In this episode of Friday Fiduciary Five, Eric Dyson discusses the Department of Labor’s (DOL) position in the forfeiture-related case Hutchins vs. Hewlett Packard, Inc. The DOL submitted an amicus brief supporting the court’s dismissal of the plaintiffs’ complaint, agreeing that Hewlett Packard acted within the discretion granted by its plan document. Dyson stresses the importance of following plan documents and recommends consulting advisors, attorneys, record keepers, and TPAs to ensure compliance. He explains that plan sponsors are allowed to use forfeitures to pay plan expenses or fund employer contributions, depending on what the plan permits. Dyson warns that requiring forfeitures to always offset administrative expenses could lead employers to reduce promised benefits, such as matching 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 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 trends in advisor RFPs, emphasizing the importance of likability, participant engagement, and support for HR teams. He highlights that committees still prioritize fiduciary consulting and support. However, this has become table stakes. The difference that many plan sponsors and committees look for is in the value advisors can bring to enhance employee understanding and appreciation of benefits. Eric shares insights from his experience in personally conducting advisor searches and RFPs for plan committees, noting that personal connections and cultural fit are crucial. He advises advisors to focus on their company's culture and values, as well as their ability to assist with HR tasks, to stand out in the competitive advisor market.

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.

Jamie Greenleaf is the Co-Founder of Fiduciary In A Box (FIAB) and a recognized expert in fiduciary governance. With a career dedicated to helping employers design and implement fiduciarily sound retirement programs, she has consistently focused on driving better financial outcomes for employees.

In response to the Consolidated Appropriations Act (CAA) of 2021, Jamie co-founded Fiduciary In A Box to equip employers and their partners with the tools and framework needed to establish a strong fiduciary process for their health care plans, ensuring compliance and reducing risk for plan sponsors.

In this episode, Eric and Jamie Greenleaf discuss:

• New transparency rules for healthcare plans
• Employers must embrace fiduciary responsibility
• Advisors are essential partners in compliance
• Support tools like Fiduciary In a Box can help

Key Takeaways:

• The Consolidated Appropriations Act of 2021 introduced major updates to employer-sponsored healthcare plans, building on ERISA’s foundation. Key changes include the removal of gag clauses, mandatory compensation disclosures, and new reporting requirements on prescription spending and mental health parity.
• Employers are now expected to take a more hands‑on approach in managing their healthcare plans. This includes forming fiduciary committees, undergoing fiduciary training, verifying vendor information, and benchmarking service providers to ensure fair costs and quality.
• Advisors and brokers play a critical role in helping employers understand their fiduciary duties. They should offer transparent compensation details and guide the development of strong oversight practices to protect plan participants and maintain regulatory compliance.
• Platforms such as Fiduciary In a Box simplify the compliance process by providing resources, templates, and benchmarking tools. These solutions enable employers to implement proper fiduciary practices and make well‑informed, participant‑focused decisions.

“Trust but verify, because at the end of the day, you are the fiduciary nobody else sitting at that table on the healthcare side is.” - Jamie Greenleaf

Fiduciary In A Box

Connect with Jamie Greenleaf:

Website: https://www.fiduciaryinabox.com/

LinkedIn: https://www.linkedin.com/in/jamie-greenleaf-aif-cbfa-c-k-p-4029365a/

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.