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HVBF Monthly Meeting - Human Resources
Roundtable Host: Loyola College in Maryland Attending:
Dennis Carter of Legg Mason led our discussion on 401(k) plans from the perspective of the role of the fiduciary. Dennis defined a fiduciary and what is expected of a fiduciary. Breach of a fiduciary duty is a serious matter and can result in personal liability. Strategies for consideration were discussed. One of the most important is to create an investment policy statement. Familiarity and compliance with section 404 (c) is necessary to assure participants ability to effectively use the opportunities available. Investments must be monitored at least once a year and more often if necessary. Be sure to document all investment reviews. The plan also should be reviewed annually and documented. Questions and discussion followed. For more information or a copy of the handouts contact Dennis at dgcarter@leggmason.com. Gail Williams was welcomed back after a long absence. Pat Gilroy of Systems Alliance is looking for a full time administrative assistant./receptionist. Please contact Pat at pkilroy@systemsalliance.com. Please contact Pat for more information. Rick Webb of Atlantic Financial Federal Credit Union is looking for a part-time administrative assistant. Contact Rick at rwebb@affcu.org. |