In this episode of Friday Fiduciary Five, Eric Dyson talks about the anatomy of an ERISA class action lawsuit. He explains that attorneys often scrutinize IRS Form 5500s for high fees and underperforming investments. If issues are found, former employees may become named plaintiffs. After a complaint is filed, a motion to dismiss is typically the first defense. If this fails, discovery involves extensive document exchange. Eric emphasizes the importance of detailed meeting minutes and a thorough review of all plan documents and documents that represent a fiduciary process for plan compliance.

Connect with Eric Dyson:

Website: https://90northllc.com/

Phone: 940-248-4800

Email: 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.

In this episode of Friday Fiduciary Five, Eric Dyson talks about lessons learned from the Supreme Court case Cunningham v Cornell, focusing on the distinction between prohibited transactions and exempt prohibited transactions under ERISA. He emphasizes the importance of proper disclosures, such as ERISA 408(b)(2) disclosures, to ensure arrangements are reasonable and not prohibited. Eric highlights the need for committee members and advisors to understand their legal fiduciary duties and to manage plan expenses WHEN POSSIBLE by writing checks for services rather than using plan assets. He also notes concerns about the potential for increased litigation and fiduciary liability insurance costs due to an implied lower pleading standard from this case.

Connect with Eric Dyson:

Website: https://90northllc.com/

Phone: 940-248-4800

Email: 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.

Terry Crocker, CEO of Tropical Texas Behavioral Health, holds master’s degrees in psychology and business. Since 2003, Terry has led the agency’s growth into one of Texas’s largest community centers, now serving 34,000 people annually with a $123M budget and 1,400 staff. Honors include Behavioral Healthcare Champion (2013), the National Council’s Visionary Leadership Award (2018), and appointment as an inaugural Commissioner on the Texas Judicial Commission on Mental Health.

Scott Hayes is President and CEO of ISC Group, Inc., based in Dallas. With 30 years of industry experience, he joined ISC in 1997. Scott is a past president of the American Retirement Association and NTSAA, and served on the ASPPA Board. He’s a founding member and contributor to 403(b) Advisor magazine and currently serves on the board of the Texas Public Plan Coalition.

Mannix Smith brings 28 years of experience in defined contribution, ESOP, and executive benefit plans, including 27 years with ISC Group. For the past decade, Mannix has led retirement plan strategy, compliance, and relationship management at ISC, overseeing key programs and client partnerships.

In this episode, Eric, Terry, Scott, and Mannix discuss:

• Engaging employees about company benefits and earning their trust
• Maximizing retirement options
• Engage through presence and education
• Leverage plan design for growth
• Uphold fiduciary and financial excellence

Key Takeaways:

• For eligible government entities, contribute fully to both 457(b) and 403(b) plans. Take advantage of unique plan features that are part of a 457(b). Understand the strategic layering of 401(a), 457(b), and 403(b) plans for greater retirement flexibility.
• Promote benefits actively. Offer regular communication and face-to-face consultations. Build trust and increase participation through consistent, visible leadership.
• Encourage enrollment through generous matching programs. Consider the best use of forfeitures to support benefit enhancements. Structure plans to drive long-term participation and asset growth.
• Conduct quarterly investment reviews. Monitor advisor performance carefully. Maintain adequate reserves and use professional strategies focused on liquidity, safety, and return.

“Take the time out to listen to the client's needs, to understand exactly what they are asking of you” - Mannix Smith

Connect with Mannix Smith: https://www.linkedin.com/in/mannix-o-smith-5802b728/

Connect with Scott Hayes: https://www.linkedin.com/in/scotthayescfa/

Connect with Eric Dyson:

Website: https://90northllc.com/

Phone: 940-248-4800

Email: 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 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 potential risks of including cryptocurrencies in ERISA retirement plans. He emphasizes that sophisticated, highly volatile investments like cryptocurrencies may not be suitable for group retirement plans. Eric references a Senate bill introduced by Senator Tommy Tuberville that seeks to reverse the Department of Labor's guidance against cryptocurrency investments in retirement plans. He argues that the DOL's guidance highlights significant risks, and without compelling evidence showing improved participant outcomes, he advises against including cryptocurrencies in ERISA plans. Eric also references articles from Plan Advisor magazine that highlight differing opinions among advisors regarding the appropriateness of cryptocurrencies in financial plans.

Connect with Eric Dyson:

Website: https://90northllc.com/

Phone: 940-248-4800

Email: 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.

In this episode of Friday Fiduciary Five, Eric Dyson talks about the ARA Leadership Triangle: Authority, Responsibility, and Accountability. He emphasizes that while authority can be delegated, responsibility cannot. Eric uses examples from leadership roles to illustrate the consequences of lacking these elements: apathy without accountability, frustration without authority, and boredom without responsibility. He stresses that ERISA plan fiduciaries cannot completely offload their responsibilities to service providers, even if there are shared fiduciary roles. Eric highlights the importance of monitoring delegated tasks and maintaining fiduciary duties, even when responsibilities are shared.

Connect with Eric Dyson:

Website: https://90northllc.com/

Phone: 940-248-4800

Email: 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.

With over 25 years of experience in financial services, Kelly has a passion for helping employers optimize their retirement plans and empower their employees to achieve financial security and retire with confidence. Combining financial expertise with wellness coaching, Kelly enjoys crafting comprehensive strategies that support employees throughout their health and wealth journey. She holds key certifications in fiduciary retirement plan management (AIF, QPFC, CRPS) as well as functional health and wellness coaching (NBC-HWC, A-CFHC), enabling her to implement a whole-person strategy in retirement plan management.

She has also been recognized twice by The Financial Times, in September 2015 & 2016, as one of the “Top 401 Financial Advisers” in the 401(k) field and by NAPA, the National Association of Plan Advisors, as a 2017 and 2019 Top Woman Advisor All-Star in the retirement plan industry.

In this episode, Eric and Kelly Majdan discuss:

• Signs of success in financial wellness programs
• Understanding employees’ needs
• The true measure of financial wellness program success
• Focus on the people, not the numbers

Key Takeaways:

• Financial wellness programs should expect 5-15% engagement initially, which is actually a sign of success, not failure. The goal is to help employees move through different stages of behavioral change at their own pace.
• Understanding employees' needs is critical - start with a comprehensive survey to identify what financial topics are most important to your workforce, and design programs that meet them where they are in their financial journey.
• Measuring success goes beyond traditional metrics. Look at engagement indicators like webinar attendance, article clicks, survey participation, and gradually expanding program participation over 2-3 years.
• The most important approach is remembering that wellness programs are about people, not just numbers. Connect with employees personally, provide hope through success stories, and create supportive, ongoing resources that recognize individuals are at different stages of financial readiness.

“Remember, you're dealing with people. Remember that they're not participants, they're not employees, they're not co-workers, they're not associates, they're people. Connect with them where they are and see them as the people that they are in front of you.” - Kelly Majdan

Connect with Kelly Majdan:

Website: https://www.onedigital.com/

LinkedIn: https://www.linkedin.com/in/kellymajdan/

Connect with Eric Dyson:

Website: https://90northllc.com/

Phone: 940-248-4800

Email: 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 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 two key principles in financial planning on his podcast. First, he asserts that individuals with debt problems often lack a written budget. Second, he notes that no one has ever regretted saving too much for retirement. Eric emphasizes the importance of starting early with retirement savings, using the example of a middle-income household saving 3% without auto-escalation, which can yield significant results over time. He also highlights the benefits of financial literacy and budgeting and the potential impact of even small savings contributions.

Connect with Eric Dyson:

Website: https://90northllc.com/

Phone: 940-248-4800

Email: 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.