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A Part of IRM: Fiduciary Risk

A Part of IRM: Fiduciary Risk. By Jamie Collier & Jim Plaster. Condition – Member’s Fiduciary Exposures:. Lack of monitoring Investment Performance Lack of monitoring fees charged to participants Lack of competitive analysis and procurement in record keeping services

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A Part of IRM: Fiduciary Risk

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  1. A Part of IRM: Fiduciary Risk By Jamie Collier & Jim Plaster

  2. Condition – Member’s Fiduciary Exposures: • Lack of monitoring Investment Performance • Lack of monitoring fees charged to participants • Lack of competitive analysis and procurement in record keeping services • Administrative & Record Keeper services ignored or left on “auto pilot” • Etc.

  3. Coverage: • WSTIP’s SIR Layer • GEM Layer – reportedly not covered • Excess Layer - ??

  4. Initiative: (Reduce Exposure to Pool) • Exclude coverage in SIR (leave all members bare) • Continue coverage in SIR • Seek additional coverage in GEM & other excess layers • Improve loss avoidance • Establish a pooled resource for monitoring investment performance, fees, competitive analysis and procurement of record keeper services, etc.

  5. Initiative (continued): • It is possible to efficiently and effectively accommodate many individual plans in a pooled environment for reduction of risk

  6. Recommendations: • Treat Fiduciary Exposures as any other exposures for members under our IRM philosophy • Pursue a common understanding that our pool desires to provide broad coverage (rather than narrow) of all liability risks our members have responsibility for.

  7. Recommendations (continued): • Improve our loss avoidance assets and tools for Fiduciary Exposures thru an efficient & effective process. (A pooled resource for monitoring employee benefit funds investment performance, fees, competitive analysis & procurement of record keeper services, etc.)

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