When does a benchmark actually become “meaningful” — and what does that have to do with your retirement committee meetings? In this episode, Eric and ERISA attorney Bonnie Treichel unpack retirement sketchbooks, DOL proposed regs, and how fiduciaries can align process, purpose, and benchmarks without getting lost in the legal weeds.
In this episode, Eric and Bonnie Treichel discuss:
- Purpose and design of Your Retirement Sketchbook
- Making money conversations a “dinner table” topic
- Benchmarks and “meaningful benchmarks” in retirement plans
- 3(21) vs. 3(38) fiduciary roles and investment policy statements
- DOL proposed regulations, litigation trends, and action items for committees
Key Takeaways:
- Retirement conversations don’t have to be intimidating; using accessible, bite-sized topics can turn money into a normal “dinner table” discussion across generations.
- An investment policy statement is only useful if it reflects reality; committees must periodically review it and ensure their actual practices match the documented process.
- Benchmarks are not just numbers on a report; selecting and understanding the right benchmark is central to evaluating performance and defending fiduciary decisions.
- Delegating to a discretionary investment manager does not eliminate responsibility; plan sponsors still “own” the policy and must prudently select, monitor, and understand their 3(38) relationship.
- Prudence is about process, and loyalty is about purpose; without both, even technically sound procedures can fail participants if they aren’t anchored to what’s right for that specific plan and its people.
“The big action item is to look at your investment policy statement and see if it says anything about what benchmark is being used. Number two, look at your actual investment report and see, okay, what are the benchmarks being used?” - Bonnie Treichel
Bonnie’s passion is sharing her knowledge with financial advisors. When she founded Endeavor Retirement, her goal was to make retirement legislation easy to understand. She keeps advisors up to date on the rules and regulations through her webinars, presentations, and consultations. The result — advisors and consultants help more people access their retirement savings.
Connect with Bonnie Treichel:
Website: https://endeavor-retirement.com/
LinkedIn: https://www.linkedin.com/in/bonnietreichel/
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 are general in nature and are 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.
The opinions expressed by guests on the Be More Than a Fiduciary podcast are not necessarily the same as the opinions held by 90 North Consulting, or of Executive Director Eric Dyson.
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