New tool helps financial professionals mitigate fiduciary risk to their plan sponsor clients
NEW YORK, August 6, 2014— The Guardian Insurance & Annuity Company, Inc. (GIAC), a wholly-owned subsidiary of The Guardian Life Insurance Company of America®, today announced the launch of The Fiduciary Awareness Quiz , the first industry assessment to help plan sponsors better understand their fiduciary obligations and responsibilities.
“Business owners wear multiple hats and may be unsure about all of their responsibilities and obligations as a plan fiduciary under ERISA. It’s important that plan sponsors appropriately mitigate their fiduciary risk– no matter how big or small the plan is,” said Matthew Bryan, Director, Retirement Marketing, Guardian Retirement Solutions™.
The Fiduciary Awareness Quiz consists of 15 Yes-No questions designed to assess a 401(k) plan sponsor’s knowledge of qualified plan fiduciary best practices, as well as which of these practices is currently being applied to the administration of the 401(k) plan. Plan sponsors can benchmark their scores to determine where their fiduciary knowledge ranks against their peers.
What’s your Fidiciary IQ? Take the test…
The Fiduciary Awareness Quiz provides a customized report with educational information to help plan sponsors better understand their fiduciary responsibility. Financial professionals can use the tool and reports to gauge the fiduciary awareness of their plan sponsor clients and help fill in knowledge gaps and suggest solutions to help mitigate fiduciary risk.
“The Fiduciary Awareness Quiz easily calculates how well plan sponsors know their fiduciary guidelines and procedures and quickly identifies the areas that demand greater attention,” said Bryan. “As a result, small business owners acting as plan sponsors gain a better understanding of their role as a fiduciary and can work with their financial professionals and support partners to ensure that the best retirement outcome is achieved for plan participants.”
Guardian’s Fiduciary Awareness Quiz was developed from The Small Plan 401(k) RetireWell Study SM: What’s Working and Not Working for Small Businesses, a comprehensive national survey of over 450 plan sponsors responsible for managing their businesses’ retirement plans. The Study revealed that one-third of respondents did not even realize that they were a plan fiduciary and one-quarter did not have an Investment Policy Statement in place.
Guardian’s Fiduciary Awareness Quiz is the latest tool launched by Guardian Retirement Solutions, the country’s go-to provider of group retirement products in the micro- to small-plan market, to help plan sponsors, plan participants, and the financial professionals who serve them optimize the retirement planning process. For more information, please visit 401k.GuardianLife.com.
A mutual insurer founded in 1860, The Guardian Life Insurance Company of America (Guardian) and its subsidiaries are committed to protecting individuals, business owners and their employees with life, disability income and dental insurance products, and offer funding vehicles for 401(k) plans, annuities and other financial products. Guardian operates one of the largest dental networks in the United States, and protects more than eight million employees and their families at over 115,000 companies. The company has approximately 5,000 employees in the United States and a network of over 3,000 financial representatives in more than 80 agencies nationwide. For more information about Guardian, please visit www.GuardianLife.com.
The Guardian Choice® group variable funding agreement and The Guardian Advantage® group variable annuity contract are issued by The Guardian Insurance & Annuity Company, Inc. (GIAC), a Delaware corporation whose principal place of business is 7 Hanover Square, New York, NY, 10004. GIAC is a wholly owned subsidiary of The Guardian Life Insurance Company of America (Guardian), New York, NY. Guardian does not issue Individual annuities, group variable funding agreements and group variable annuity contracts and does not guarantee the benefits they provide.