MassMutual Retirement Services Issues Fiduciary Guide for Plan Sponsors
SPRINGFIELD, MA, December 7, 2004 -- MassMutual Retirement Services has published a guide to fiduciary responsibility in an effort to help employers better understand and fulfill their duties and obligations as retirement plan fiduciaries.
The guide, entitled "Helping You Fulfill Your Fiduciary Duties," includes clear and helpful summaries of plan sponsors' fiduciary roles and responsibilities, useful templates and forms that plan sponsors can customize to their own plans, and a summary of the Employee Retirement Income Security Act (ERISA) that governs fiduciaries' duties.
"Plan sponsors have a difficult job that is made all the more complicated by today's confusing and changing regulatory environment," said Frederick C. Castellani, executive vice president and head of MMRS. "This guide will help plan sponsors understand what to do, when to do it, and how to make sure the actions they take are always in the best interests of their plan and their participants."
The guide includes:
- A current plan summary form that helps sponsors organize and maintain their most important plan documents.
- Useful templates for important plan documents, such as a delegation agreement, investment committee charter, investment policy statement, and other board materials.
- Definitions of who is a fiduciary and why, and descriptions of fiduciary responsibilities, including the roles of making investment selections and offering participant education.
- A review of ERISA, including helpful explanations of the law.
The guide is available in both print and electronic formats, and is accessible through MassMutual's Total Retirement Center (TRC), a comprehensive online plan information and service site for MassMutual's plan sponsors. Using the TRC, plan sponsors can download the fiduciary guide's forms, use the templates and other information, and customize the documents to their plan.
About MassMutual Retirement Services
MassMutual's Retirement Services division has been serving retirement plans for more than 60 years. It offers a full range of products and services for corporate, union, non-profit and governmental employers' defined benefit, defined contribution and nonqualified deferred compensation plans. It serves approximately 850,000 participants.
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