2. With more than 20 years of experience in the retirement
plan industry, Richard Shafer of Madison, Wisconsin, is a
Certified Employee Benefit Specialist. As the executive
director of Well and Good LLC, an investment advisor
registered with the SEC to serve nationally from Madison
WI, Richard Shafer furnishes advice to retirement plan
fiduciaries, in particular 403(b) plans established by not-
for-profit organizations.
In 2015 the Supreme Court confirmed that the Employee
Retirement Income Security Act of 1974 (ERISA) places a
continuing duty on a retirement plan fiduciary - separate
and apart from the duty to exercise prudence in selecting
plan investments - to monitor plan investments.
3. This is based on fiduciary responsibility across all
settings, not limited to retirement plans.
However, there is not a "bright line" or specified
method to select or monitor investments. Plan
sponsors should select and monitor investments
in a manner that is reasonable and appropriate to
the particular investments, courses of action and
strategies involved. Otherwise, ERISA furnishes
an alternative: Engage an Investment Advisor
with expertise in plans like theirs.
