Tribal fiduciaries have a responsibility to follow sound fiscal practices and fulfill their duty of care. This episode, Wes Benally and Paul Madrid discuss the Tribal fiduciary role and reducing risk in the management of employer-sponsored retirement plans. Paul explains the unique challenges tribal fiduciaries face, the importance of following fiduciary responsibilities, and introduces REDW's retirement plan sponsor scorecard—a tool specially designed to help Tribes assess their retirement plan management.

The scorecard consists of 14 questions that cover areas such as investment policies, goals and objectives, and the effectiveness of education programs. Paul emphasizes the significance of having an investment committee and providing education to plan participants and highlights the role of accredited investment fiduciaries in sound fiscal practices.

Takeaways

• The retirement plan sponsor scorecard helps tribes assess their retirement plan management and identify areas for improvement.
• Key areas covered by the scorecard include investment policies, goals and objectives, and the effectiveness of education programs.
• Having an investment committee and providing education to plan participants are crucial for successful retirement plan management.
• Accredited investment fiduciaries play a significant role in sound fiscal practices and reducing risk.

Chapters
00:00 - Introduction to Managing Employer-Sponsored Retirement Plans
02:09 - Introducing the Retirement Plan Sponsor Scorecard
05:13 - Understanding Fiduciary Responsibilities and Risk Management
08:56 - The Importance of Investment Policies and Committees
12:23 - Providing Education and Support to Plan Participants
21:29 - Taking the Retirement Plan Sponsor Scorecard
24:24 - Conclusion and Invitation to NEFO Conference

References

• Read: Fiduciary Risk Management for Retirement Plan Sponsors
• Learn More: REDW's 14-Question Retirement Plan Sponsor Scorecard for Tribes
• Event: NAFOA's 42nd Annual Conference - April 29 @ Seminole Hard Rock Hotel

Wealth Management Disclosure Statement
© 2024 REDW Wealth LLC. This publication is intended for general informational purposes only and should not be construed as investment, financial, tax, or legal advice. Information and instruction shared in the article above do not guarantee outcomes, performance, or quality of services provided to REDW Wealth Management clients by REDW Wealth Management or its employees. Adherence to our fiduciary duty is not a guarantee of client satisfaction or any particular outcome. Advisory, Assurance, and Tax is offered through REDW LLC. Wealth Management is offered through REDW Wealth LLC.

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REDW Advisors and CPAs is proud to bring you the Insight in Indian Country Podcast, covering important advisory, accounting, and finance topics that impact Tribal Nations and business affairs. Thanks for listening!