Help your clients stay organized with the 2018 fiduciary file
Your clients need to have easy, ongoing access to their plan’s most important records and documentation that demonstrate they’ve completed annual fiduciary tasks. You can help by making sure they know how to use the annual fiduciary file from Principal®.
The 2018 fiduciary file
We’ll begin distributing the 2018 fiduciary file to defined contribution and defined benefit clients the week of March 5.
All clients will receive an electronic message with instructions to access the file online. If they prefer a paper copy mailed to them, they can submit a simple online request.
Ongoing, all clients have easy access to the fiduciary file materials through the employer login on principal.com.
How can you use the file?
- Use the annual fiduciary file as a starting point for conversations about how you can help your clients so they more effectively manage their fiduciary responsibilities and stay compliant.
- Refer to the fiduciary file checklist throughout the year to know what documents your clients may need help finding or what actions to take.
Your client’s annual fiduciary file should include plan-specific documents and documentation of the fiduciary tasks they complete this year. These resources we provide help them get started:
- Fiduciary document catalog: Lists documents clients may want to store and retain.
- Fiduciary log report: A report for clients to record the fiduciary activities completed this year.
- Fiduciary management handbook: A resource that helps clients understand their responsibilities.
- Due diligence process year in review: One item we suggest clients include in their files.
- Participant education double-check: An independent verification to help clients fulfill their fiduciary obligations for monitoring and oversight.
What’s new this year?
We’ve hired Ernst & Young LLP to review and evaluate our security measures on an ongoing basis. That way you can feel confident we have the procedures in place to keep your clients’ data safe. This can also help demonstrate that your clients are taking steps towards fulfilling their fiduciary responsibilities related to the security of their employees’ personal and financial data. You can find the System and Organization Controls 2 (SOC2®) report on the employer website.
This document is intended to be educational in nature and is not intended to be taken as a recommendation Insurance products and plan administrative services provided through Principal Life Insurance Co. Securities offered through Principal Securities, Inc., 800-547-7754, member SIPC and/or independent broker-dealers. Principal Life, and Principal Securities are members of the Principal Financial Group®, Des Moines, Iowa 50392.
For financial professional use only.
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