Frequently Asked Questions:
Do I need to be certified to be a fiduciary?
No, you do not need to take a certification program; however, recent plan audits have asked for fiduciary training documentation. PSCA's ERISA Fiduciary Training Program offers you another layer of insulation when regulators or litigators question how you manage your plan.
Will this program ensure compliance?
As a fiduciary, you are responsible for your actions relating to your plan. You cannot delegate, release, or assign that responsibility to anyone else.
Can't I simply outsource my fiduciary responsibility?
No. Once designated a fiduciary, you can not authorize or appoint someone else to take your responsibility. For additional information, click here to read Ian Kopelman's, (Practice Leader, DLA Piper) articles on outsourcing your fiduciary responsibility.
Doesn't fiduciary insurance protect me?
Fiduciary insurance is restrictive and limited in its scope and does not protect the fiduciary 100% in all matters. the fiduciary needs to follow the plan document, manage the plan accordingly, and adhere to the recognized acceptable process and standards.
How will the training help me better fulfill my fiduciary duties?
PSCA's ERISA Fiduciary Training Program provides a comprehensive overview of all pertinent areas a fiduciary faces: duties of a fiduciary, plan governance, plan documents, monitoring outside consultants, and providing participant communications.
Can I get continuing education credit?
Yes. By taking this program you will earn Continuing Education Units, which may fulfill ongoing education requirements for professional designations.
Will there be additional PSCA Fiduciary Training Program modules available to take in the future?
Yes. In the first quarter of 2011, you will be able to enroll and take the following modules online.
- Defined Contribution Investment Fundamentals
- Defined Contribution Investment Decisions
- Defined Benefit Fiduciary Considerations
Will there be additional charges to take the additional modules?
If you have registered for PSCA's Fiduciary Training Program, you will be able to take the additional modules for a nominal charge of $50 for PSCA members and $150 for non-members.