Episodios

  • FF5 #77 - ERISA Bond v Fiduciary Liability Insurance

    FF5 #77 - ERISA Bond v Fiduciary Liability Insurance
    Sep 19 2025

    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: 940-248-4800

    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 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.
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    7 m
  • FF5 #76 - A Cyber Risk That's Simple to Fix

    FF5 #76 - A Cyber Risk That's Simple to Fix
    Sep 12 2025

    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: 940-248-4800

    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 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.
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    4 m
  • Ellen Alphonso: Employee Benefit Plan Audit Best Practices

    Ellen Alphonso: Employee Benefit Plan Audit Best Practices
    Sep 10 2025
    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.
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    36 m
  • FF5 #75 - McDonald v LabCorp Decision - Part 3

    FF5 #75 - McDonald v LabCorp Decision - Part 3
    Sep 5 2025

    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: 940-248-4800

    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 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.
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    9 m
  • FF5 #74 - McDonald v LabCorp Decision - Part 2

    FF5 #74 - McDonald v LabCorp Decision - Part 2
    Aug 29 2025

    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: 940-248-4800

    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 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.
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    7 m
  • Jonathan Lee: A CHRO's Perspective

    Jonathan Lee: A CHRO's Perspective
    Aug 27 2025

    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 Careers
    • Attracting and Retaining the Right Talent
    • The Power of Education and Clarity
    • HR’s Role in Enterprise Value


    Key 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 Lee


    Connect with Jonathan Lee:

    Website: https://www.glazersbeer.com/

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


    Connect with Eric Dyson:

    Website: https://90northllc.com/

    Phone: 940-248-4800

    Email: 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 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.
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    30 m
  • FF5 #73 - McDonald v Labcorp Decision Part 1

    FF5 #73 - McDonald v Labcorp Decision Part 1
    Aug 22 2025

    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: 940-248-4800

    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.
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    6 m
  • Jenny Kiesewetter: Fiduciary Duty in Selecting Health Plan Providers

    Jenny Kiesewetter: Fiduciary Duty in Selecting Health Plan Providers
    Aug 20 2025
    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.
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    32 m