20-$25 per person per year, while the plan completed RFIs in 2017, 2019, and benchmarked in 2021 and 2022. The court found the process met the standard of care, though some argue a competitive bid process might have been more effective. Eric emphasizes the importance of fiduciary duty in looking out for participants' best interests. He plans to cover share classes and float income in upcoming episodes, aiming to educate and equip plan sponsors and advisors to improve participant outcomes.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 circumstance 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.

Jenny Kiesewetter has more than 24 years of experience advising businesses in ERISA, employee benefits, compensation, fiduciary responsibility, and compliance matters.As a member of the firm’s Employee Benefits and Tax Practice in Nashville, she advises clients on all aspects of employee benefits and executive compensation, including qualified and nonqualified retirement plans, health and welfare benefit plans, cafeteria plans, severance plans, and equity-based compensation plans.Jenny has also worked with businesses and investors during mergers and acquisitions, focusing on due diligence and compliance related to employee benefit plans, including retirement, health and welfare, and executive compensation plans. Additionally, she has worked on many post-acquisition employee benefit matters, specifically related to plan compliance and correction.Jenny earned her law degree from the University of Tennessee College of Law, Knoxville, as well as a master’s in communications. She earned her undergraduate degree from the University of Florida. She has been consistently recognized by U.S. News - Best Lawyers for ERISA Litigation and Employee Benefits (ERISA) Law.Jenny is a frequent speaker and author on topics including ERISA, employee benefits, retirement plans, health plans, and statutory and regulatory compliance.  To subscribe to her LinkedIn newsletter “ERISA Explained,” please visit - https://www.linkedin.com/newsletters/erisa-explained-7083416224222601216/ In this episode, Eric and Jenny Kiesewetter discuss:Fiduciary responsibility in ERISA health plan oversightConducting proper due diligence for health plan service providersSecuring and ensuring access to health plan dataReviewing provider fee disclosuresKey Takeaways:Selecting and monitoring health plan providers is an ongoing fiduciary function. Sponsors must document their decision-making and maintain oversight even after hiring a provider.When choosing a broker or advisor, conduct thorough due diligence. Interview multiple candidates, review their experience, services, and fees, and ensure they fit your organization’s needs.Plan sponsors should secure access to all necessary health plan data. Owning and understanding this data is critical for informed fiduciary decisions and compliance with federal laws.Review 408(b)(2) fee disclosures from health plan service providers. Missing or incomplete disclosures can create compliance risks and may be seen as an unreasonable relationship by the Department of Labor.“You can't make fiduciary decisions if you don't know what the data says. That's my opinion. You have to understand what the data says to be able to make the right fiduciary decisions.” - Jenny KiesewetterConnect with Jenny Kiesewetter:LinkedIn: https://www.linkedin.com/in/jennykiesewetter/ 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 changeIt 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 August 2025 Executive Order by President Trump on alternative investments in 401(k) plans. He references his article in 401(k) Specialist Magazine, Private Equity in 401(k) Plans: Policy Shift or Practical Reality? and the 90 North newsletter - Private Equity in 401(k) Plans: What Fiduciaries Must Know.The order does not mandate private equity inclusion but allows plan sponsors to consider it. Eric emphasizes the need for plan sponsors to revisit their investment policies, consult advisors, and prepare participant communications. He highlights the importance of daily valuation and liquidity in 401(k) plans and advises a wait-and-see approach. Eric also references 2013 DOL guidance on target date funds, stressing understanding fund investments and strategies to include awareness and understanding of underlying investments in TDFs.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's specific circumstances.

Tom Kmak is the co-founder and Chief Executive Officer of Fiduciary Decisions (FDI, formerly Fiduciary Benchmarks). During his 16 years with the firm, FDI has become the industry’s leading firm for benchmarking retirement plans using a patented approach that recognizes the mathematical truth that “Fees Without Value is a Meaningless Comparison.” Tom is pleased to say that FDI’s benchmarking service is used by 70% of the largest and most prestigious Recordkeepers as well as over 60% of the best Retirement Plan Advisors, as recognized by various industry publications. Tom has also been involved in the development of other services at Fiduciary Decisions, such as the Rollover Decision Support System supporting DOL PTE 2020-02, as well as the interactive plan design tool called the Retirement Outcomes Evaluator. Prior to founding FDI in 1990, Tom started the JPMorgan Retirement Plan Services business with American Century. Upon leaving in October 2007, that business employed 1,100 people serving two hundred large plan sponsors with over 1.5 million participants and more than $115 billion in assets. During his career with Retirement Plan Services, the company initiated numerous industry firsts, including no blackout conversions and the innovative employee education program, Audience of One. Tom also served on the Executive Committee for JPMorgan’s asset management business. Tom graduated Phi Beta Kappa from DePauw University with a B.A. degree in Economics and Computational Mathematics. He was the first graduate of the prestigious Management Fellows Program, and he was a 3-year letterman in intercollegiate basketball.In this episode, Eric and Tom Kmak discuss:Do Managed Accounts Provide Personalized Value?Does a Dynamic QDIA Enhance Individualization?Evaluation Requires Comprehensive Tools and CriteriaRetirement Outcomes Should Be the PriorityKey Takeaways:Managed accounts can help participants who lack time or investment expertise by providing personalized guidance that can improve decision-making and long-term retirement outcomes.Dynamic QDIA strategies are intended to tailor investments to each participant’s age, account balance, and financial situation, and can potentially create a more individualized approach to retirement planning.The goal of adopting managed account solutions should be to improve retirement readiness and long-term results, with fees considered in the context of overall value and personalization.“We've had some people say publicly, the reason I like managed accounts is they can't be benchmarked, to which we replied, hold my beer.” - Tom KmakConnect with Tom Kmak:Website: https://www.fiduciarydecisions.com/team/tom-kmak/ LinkedIn: https://www.linkedin.com/in/thomas-kmak-5635b77/ 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 changeIt 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 discusses intricate details of retirement plan record-keeping fee structures, emphasizing the importance of understanding those details. He references a case where a plan with several hundred million dollars and thousands of participants decided to eliminate revenue sharing and conduct an advisor search. Eric explains the nuances of fee assessment, including the decision to charge participants on a per-head basis rather than an asset basis, and the potential implications of excess or shortage in revenue. He advises plan committees to regularly review their fee structures and ensure complete understanding, transparency, and proper documentation.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's specific circumstances.

Now “retired” (whatever that means), Nevin is the former Chief Content Officer and Head of Retirement Research for the American Retirement Association. One of the retirement industry’s most prolific writers, these days he’s “retired”, which means he writes less, but continues to keep his eye on developments in, and threats to, the nation’s private retirement system. He’s the Chief Advisor Strategist at Endeavor Retirement, and he’s also the “Nevin” in the Nevin & Fred podcast (along with renowned ERISA attorney Fred Reish), offering irreverent, but relevant perspectives on the critical issues confronting plan sponsors, advisors, and retirement industry professionals. Prior to his time at the ARA, he was the Employee Benefits Research Institute’s Director of Education and External Relations, Co-Director of EBRI’s Center for Research on Retirement Income, and Director of the American Savings Education Council, and prior to that, spent a dozen years as Global Editor-in-Chief of PLANSPONSOR magazine and PLANSPONSOR.com, as well as PLANADVISER and PLANSPONSOR Europe magazines. He was the originator, creator, writer, and publisher of PLANSPONSOR.com’s NewsDash. He began his retirement services career at Northern Trust in Chicago, where he later served in a variety of management roles, culminating in the development of a proprietary recordkeeping platform, and at Wachovia Bank, leading their defined contribution/recordkeeping businesses.In this episode, Eric and Nevin Adams discuss:Retirement income requires tailored solutions.Fiduciary roles shift after adoption.Default options remain a challenge.Adoption will be gradual and cautious.Key Takeaways:There’s a wide range of income options beyond annuities, but each plan should carefully assess its participants’ needs before implementing anything.Choosing to offer a retirement income option begins as a settlor decision, but once implemented, it becomes a fiduciary duty to select the specific solution, to monitor, and manage.Auto-enrolling participants into lifetime income products is complex—many don’t fully grasp the trade-offs, and surveys show mixed interest.Due to regulatory uncertainty and logistical hurdles, most plan sponsors are expected to move conservatively, guided by education and expert consultation.“How are we making default lifetime income assumptions about people on a generic basis without some of that nuance? Aren't you, almost by definition, creating a product that's not really going to fit people anyway?” - Nevin AdamsConnect with Nevin Adams:Website: https://nevinandfred.com/ LinkedIn: https://www.linkedin.com/in/nevinadams/ 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 changeIt 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 discusses the importance of details in fiduciary work, referencing Admiral Hyman Rickover's saying, "The devil's in the details, but so is salvation." He explains his process of conducting advisor searches for plan sponsors, emphasizing the need to understand pricing models, particularly asset-based pricing. Eric highlights a case where a plan's participant count increased from 3,000 to 3,600, affecting the per head pricing whereas record keeper's overall revenue was unchanged. He advises advisors to focus on the cost per head to better understand pricing changes and complexities, promising to delve deeper into benchmarking details in future episodes.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.

Mike DiCenso is a seasoned professional in the retirement industry, carrying over three decades of rich experience. His expertise spans a broad range of competencies:Crafting visionary strategies and direction, marked by critical thinking and market leadership Proficient in practice management and mastering business metricsDemonstrated organizational leadership, with a focus on revenue, asset, and profit growthProven track record in sales and marketing leadership, formulating effective models, and offering mentoringRemarkable team-building and recruitment capabilitiesStrong expertise in managing mergers and acquisitionsHeld prominent positions such as CEO, COO, and CMOWell-versed in providing holistic solutions and leadershipIn this episode, Eric and Mike DiCenso discuss:Non-qualified plans are a strategic opportunity needed by companies, but many advisors still fail to considerFlexible by design, powerful in executionA high-impact solution for industries where leadership churn is costlyExecution is everything: design with care, comply with precisionKey Takeaways:Despite their potential to transform executive compensation, non-qualified plans remain overlooked, especially in the small to mid-sized business segment. Yet, for companies with 5–100 employees, these plans can be the missing piece in retaining key leaders and crafting a compelling rewards strategy that traditional retirement plans can’t match.Unlike more narrow guard rails of qualified plans, non-qualified deferred compensation offers immense design freedom. Whether it’s deferred bonuses, phantom stock, or performance-based vesting, companies can align rewards with real results, giving them the power to incentivize the exact behaviors and milestones that drive growth.Sectors plagued by executive turnover (construction, tech, engineering, and others) stand to gain the most benefit. Non-qualified plans provide a long-term golden thread, tying top performers to the company’s future and reducing the risk of talent loss to competitors.These plans demand more than just enthusiasm, however. They require thoughtful planning, buy-in from leadership, and strict alignment with IRS Section 409A. Begin with your CFO or HR lead, engage vetted providers, and never promise what you can’t fund. A well-run plan earns loyalty. A careless one invites risk.“The big key to this is plan design. That's where the rubber meets the road, and that's where the true benefit arrives.” - Mike DiCensoConnect with Mike DiCenso:LinkedIn: https://www.linkedin.com/in/michael-dicenso-a479b16/ 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 is general in nature and is 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 changeIt 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 the Friday Fiduciary Five, Eric Dyson discusses the current “Hot Topics” for ERISA plans. Leading the list is the Cunningham v. Cornell decision, which shifts the burden of proving exemptions in prohibited transactions to fiduciaries. Fee and forfeiture litigation remains active, with dozens of new cases this year. Health plan fiduciary risks—such as mental health parity rules and PBM transparency—are under increased scrutiny. SECURE 2.0 compliance, especially auto-enrollment and catch-up contributions, is still a key focus. Emerging risks around AI, cryptocurrency, ESG, and private equity in 401(k) plans are also highlighted. Dyson emphasizes strong fiduciary governance and stewardship.Included in this episode are references to previous podcast episodes that address many of these issues.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.

Mike Dullaghan is Director of Retirement Sales Execution for Franklin Templeton. He is responsible for providing thought leadership, promoting new content, and delivering the tools and resources that help enable the Retirement team to effectively market Franklin Templeton products. Mr. Dullaghan is a regular contributor to Kiplinger’s “Building Wealth” newsletter. In this episode, Eric and Mike Dullaghan discuss Franklin Templeton’s “Voice of the American Workplace Survey,”  available for download at https://www.franklintempleton.com/insights/research-findings/voice-of-the-american-workplace-surveyThe discussion includes:Work-Life Balance and Mental Health Are Frontline PrioritiesCommunication Must Be Clear, Diverse, and Generationally AwareRetirement and Career Growth Need PersonalizationThe Future of Work Demands Skill Agility and Cultural AlignmentKey Takeaways:Work-life balance and mental health are top priorities, with 85% of employees seeking better balance and support for stress management in the workplace.Communication must be clear, diverse, and generationally aware, as 90% of employees want honest leadership communication delivered through multiple channels, not a one-size-fits-all approach.Retirement and career growth need personalization, with a strong interest in guaranteed income options and a desire for both simpler and tailored investment and development paths.The future of work demands skill agility and cultural alignment as employees adapt to AI and technology shifts, while also seeking transparency, purpose, and opportunities to grow.“Look for ways to ruthlessly simplify. Life is complicated.” - Mike DullaghanConnect with Mike Dullaghan:Website: https://www.franklintempleton.com/LinkedIn: https://www.linkedin.com/in/mikedullaghan1 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 is general in nature and is 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 changeIt 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 discusses the Department of Labor’s (DOL) position in the forfeiture-related case Hutchins vs. Hewlett Packard, Inc. The DOL submitted an amicus brief supporting the court’s dismissal of the plaintiffs’ complaint, agreeing that Hewlett Packard acted within the discretion granted by its plan document. Dyson stresses the importance of following plan documents and recommends consulting advisors, attorneys, record keepers, and TPAs to ensure compliance. He explains that plan sponsors are allowed to use forfeitures to pay plan expenses or fund employer contributions, depending on what the plan permits. Dyson warns that requiring forfeitures to always offset administrative expenses could lead employers to reduce promised benefits, such as matching contributions.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.

In this episode of Friday Fiduciary Five, Eric Dyson talks about trends in advisor RFPs, emphasizing the importance of likability, participant engagement, and support for HR teams. He highlights that committees still prioritize fiduciary consulting and support.  However, this has become table stakes. The difference that many plan sponsors and committees look for is in the value advisors can bring to enhance employee understanding and appreciation of benefits. Eric shares insights from his experience in personally conducting advisor searches and RFPs for plan committees, noting that personal connections and cultural fit are crucial. He advises advisors to focus on their company's culture and values, as well as their ability to assist with HR tasks, to stand out in the competitive advisor market.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.

Jamie Greenleaf is the Co-Founder of Fiduciary In A Box (FIAB) and a recognized expert in fiduciary governance. With a career dedicated to helping employers design and implement fiduciarily sound retirement programs, she has consistently focused on driving better financial outcomes for employees.In response to the Consolidated Appropriations Act (CAA) of 2021, Jamie co-founded Fiduciary In A Box to equip employers and their partners with the tools and framework needed to establish a strong fiduciary process for their health care plans, ensuring compliance and reducing risk for plan sponsors.In this episode, Eric and Jamie Greenleaf discuss:New transparency rules for healthcare plansEmployers must embrace fiduciary responsibilityAdvisors are essential partners in complianceSupport tools like Fiduciary In a Box can helpKey Takeaways:The Consolidated Appropriations Act of 2021 introduced major updates to employer-sponsored healthcare plans, building on ERISA’s foundation. Key changes include the removal of gag clauses, mandatory compensation disclosures, and new reporting requirements on prescription spending and mental health parity.Employers are now expected to take a more hands‑on approach in managing their healthcare plans. This includes forming fiduciary committees, undergoing fiduciary training, verifying vendor information, and benchmarking service providers to ensure fair costs and quality.Advisors and brokers play a critical role in helping employers understand their fiduciary duties. They should offer transparent compensation details and guide the development of strong oversight practices to protect plan participants and maintain regulatory compliance.Platforms such as Fiduciary In a Box simplify the compliance process by providing resources, templates, and benchmarking tools. These solutions enable employers to implement proper fiduciary practices and make well‑informed, participant‑focused decisions.“Trust but verify, because at the end of the day, you are the fiduciary nobody else sitting at that table on the healthcare side is.” - Jamie GreenleafFiduciary In A BoxConnect with Jamie Greenleaf:Website: https://www.fiduciaryinabox.com/ LinkedIn: https://www.linkedin.com/in/jamie-greenleaf-aif-cbfa-c-k-p-4029365a/ 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 is general in nature and is 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 changeIt 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 discusses the implications of the Cunningham v Cornell Supreme Court decision for health plans, emphasizing the need for 408(b)(2) disclosures under the Consolidated Appropriations Act. He explains that health plans subject to ERISA must now disclose fees and services provided by vendors, such as third-party administrators and pharmacy benefit managers. Eric advises plan committee members to establish a process similar to retirement plans, including fiduciary committees and charters, to 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.