In this episode of Friday Fiduciary Five, Eric Dyson talks about the importance of understanding different fiduciary roles, particularly for ERISA plan committee members. He emphasizes the duty of loyalty, which requires acting exclusively in the best interest of plan participants, and the duty of prudence, which involves conducting oneself like an expert. Eric shares an example of a CFO recognizing the need to put the plan's interests above personal preferences. He also stresses that all committee members, regardless of their position, should have equal weight in fiduciary decisions and that personal interests should be set aside for the benefit of the plan participants.

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.

In this episode of Friday Fiduciary Five, Eric Dyson talks about the pride and privilege of fiduciary duty, drawing parallels to Team USA's Olympic gold in hockey. He highlights the significance of the USA's gold medal win, emphasizing the team's unity and Coach Mike Sullivan's simple yet powerful message. Eric compares this to the fiduciary duty of ERISA professionals, urging them to see it as a privilege rather than a burden.

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.

David J. Witz is a nationally recognized fiduciary governance expert with more than 44 years of experience in retirement plan consulting, ERISA compliance, and fintech solutions. He is the CEO and founder of Fiduciary Risk Assessment LLC, CEO of PlanTools, LLC, and co-founder and COO of Catapult HQ, Inc., where he leads executive management, product design, SaaS development, and fiduciary consulting. Over his career, he has served as an expert witness in major ERISA litigation, advised national financial institutions, authored and presented extensively on fiduciary risk and governance, and helped shape industry best practices through technology, education, and thought leadership.

In this episode, Eric and David discuss:

• Using scorecards to filter, not decide
• Preferring consistency over hero-to-zero performance
• Making fiduciary decisions visible and defensible
• Risk must be understood, not assumed

Key Takeaways:

• IPS scorecards narrow the universe, but they don’t tell you which “10 out of 10” is actually better. “Consistently Good Occasionally Great” (CGOG) steps in as an alternate but compatible filter to evaluate pattern, persistence, and risk consistency. Selection becomes intentional, not defaulting to the lowest cost or the best recent return.
• CGOG favors “singles and doubles” over volatile home runs and strikeouts. Rolling-period analysis reveals whether excess returns are repeatable or masked by boom-and-bust cycles. The goal is to minimize large losses and avoid unpleasant fiduciary surprises.
• Clear visuals and documented processes allow committees to understand risk and return without deep technical expertise. IPS, monitoring reports, and CGOG together create a repeatable decision framework. If challenged, the process—not hindsight—becomes the defense.
• Rolling data and deeper analysis reveal behavior that point-in-time returns can hide. Looking beyond recent performance leads to more intentional portfolio construction.

“Your scorecard is great at whittling down, filtering the universe into a smaller group where you can go deeper, but utilizing the scorecard as a baseline for selecting your funds is not a good idea. It does not give you the ability to look under the hood and determine why one 10 is a better 10 than another 10.” - David Witz

Connect with David Witz:

Website: www.plantools.com

LinkedIn: https://www.linkedin.com/in/david-witz/

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.

The opinions expressed by guests are not necessarily agreed by, or the same opinions of 90 North Consulting or of Eric Dyson.

In this episode of Friday Fiduciary Five, Eric Dyson talks about the Employee Benefit Security Administration's January 29, 2026, proposal to enhance transparency into pharmacy benefit manager (PBM) fee disclosures. The proposal aims to provide ERISA plan fiduciaries with clearer information on PBM compensation, including direct and indirect revenue streams. If finalized, PBMs and associated brokers must disclose detailed compensation at regular intervals for the benefit of plan sponsors.

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.

The opinions expressed by guests are not necessarily agreed by, or the same opinions of 90 North Consulting or of Eric Dyson.

Jamie Hayes is the Senior Vice President at Wealthspire Retirement. She specializes in employer retirement plan fiduciary management and investment consulting. With over 20 years of experience in the retirement industry, Jamie works directly with corporations and governments, providing progressive, unique ideas and solutions to enhance retirement plan success while maximizing the fiduciary protection of the committee members. Jamie is a University of Michigan graduate. She and her husband, Bobby, have two teenage daughters.

In this episode, Eric and Jamie Hayes discuss:

• Understanding fiduciary models in practice
• Evaluating pricing, access, and conflicts thoughtfully
• Choosing a fiduciary structure as a risk and trust decision
• Designing smarter advisor searches and RFP processes

Key Takeaways:

• The real difference between 3(21) and 3(38) shows up less in meetings and more in authority, liability, and documentation. Under 3(38), advisors direct changes and assume more responsibility, enabling faster action while committees remain informed and oversight-focused.
• Not all 3(38) offerings are created equal, with some firms limiting fund choices or charging materially different fees. An open architecture approach can preserve customization, reduce conflicts, and unlock lower-cost share classes that meaningfully cut expenses.
• Committees often begin with 3(21) and move to 3(38) as confidence grows in the advisor’s process and judgment. Even in a discretionary model, fiduciary duty remains active through monitoring, questioning, and ensuring the advisor never runs on autopilot.
• Well-run RFPs emphasize context, clarity, and fit rather than volume, secrecy, or recycled templates.
• Clear timelines, focused questions, right-sized finalist pools, and experienced search consultants lead to better decisions and cleaner outcomes.

“You don't want to just pick a template off the internet and go with that… The more information that you can give to the advisor in the beginning, the quicker and easier it's going to be for them to make a decision.” - Jamie Hayes

Connect with Jamie Hayes:

Website: https://www.wealthspire.com/

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

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.

The opinions expressed by guests are not necessarily agreed by, or the same opinions of 90 North Consulting or of Eric Dyson.

In this episode of Friday Fiduciary Five, Eric Dyson outlines three common process hiccups he believes need to stop. He emphasizes that an Investment Policy Statement (IPS) is a binding plan document under DOL guidance and warns against including language that suggests it does not have to be followed, while still allowing for reasonable flexibility. Eric also advises fiduciaries to stop keeping meeting minutes too brief, stressing that minutes should clearly document decisions, rationale, and demonstrate prudence and loyalty. Lastly, he discusses the cautious but potential value of retaining AI-generated meeting summaries, suggesting their benefits may outweigh discovery concerns. Overall, Eric encourages fiduciaries to review these practices with advisors and ERISA counsel to strengthen compliance and governance.

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.