Explore every episode of the podcast Be More Than A Fiduciary

In this episode of Friday Fiduciary Five, Eric Dyson talks about DOL and EBSA guidance for DC plan investment selection. Eric discusses the complexity factor in investment decisions, emphasizing the need for clear definitions in investment policy statements (IPS). He highlights the operational constraints and management issues associated with private assets in target date funds. 

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 contained herein is general in nature and is provided solely for educational and informational purposes.

It is not intended to provide a specific recommendation of any type of product or service discussed in this presentation or to provide any warranties, financial advice, or legal advice.

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.

Learn how a seasoned Total Rewards leader evaluates advisors, builds strategic vendor relationships, and navigates innovation like AI and retirement income—while keeping benefits simple, human, and effective. This conversation pulls back the curtain on what plan sponsors really value and how benefit professionals can stand out.

In this episode, Eric and Ira Finn discuss:

• Career path into benefits and total rewards
• Networking, conferences, and professional associations (PSCA, NAPA, WorldatWork)
• How young benefit professionals can stand out
• What makes service providers indispensable vs. replaceable
• Future of total rewards, AI, integration, and retirement income innovation

Key Takeaways:

• Starting in the call center or “at the bottom of the ladder” can be a powerful foundation, because you learn plans directly through employee questions and real-world issues.
• Consistent networking through associations, conferences, and peer groups delivers long-term career leverage and insight that you simply can’t get inside your own company.
• The best service providers act as a seamless extension of the HR team: responsive, relationship-driven, and focused on solving problems quickly rather than sending long, dense emails.
• Committees need structured, staged education on emerging solutions like retirement income; HR must be the expert in the room and guide that process over multiple meetings.
• AI and better system integrations are reshaping total rewards, and those who learn how to harness these tools to save time and improve employee experience will be better positioned for the future.

“It's a people business, and having that personal relationship, being able to answer questions, knowing that I have someone that I could count on, that is critical to me." - Ira Finn

Ira Finn is a seasoned expert in Total Rewards with over 10 years as Head of the department. Ira started his career in a customer call center, answering questions about health, wellness, and retirement. Known for his adaptability, leadership, and strategic thinking, Ira has extensive global experience in total rewards, including compensation, equity plans, benefits, and HCM systems. He's managed global rewards through over 40 mergers and acquisitions in the past five years. Ira is also a past president of the Plan Sponsors Council of America, has served on the Empower Retirement client council, and was a member of the American Retirement Association's leadership committee. Outside of work, Ira is a proud dad to three incredible women and two goldens. Stay tuned for insights and stories from this industry leader.

Connect with Ira Finn:

LinkedIn: https://www.linkedin.com/in/benefitsofhr/ 

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.

In this episode of Friday Fiduciary Five, Eric Dyson talks about the challenges of ERISA fiduciary training, emphasizing the need for meaningful education that moves beyond simple "box-checking" exercises. He highlights the Behavioral Governance Institute’s innovative approach to learning, which utilizes a Special Purpose Avatar (SPA) to facilitate interactive, high-retention training.

Eric describes a specific scenario in which he used the avatar to assess and sharpen his expertise regarding 408(b)(2) disclosures, benchmarking, and RFPs. By providing scenario-based quizzes and real-time feedback, the avatar ensures a practical, hands-on understanding of complex regulations. Eric encourages service providers and plan committee members to adopt these modernized training methods to better fulfill their fiduciary responsibilities.

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 contained herein is general in nature and is provided solely for educational and informational purposes.

It is not intended to provide a specific recommendation of any type of product or service discussed in this presentation or to provide any warranties, financial advice, or legal advice.

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.

In this episode of Friday Fiduciary Five, Eric Dyson talks about the top five potential risks and considerations for ERISA plan fiduciaries in light of proposed guidance from the Department of Labor's Employee Benefits Security Administration (EBSA). He emphasizes that Safe Harbor is not a shield but a presumption, requiring ongoing monitoring and documentation.

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 contained herein is general in nature and is provided solely for educational and informational purposes.

It is not intended to provide a specific recommendation of any type of product or service discussed in this presentation or to provide any warranties, financial advice, or legal advice.

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.

In this episode of Friday Fiduciary Five, Eric Dyson talks about the Department of Labor and EBSA's proposed rule on selecting investment alternatives for defined contribution plans, which is still in the proposed stage and open to public comment. He outlines five opportunities for fiduciaries: a clearer definition of prudence, a process-based Safe Harbor providing a presumption of prudence, expanded investment flexibility, reduced litigation friction, and improved portfolio diversification opportunities. 

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 contained herein is general in nature and is provided solely for educational and informational purposes.

It is not intended to provide a specific recommendation of any type of product or service discussed in this presentation or to provide any warranties, financial advice, or legal advice.

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.

Discover how plan sponsors, HR, and benefits professionals can move from “figuring it out as they go” to confidently running sophisticated 401(k) and 403(b) plans—with free training, powerful credentials, and a national community behind them. This episode breaks down the CPSP credential, PSCA membership, and why better‑educated committees lead to better retirement outcomes.

In this episode, Eric and Will Hansen discuss:

• American Retirement Association and its five member organizations
• History and mission of the Plan Sponsor Council of America (PSCA)
• CPSP credential: who it’s for and how it works
• Free virtual classrooms sponsored by advisors and providers
• PSCA membership benefits, governance, and fiduciary training for committees

Key Takeaways:

• American Retirement Association and its five member organizations
• History and mission of the Plan Sponsor Council of America (PSCA)
• CPSP credential: who it’s for and how it works
• Free virtual classrooms sponsored by advisors and providers
• PSCA membership benefits, governance, and fiduciary training for committees

“An educated client is an engaged client.” - Will Hansen

Will Hansen joined the American Retirement Association (ARA) in January 2019 as Chief Government Affairs Officer.  Since January 2020, he has also served as Executive Director of the Plan Sponsor Council of America, which is a part of ARA. Previously, Will served as an employee benefits attorney at a multi-national law firm, legislative counsel to a United States Senator, staff director of the United States Congress’ Joint Economic Committee, global employee benefits manager for a Fortune 200 company, and SVP for Retirement & Compensation Policy at The ERISA Industry Committee (ERIC).

Connect with Will Hansen:

Website: https://araadvocacy.org/ 

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.

In this episode of Friday Fiduciary Five, Eric Dyson talks about the Department of Labor's (DOL) new enforcement priorities, as outlined in Field Assistance Bulletin 20-2601. The DOL will focus on egregious conduct, the duty of loyalty, timely investigations, and senior-level reviews. 

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 contained herein is general in nature and is provided solely for educational and informational purposes.

It is not intended to provide a specific recommendation of any type of product or service discussed in this presentation or to provide any warranties, financial advice, or legal advice.

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.

The Department of Labor’s new proposed safe harbor could fundamentally reshape how retirement plan fiduciaries think about prudence, litigation risk, and innovation. In this episode, you’ll hear a practical roadmap for committees and advisors to prepare now, before the rule is finalized.

In this episode, Eric and Joel Shapiro discuss:

• Scope and intent of the DOL’s proposed investment safe harbor
• Prudence as process and the shift from products to frameworks
• The six-factor test: performance, fees, liquidity, valuation, benchmarking, complexity
• Litigation risk, meaningful benchmarks, and documentation standards
• Practical guidance for plan committees, advisors, and the use of 3(21)/3(38) experts

Key Takeaways:

• The DOL’s proposed safe harbor is intentionally asset-class neutral and process-focused, offering fiduciaries a clearer roadmap rather than product-specific rules.
• Meeting the six factors—performance, fees, liquidity, valuation, benchmarking, and complexity—can create a presumption of prudence, but that presumption is still rebuttable.
• Proper documentation of analysis and decisions is just as critical as conducting a prudent process; “showing your work” is central to defending fiduciary actions.
• The proposal directly targets perceived abuses in litigation and encourages innovation (including alternatives) without sacrificing participant protections.
• Committees should honestly assess their internal expertise and strongly consider engaging a 3(21) or 3(38) fiduciary to help operationalize the safe harbor and ongoing monitoring responsibilities

“For you as fiduciaries, don't pursue innovation for innovation's sake, or don't just jump on whatever the train is for the current trend; you still have to take control of the fiduciary wheel.” - Joel Shapiro

Links referenced during the podcast recording:

• DOL Fact Sheet 
• DOL Proposed Rule
• Joel Shapiro Whitepaper
• 90 North Newsletter 

Joel Shapiro brings over 30 years of ERISA and fiduciary consulting experience to the firm’s retirement advisory platform. A former ERISA attorney and seasoned consultant, he focuses on translating complex regulations into practical strategies for Plan Sponsors and strengthening the firm’s ERISA framework. He has advised large Plan Sponsors on plan design, fiduciary governance, and compliance, and is widely recognized for developing ERISA playbooks and best-practice fiduciary models that balance rigor with efficiency. Joel holds degrees from Tufts University, American University’s Washington College of Law (J.D.), and Georgetown University Law Center (LL.M. Taxation), and is a frequent speaker at national retirement conferences.

Connect with Joel Shapiro:

Website: https://www.wealthspire.com/ 

LinkedIn: https://www.linkedin.com/in/joel-shapiro-wealthspire/ 

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.

In this episode, Eric discusses:

• Reinforcing process over prediction
• Formalizing the six-factor evaluation framework
• Strengthening benchmarking practices
• Ensuring governance through documentation and monitoring

Key Takeaways:

• The proposed guidance emphasizes that prudence under ERISA is about having a sound, defensible process, not choosing perfect investments. The focus remains on consistency and documentation to reduce litigation risk.
• Performance, fees, liquidity, valuation, benchmarking, and complexity are now structured into a clearer framework. These factors guide decisions but still require judgment, not checklist thinking.
• Poor benchmarking, especially over-relying on custom or self-referential indexes, can hide weak decisions. Fiduciaries should use independent benchmarks that allow for meaningful comparison.
• Prudence extends beyond selection into ongoing oversight. A clear Investment Policy Statement, regular monitoring, and the use of qualified advisors help demonstrate a strong fiduciary process.

“If you don't have the expertise to accomplish what you'd like, you should hire it... best practice is for just about all plans to hire an advisor.” - Eric Dyson

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.

In this episode of Friday Fiduciary Five, Eric Dyson talks about the Department of Labor and Employee Benefits Security Administration’s proposed rule on fiduciary duties in selecting investment options for participant-directed plans like 401(k)s, emphasizing prudence, documentation, and due diligence while exploring expanded fiduciary discretion.  He expresses his own feedback, raising concerns about the lack of some specificity on required benchmarks and questions the lack of guidance on the use of formal investment policy statements.

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 contained herein is general in nature and is provided solely for educational and informational purposes.

It is not intended to provide a specific recommendation of any type of product or service discussed in this presentation or to provide any warranties, financial advice, or legal advice.

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.

In this episode of Friday Fiduciary Five, Eric Dyson talks about the Department of Labor's (DOL) proposed rule on private assets like private equity, credit, and real estate in defined contribution plans. The rule, expected for public comment very soon, will likely emphasize the fiduciary process for selecting and monitoring investments rather than setting specific asset allocation caps. Dyson highlights the importance of liquidity, valuation, and fee transparency in managing private assets. He suggests that committees and advisors should develop a clear evaluation framework, document decision-making processes, and align these with appropriate experts. 

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 contained herein is general in nature and is provided solely for educational and informational purposes.

It is not intended to provide a specific recommendation of any type of product or service discussed in this presentation or to provide any warranties, financial advice, or legal advice.

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.

George Fraser is Founder and Chief Revenue Officer at GigMatch. This new “APP” will address the 96% of Americans who are currently feeling financial stress daily. Developed with his partner Tom Kmak, GigMatch will provide “HOPE” through opportunities to enhance income and lifestyle both today and in retirement. Before GigMatch, Fraser spent 34 years partnering with employers to craft exemplary retirement plans, execute their fiduciary responsibilities, and change the dynamic for retirement plan participants with a simple and easy-to-understand model.  Shlomo Benartzi and his team at UCLA, Carnegie Mellon, and Cornell conducted extensive research based on his “Pennies on the Dollar®” educational concept. In 2017, Fraser was named the inaugural recipient of 401 (k) Specialist Magazine's “TAPO”, Top Advisor for Participant Outcomes. In 2022, Fraser was named PLAN ADVISER Retirement Plan Adviser of the Year in the Community Impact and Giving Back category. He is a Chartered Retirement Plans Specialist (CRPS), Accredited Investment Fiduciary (AIF), Professional Plan Consultant (PPC), and Certified Behavioral Financial Analyst (CBFA).

In this episode, Eric and George Fraser discuss:

• Shifting retirement messaging
• Visualizing financial progress
• Leveraging side gigs
• Empathizing with real-life challenges

Key Takeaways:

• Focusing on hope and empathy instead of fear or shame helps participants feel capable of saving and encourages proactive financial behavior.
• Concrete, relatable examples like pennies or props make abstract concepts such as compounding and long-term savings easier to grasp and remember.
• Connecting personal skills, passions, or unused assets to curated income opportunities allows people to increase earnings while maintaining lifestyle and meaning.
• Acknowledging individual circumstances and offering practical, achievable solutions builds trust, reduces shame, and motivates consistent financial action.

“How have we been making people feel in this country about saving for retirement? It’s time to stop shaming them to save. It’s time to stop creating fear. We can have hope and optimism, and that is key. We need to have empathy.” - George Fraser

Connect with George Fraser:

LinkedIn:  https://www.linkedin.com/in/drgeorgecfraser/ 

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.

In this episode of Friday Fiduciary Five, Eric Dyson talks about ERISA 404(c) protection. He emphasizes the importance of this regulatory Safe Harbor, which shields fiduciaries from liability for participant-directed investment outcomes if certain conditions are met. Key requirements include offering a broad range of investment options, daily liquidity (although not explicitly stated in 404(c) - the norm for these days),  and sufficient information for informed decisions. Also required disclosures to participants that the plan intends to comply with ERISA 404(c).  Eric notes that many plans may not fully comply, especially with explicit 404(c) disclosures. He advises plan fiduciaries to revisit their compliance, confirm distribution of 404(c) notices, and document their processes to ensure they meet all requirements.

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 contained herein is general in nature and is provided solely for educational and informational purposes.

It is not intended to provide a specific recommendation of any type of product or service discussed in this presentation or to provide any warranties, financial advice, or legal advice.

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.

Mike is the founder (in 1982) and CEO of Brandywine Asset Management, a featured subject of three books, numerous interviews and articles, and the author of a best-selling investment book. Brandywine has invested significant amounts over the past four decades in research to develop proprietary investment strategies and manage client assets pursuant to several successful investment programs. All of Brandywine’s investment programs are characterized by their ability to provide always-on downside protection while maintaining unconstrained upside exposure.

In this episode, Eric and Mike Dever discuss:

• Maintaining upside exposure while limiting losses
• Combining protection with additional return sources
• Taking advantage of market dips through discipline
• Controlling risk beyond traditional diversification

Key Takeaways:

• Focus on participating fully in growth opportunities while implementing strategies that actively reduce the impact of market declines. This approach allows you to capture most of the upside while protecting against large losses, ultimately supporting stronger long-term performance.
• Integrate downside protection with small, diversified return-driving strategies that work systematically. This combination helps cover the cost of protection while still generating incremental gains, ensuring that safety measures don’t come at the expense of growth.
• Use structured, rules-based approaches to respond to temporary market declines. By reinvesting strategically during these dips, you can take advantage of lower prices and improve compounded long-term results, turning volatility into opportunity rather than risk.
• Embed risk management directly into your investment approach rather than relying solely on shifting asset allocations. This method provides a more consistent, predictable way to manage volatility, ensuring that downside protection is built into the strategy itself instead of left to chance.

“If we can stop a loss from being down 20% but it's only down 13, now we're recovering from a higher level.” - Mike Dever

Connect with Mike Dever:

Website: www.brandywine.com 

LinkedIn: https://www.linkedin.com/in/mikedever/ 

Connect with Eric Dyson: 

Website: https://90northllc.com/

Phone: 940-248-4800

Email: contact@90northllc.com 

LinkedIn: https://www.linkedin.com/in/401kguy/ 

Brandywine Asset Management Inc. is a Registered Investment Adviser with the United States Securities and Exchange Commission (SEC). Brandywine's Form CRS and other disclosure documents can be found on the SEC's website at www.adviserinfo.sec.gov, using CRD#307564. Registration does not imply a certain level of skill or training. BRANDYWINE'S PRODUCTS ARE NOT FDIC INSURED. PAST PERFORMANCE IS NOT NECESSARILY INDICATIVE OF FUTURE RESULTS. THERE IS THE RISK OF LOSS AS WELL AS THE OPPORTUNITY FOR GAIN WHEN INVESTING WITH BRANDYWINE. NOT FDIC INSURED. MAY LOSE VALUE. NO BANK GUARANTEE. FOR FINANCIAL PROFESSIONALS.

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.

For a demo of the Behavioral Governance Special Purpose Avatar - contact Eric Dyson at edyson@90northllc.com 

Don Trone, GFS™, is the CEO of the Behavioral Governance Institute (BGI), where he leads the development of Special Purpose Avatars (SPAs) designed to accelerate the professional development of leaders, stewards, and fiduciaries with governance responsibility. Widely known as the “Father of Fiduciary,” he has spent decades shaping fiduciary standards and governance practices. He was the founding CEO of fi360, the Center for Board Certified Fiduciaries, and the Foundation for Fiduciary Studies, and previously directed the Institute for Leadership at the U.S. Coast Guard Academy.

A former U.S. Coast Guard helicopter rescue pilot, Don brings real-world experience from high-stakes environments to his focus on clarity, foresight, and accountability in governance. He has also testified before the U.S. Senate Finance Committee and the Department of Labor on fiduciary best practices.

In this episode, Eric and Don Trone discuss:

• The origins of the Behavioral Governance Institute and why fiduciary standards alone are not enough
• How leadership behaviors and decision-making frameworks influence retirement outcomes
• The development of “Special Purpose Avatars” is designed to support governance professionals
• How AI-powered avatars can deliver personalized professional development and training

Key Takeaways:

• Behavioral governance expands the traditional fiduciary framework. Instead of focusing only on procedural prudence, it integrates leadership, judgment, ethics, and decision-making into governance responsibilities.
• AI-powered avatars are emerging as powerful tools for professional development. By curating expert knowledge in closed systems, these avatars help professionals strengthen their understanding of complex governance and fiduciary responsibilities.
• The future of professional education is shifting from traditional classroom-style programs to on-demand learning experiences. AI avatars enable a “Netflix-style” training model where professionals control when, how, and what they learn.
• Mastery-based learning loops represent a major advancement in professional education. Instead of allowing professionals to pass certification tests with partial understanding, avatars keep users in a training loop until they demonstrate full mastery of the subject.

“If we had a better understanding of how certain leadership behaviors impact the quality of decision-making outcomes, we could have a material positive impact on the management of investment decisions.” - Don Trone

Connect with Don Trone:

Website: https://www.3ethos.com/ 

LinkedIn: https://www.linkedin.com/in/don-trone-89873013/ 

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.

In this episode of Friday Fiduciary Five, Eric Dyson talks about the importance of understanding different fiduciary roles, particularly for ERISA plan committee members. He emphasizes the duty of loyalty, which requires acting exclusively in the best interest of plan participants, and the duty of prudence, which involves conducting oneself like an expert. Eric shares an example of a CFO recognizing the need to put the plan's interests above personal preferences. He also stresses that all committee members, regardless of their position, should have equal weight in fiduciary decisions and that personal interests should be set aside for the benefit of the plan participants.

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 contained herein is general in nature and is provided solely for educational and informational purposes.

It is not intended to provide a specific recommendation of any type of product or service discussed in this presentation or to provide any warranties, financial advice, or legal advice.

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.

For over 30 years, Robin has helped Investment Consultants, Retirement Plan Advisors, and recordkeepers better understand their competition, improve efficiency, elevate client service, and win new business. She began her career as a retirement plan sponsor in healthcare and manufacturing before moving into consulting roles with Deloitte and North Highland, and later serving as Head of Research at Ann Schleck & Co. Following its sale to fi360, she became a Senior Vice President overseeing the Fiduciary Score.

In 2018, Robin founded WinMore Plans and relaunched the Practice Management Benchmarking Study for retirement plan advisors. Today, she partners with hundreds of advisory firms nationwide, providing benchmarking, coaching, win/loss analysis, and valuation services to help advisors implement practical growth strategies.

In this episode, Eric and Robin Green discuss:

• Positioning the advisor as a true business partner
• Capturing a history of plan accomplishments
• Delivering meaningful financial wellness support
• Clarifying contracts, data use, and rising expectations

Key Takeaways:

• Advisors should be treated as strategic partners, not just investment technicians. Committees can formalize this by adding a recurring Strategic Business Discussion as the first agenda item each year. This ensures the retirement plan aligns with the company’s broader goals and workforce strategy.
• An important and very useful deliverable to consider; a concise document that tracks major milestones like fee reductions, vendor changes, and plan design improvements. This goes beyond an annual report by highlighting long-term strategic progress. It strengthens continuity during leadership turnover and supports the advisor’s value in RFP situations.
• In many cases, employers now expect help for participants beyond the retirement plan itself. Advisors should support broader financial wellness, including debt, budgeting, and outside assets. For many participants, this may be their only access to professional financial guidance.
• Sponsors should review recordkeeper contracts to understand participant outreach and data usage. Decisions about who can contact participants must be intentional and documented. Advisors who provide strategic insight and participant-level impact will stand out in today’s higher-expectation environment.

“The plan sponsor, I want you to focus on your advisor as your business partner. Ask them, What am I missing? What else should we be doing here? And will you be my strategic business partner, not just tactical investment information?” - Robin Green

Connect with Robin Green:

Website: https://winmoreplans.com/ 

LinkedIn: https://www.linkedin.com/in/robingreen/ 

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 are not necessarily agreed by, or the same opinions of 90 North Consulting or of Eric Dyson.

In this episode of Friday Fiduciary Five, Eric Dyson talks about the pride and privilege of fiduciary duty, drawing parallels to Team USA's Olympic gold in hockey. He highlights the significance of the USA's gold medal win, emphasizing the team's unity and Coach Mike Sullivan's simple yet powerful message. Eric compares this to the fiduciary duty of ERISA professionals, urging them to see it as a privilege rather than a burden. 

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 contained herein is general in nature and is provided solely for educational and informational purposes.

It is not intended to provide a specific recommendation of any type of product or service discussed in this presentation or to provide any warranties, financial advice, or legal advice.

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.

David J. Witz is a nationally recognized fiduciary governance expert with more than 44 years of experience in retirement plan consulting, ERISA compliance, and fintech solutions. He is the CEO and founder of Fiduciary Risk Assessment LLC, CEO of PlanTools, LLC, and co-founder and COO of Catapult HQ, Inc., where he leads executive management, product design, SaaS development, and fiduciary consulting. Over his career, he has served as an expert witness in major ERISA litigation, advised national financial institutions, authored and presented extensively on fiduciary risk and governance, and helped shape industry best practices through technology, education, and thought leadership.

In this episode, Eric and David discuss:

• Using scorecards to filter, not decide
• Preferring consistency over hero-to-zero performance
• Making fiduciary decisions visible and defensible
• Risk must be understood, not assumed

Key Takeaways:

• IPS scorecards narrow the universe, but they don’t tell you which “10 out of 10” is actually better. “Consistently Good Occasionally Great”  (CGOG)  steps in as an alternate but compatible filter to evaluate pattern, persistence, and risk consistency. Selection becomes intentional, not defaulting to the lowest cost or the best recent return.
• CGOG favors “singles and doubles” over volatile home runs and strikeouts. Rolling-period analysis reveals whether excess returns are repeatable or masked by boom-and-bust cycles. The goal is to minimize large losses and avoid unpleasant fiduciary surprises.
• Clear visuals and documented processes allow committees to understand risk and return without deep technical expertise. IPS, monitoring reports, and CGOG together create a repeatable decision framework. If challenged, the process—not hindsight—becomes the defense.
• Rolling data and deeper analysis reveal behavior that point-in-time returns can hide. Looking beyond recent performance leads to more intentional portfolio construction.

“Your scorecard is great at whittling down, filtering the universe into a smaller group where you can go deeper, but utilizing the scorecard as a baseline for selecting your funds is not a good idea. It does not give you the ability to look under the hood and determine why one 10 is a better 10 than another 10.” - David Witz

Connect with David Witz:

Website: www.plantools.com 

LinkedIn: https://www.linkedin.com/in/david-witz/ 

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 are not necessarily agreed by, or the same opinions of 90 North Consulting or of Eric Dyson.

In this episode of Friday Fiduciary Five, Eric Dyson talks about the Employee Benefit Security Administration's January 29, 2026, proposal to enhance transparency into pharmacy benefit manager (PBM) fee disclosures. The proposal aims to provide ERISA plan fiduciaries with clearer information on PBM compensation, including direct and indirect revenue streams. If finalized, PBMs and associated brokers must disclose detailed compensation at regular intervals for the benefit of plan sponsors. 

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 contained herein is general in nature and is provided solely for educational and informational purposes.

It is not intended to provide a specific recommendation of any type of product or service discussed in this presentation or to provide any warranties, financial advice, or legal advice.

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 are not necessarily agreed by, or the same opinions of 90 North Consulting or of Eric Dyson.

Jamie Hayes is the Senior Vice President at Wealthspire Retirement. She specializes in employer retirement plan fiduciary management and investment consulting. With over 20 years of experience in the retirement industry, Jamie works directly with corporations and governments, providing progressive, unique ideas and solutions to enhance retirement plan success while maximizing the fiduciary protection of the committee members. Jamie is a University of Michigan graduate. She and her husband, Bobby, have two teenage daughters.

In this episode, Eric and Jamie Hayes discuss:

• Understanding fiduciary models in practice
• Evaluating pricing, access, and conflicts thoughtfully
• Choosing a fiduciary structure as a risk and trust decision
• Designing smarter advisor searches and RFP processes

Key Takeaways:

• The real difference between 3(21) and 3(38) shows up less in meetings and more in authority, liability, and documentation. Under 3(38), advisors direct changes and assume more responsibility, enabling faster action while committees remain informed and oversight-focused.
• Not all 3(38) offerings are created equal, with some firms limiting fund choices or charging materially different fees. An open architecture approach can preserve customization, reduce conflicts, and unlock lower-cost share classes that meaningfully cut expenses.
• Committees often begin with 3(21) and move to 3(38) as confidence grows in the advisor’s process and judgment. Even in a discretionary model, fiduciary duty remains active through monitoring, questioning, and ensuring the advisor never runs on autopilot.
• Well-run RFPs emphasize context, clarity, and fit rather than volume, secrecy, or recycled templates.
• Clear timelines, focused questions, right-sized finalist pools, and experienced search consultants lead to better decisions and cleaner outcomes.

“You don't want to just pick a template off the internet and go with that… The more information that you can give to the advisor in the beginning, the quicker and easier it's going to be for them to make a decision.” - Jamie Hayes

Connect with Jamie Hayes:

Website: https://www.wealthspire.com/ 

LinkedIn: https://www.linkedin.com/in/jamiehayesqpfc/ 

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 are not necessarily agreed by, or the same opinions of 90 North Consulting or of Eric Dyson.

In this episode of Friday Fiduciary Five, Eric Dyson outlines three common process hiccups he believes need to stop. He emphasizes that an Investment Policy Statement (IPS) is a binding plan document under DOL guidance and warns against including language that suggests it does not have to be followed, while still allowing for reasonable flexibility. Eric also advises fiduciaries to stop keeping meeting minutes too brief, stressing that minutes should clearly document decisions, rationale, and demonstrate prudence and loyalty. Lastly, he discusses the cautious but potential value of retaining AI-generated meeting summaries, suggesting their benefits may outweigh discovery concerns. Overall, Eric encourages fiduciaries to review these practices with advisors and ERISA counsel to strengthen compliance and governance.

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 contained herein is general in nature and is provided solely for educational and informational purposes.

It is not intended to provide a specific recommendation of any type of product or service discussed in this presentation or to provide any warranties, financial advice, or legal advice.

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.

Matthew Patrick is a senior manager on CAPTRUST’s Defined Contribution team. Matt joined CAPTRUST in 2014 and serves as a senior manager on the defined contribution team. His role encompasses the strategic planning and leadership of the team that manages CAPTRUST's discretionary services for defined contribution plans. He holds a Bachelor of Business Administration degree in finance from James Madison University and is a member of DCIIA. Matt holds the designation of Chartered Retirement Plans Specialist℠ (CRPS®).

In this episode, Eric and Matthew Patrick discuss:

• Personalizing investing effectively
• Measuring success by outcomes, not benchmarks
• Applying a documented fiduciary framework
• Prioritizing transparency in provider selection

Key Takeaways:

• Managed accounts tailor portfolios using plan and participant data, often combining core and non-core funds. Their true value comes from thoughtfully aligning the portfolio design with participant needs and plan demographics.
• Traditional benchmarking struggles when each participant has a unique portfolio. Committees should evaluate fees, engagement, and behavioral changes like savings rates and retirement readiness to gauge meaningful impact.
• DOL target-date guidance provides a practical model for evaluation. Committees should review methodology, underlying investments, fees versus value, fiduciary roles, and plan fit, while thoroughly documenting their rationale and process.
• Managed accounts can be offered by third parties, recordkeepers, or advisor-managed structures. Committees must clearly understand payments, fiduciary responsibilities, and ensure the sponsor actively engages and oversees participant outcomes.

“You’ve got to start with best fit. You’ve got to start with appropriateness.” - Matthew Patrick

Connect with Matthew Patrick:

Website: https://www.captrust.com/ 

LinkedIn: www.linkedin.com/in/matthew-patrick-39759555 

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 are not necessarily agreed by, or the same opinions of 90 North Consulting or of Eric Dyson.

In this episode of Friday Fiduciary Five, Eric Dyson discusses the concept of preparing for potential regulatory scrutiny, drawing a parallel between military readiness and fiduciary responsibilities. He suggests that fiduciaries should assume the Department of Labor (DOL) could audit a plan within six months, prompting them to focus on defensive and proactive measures like updating plan documents and ensuring due diligence. Eric emphasizes the importance of both defensive and offensive strategies, including proactive participant education. He advises fiduciaries to anticipate regulatory scrutiny and prepare accordingly to mitigate risks and ensure compliance.

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 contained herein is general in nature and is provided solely for educational and informational purposes.

It is not intended to provide a specific recommendation of any type of product or service discussed in this presentation or to provide any warranties, financial advice, or legal advice.

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.

Kristen Deere is a Director in the Employee Benefit Plan Audit Services practice at Weaver & Tidwell, LLP. With over 20 years of experience in public accounting, she has specialized in auditing employee benefit plans throughout most of her career. Kristen leads audits for both private and public plan sponsors, covering a wide range of plan types, including defined contribution (401(k), 403(b), ESOP, 11-K), defined benefit, and health & welfare plans. Kristen has led audits for plans ranging from under $1 million to over $45 billion in assets, ensuring compliance with complex ERISA, DOL, and SEC compliance requirements. Her industry expertise spans not-for-profit organizations, government entities, financial services, energy, and a diverse portfolio of employee benefit plan administrators. She also champions technology innovation initiatives that enhance audit quality and efficiency.  

In this episode, Eric and Kristen Deere discuss:

• Understanding why benefit plan audits exist
• Using technology to reduce audit burden
• Preparing proactively for smooth audits
• Following the plan document above all else

Key Takeaways:

• Department of Labor audits are required for large plans to confirm that operations follow the plan document. Their goal is to protect participants and ensure promised benefits are delivered accurately. Audits may surface issues or risks, but they are not designed as fraud detection guarantees.
• Employee benefit plan audits rely heavily on payroll, census, and record-keeper data. Audit software, structured spreadsheets, and direct system access improve accuracy and efficiency. When used well, technology makes audits less disruptive for plan sponsors.
• Successful plan sponsors stay organized throughout the year, not just during audit season. They maintain clear documentation, communicate changes early, and reconcile data regularly. This preparation prevents last-minute scrambles and repeated audit findings.
• Most audit issues trace back to operations drifting from the written plan document. Payroll, record keepers, and processes must all align with what the plan actually says. Reading, understanding, and following the document is the strongest safeguard against errors.

“They can outsource the function, but they can’t outsource the responsibility.” - Kristen Deere

Connect with Kristen Deere:

Website: https://weaver.com/ 

LinkedIn: https://www.linkedin.com/in/kristen-derryberry/ 

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 are not necessarily agreed by, or the same opinions of 90 North Consulting or of Eric Dyson.

In this episode of Friday Fiduciary Five, Eric Dyson talks about seeking more plan sponsors as podcast guests to provide valuable insights to other committee members and peers, service providers, advisors, and other professionals in the ERISA retirement and healthcare sectors. 

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 contained herein is general in nature and is provided solely for educational and informational purposes.

It is not intended to provide a specific recommendation of any type of product or service discussed in this presentation or to provide any warranties, financial advice, or legal advice.

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 are not necessarily agreed by, or the same opinions of 90 North Consulting or of Eric Dyson.

In this episode of Friday Fiduciary Five, Eric Dyson encourages plan fiduciaries and advisors to set structured, written goals for 401(k) plans in 2026, contrasting them with the low success rate of New Year's resolutions. He cites a Harvard MBA study showing that only 3% of the graduating class had written goals.  Their success far exceeded the remainder. Eric emphasizes the importance of specificity, measurability, and accountability in goal setting. He shares personal experiences with fitness apps and discusses key performance indicators (KPIs) for defined contribution plans, such as average projected income replacement ratios. 

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 contained herein is general in nature and is provided solely for educational and informational purposes.

It is not intended to provide a specific recommendation of any type of product or service discussed in this presentation or to provide any warranties, financial advice, or legal advice.

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.

For over 20 years, Shannon and her team at Tristar Pension Consulting have acted as a secret weapon for financial advisors, CPAs, small businesses, and plan sponsors. They are the go-to resource for plan design, fixing broken retirement plans, client presentation support, and high-touch customer service.

Since starting the firm over two decades ago, her goal has been to provide a deeper level of retirement plan knowledge and service for clients, as well as a flexible workplace for employees. Today, they are one of the leading providers of retirement plan administration for small businesses.

Shannon is a credentialed member of the American Society of Pension Professionals and Actuaries (ASPPA) and the National Institute of Pension Administrators (NIPA). She currently serves on the ASPPA Leadership Council and as the current year’s President.  

She has also served on several fundraising committees and supports many non-profits locally, such as Infant Crisis Services, Make a Wish Oklahoma, and Cleats for Kids.

If you are a financial advisor, CPA, or business owner with retirement plan questions, please be sure to connect with Shannon on LinkedIn. You can also email her at shannon@tristarpension.com.

The podcast mentions a resource on the Tristar Pension webpage. It is available at - https://www.tristarpension.com/tpa/compliance-administration-checklist 

In this episode, Eric and Shannon Edwards discuss:

• Understanding fiduciary roles clearly
• Evaluating service providers carefully
• Comparing plan structures strategically
• Building knowledge and relationships proactively

Key Takeaways:

• Different fiduciary types—3(16), 3(21), 3(38), and 402(a)—carry distinct responsibilities and authority levels. Plan sponsors must still monitor and fulfill their duties, even when delegating to these fiduciaries.
• Reading service agreements and using checklists clarifies who does what and prevents misunderstandings. Tools like the ARA TPA Checklist help sponsors ask better questions and assess compliance partners effectively.
• Pooled Employer Plans (PEPs) can expand access but may introduce higher costs, operational complexity, and exit challenges. Sponsors should weigh total cost, services, and fiduciary responsibilities when choosing between PEPs and standalone plans.
• New benefits managers and advisors benefit from targeted education and responsive compliance partners. Continuous learning and relationship-building ensure fiduciary effectiveness and confident plan management.

“Your fiduciary duties are not gone. You are still submitting contributions, you are still supposed to be monitoring your 3(16) fiduciary, you’re still supposed to be checking to make sure things are done properly.” - Shannon Edwards

Connect with Shannon Edwards:

Website: https://www.tristarpension.com/ 

LinkedIn: https://www.linkedin.com/in/shannonedwardsplanconsultant/ 

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.

In this episode of Friday Fiduciary Five, Eric Dyson talks about the origins of Christmas, explaining its historical roots and its transformation by Emperor Constantine into a Christian holiday. He highlights the significance of December 25 as the day that we celebrate Christ's birth and its integration into Roman life. Eric draws a parallel between Jesus Christ as the ultimate fiduciary, who acted selflessly for others, and the responsibilities of fiduciaries in the financial sector. 

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 contained herein is general in nature and is provided solely for educational and informational purposes.

It is not intended to provide a specific recommendation of any type of product or service discussed in this presentation or to provide any warranties, financial advice, or legal advice.

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.

Dan Fay serves as Chief Distribution Officer, overseeing Stadion’s sales and business development teams. In this role, he is responsible for distribution through Stadion’s institutional relationships, which include retirement recordkeeping partners, retirement advisor firms, and asset managers. With Dan’s leadership, Stadion has expanded our nationwide distribution of retirement managed accounts and raised awareness of the benefits of personalization. Prior to being Chief Distribution Officer, he was Stadion’s SVP, Sales and Business Development. Dan has spent his entire 25+ year career in the retirement industry. Prior to joining Stadion in 2018, Dan served as Senior Advisor Relations Manager at Financial Engines with responsibility for establishing and managing relationships with leading financial advisor and consulting firms. He identified and developed new business opportunities through advisors and consultants, leading to the distribution of the firm’s managed account service. Prior to that, Dan was a National Accounts Manager with responsibility for business development at MassMutual Retirement Services. While there, he developed retirement plan opportunities and sales through financial advisor firms. 

In this episode, Eric and Dan Fay discuss:

• Recognizing the value of true personalization
• Strengthening participant confidence through guidance
• Evaluating solutions with a fiduciary mindset
• Leveraging managed accounts as a strategic advantage

Key Takeaways:

• Personalized allocations built on multiple data points lead to better decisions than age-based defaults. They guide participants toward healthier savings habits and steadier long-term outcomes.
• When participants feel supported, they make calmer, wiser financial choices. This confidence often leads to higher contribution rates and more consistent engagement.
• Committees must review fees, reporting, demographics, and engagement regularly. Documenting decisions ensures a strong, compliant process that protects participants.
• Advisors who bring personalized solutions early reinforce trust and stay ahead of competitors. Proactive education becomes a distinct advantage in maintaining strong client relationships.

“For the advisor, it's, how do you differentiate yourself, right, from your competition?... If that competing advisor makes [the sponsor] aware of something or brings something of value to them that you haven't, that could obviously jeopardize that client relationship.” - Dan Fay

Connect with Dan Fay:

Website: www.stadionmoney.com 

Connect with Eric Dyson: 

Website: https://90northllc.com/

Phone: 940-248-4800

Email: contact@90northllc.com 

LinkedIn: https://www.linkedin.com/in/401kguy/ 

Past performance is no guarantee of future results. Investments are subject to risk, and any of Stadion’s investment strategies may lose money.

Stadion Money Management, LLC (“Stadion”) is a registered investment adviser under the Investment Advisers Act of 1940. Registration does not imply a certain level of skill or training. More information about Stadion, including fees, can be found in Stadion’s ADV Part 2, which is available free of charge.

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.

SMM-2512-34

In this episode of Friday Fiduciary Five, Eric Dyson explores why plan sponsors and finance professionals should carefully consider how record-keeping fees are paid in 401(k), 403(b), and 457 plans. He explains that having companies directly write checks for these fees can reduce fiduciary risk and enhance transparency. Dyson notes that the Department of Labor (DOL) does not take a position on how fees are paid, as long as plan participants are not unfairly burdened. He also discusses the potential use of plan forfeitures to offset these expenses, while pointing out that Safe Harbor plans typically generate minimal forfeitures. The episode concludes with a call for plan sponsors to proactively address this topic and educate employees about their plan’s fee structure.

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 contained herein is general in nature and is provided solely for educational and informational purposes.

It is not intended to provide a specific recommendation of any type of product or service discussed in this presentation or to provide any warranties, financial advice, or legal advice.

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.

Jennifer Giannini brings more than 30 years of experience leading independent audit engagements for corporate clients across a wide range of industries. Throughout her career, she has developed deep expertise in employee benefit plan audits, making this a primary focus area. After many years of working at Baker Tilly, a national CPA firm, Jennifer recently joined LJB CPA to lead the firm’s audit practice. Passionate about building strong client relationships, Jennifer returned to a smaller firm to work more closely with clients and deliver a personalized, value-added experience. Her experience at both mid-sized and national firms gives her a unique ability to tailor services to meet each client’s specific needs and complexities. In her years of auditing employee benefit plans, she has pretty much seen just about everything- and enjoys helping plan sponsors navigate the tough issues that keep them up at night.      

In this episode, Eric and Jennifer Giannini discuss:

• Protecting participants through disciplined plan audits
• Making audit readiness a year-round responsibility
• Owning fiduciary controls that cannot be outsourced
• Avoiding costly errors through informed governance

Key Takeaways:

• Plan audits protect participant assets and confirm the plan follows its governing documents. They ensure contributions, matches, distributions, and eligibility are applied consistently. They also help identify fraud or embezzlement risks early.
• Audits run smoothly when preparation happens throughout the year. Developing processes that represent a living checklist keeps documentation complete. Retaining internal records prevents gaps that auditors will flag.
• Some fiduciary duties remain with the plan sponsor at all times. Regular reconciliations and documented committee oversight demonstrate prudence. Simple tracking helps surface issues before they escalate.
• Operational errors often stem from payroll misalignment with plan terms. Early engagement with experienced ERISA auditors reduces surprises. Committees must weigh cost, complexity, and fiduciary risk together.

“The early bird always gets the worm. The earlier you start that process with your auditor, the better.” - Jennifer Giannini

Connect with Jennifer Giannini:

Website: https://ljbcpa.com 

LinkedIn: linkedin.com/in/jennifer-giannini-875071a 

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.

In this episode of Friday Fiduciary Five, Eric Dyson talks about America’s Game! Army - Navy Football that is!  He encourages everyone to show appreciation to service members during the holiday season and throughout the year. Eric suggests small gestures like buying meals or snacks for service members, emphasizing that while they may politely decline, the gesture is appreciated. He relates this to the appreciation of fiduciaries' efforts, which often go unnoticed. He ties it to the significance of the Army-Navy game, highlighting the values of service and sacrifice.

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 contained herein is general in nature and is provided solely for educational and informational purposes.

It is not intended to provide a specific recommendation of any type of product or service discussed in this presentation or to provide any warranties, financial advice, or legal advice.

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.

Tamra Miller is a prime example of the “Break the Paper Ceiling” movement—building her career from the ground up after starting work right out of high school and rising through determination, capability, and earned trust. She is deeply grateful for the leaders who recognized her talent without requiring a college degree, and her recent completion of the CEBS exam reflects her continued pursuit of growth and excellence.

In this episode, Eric and Tamra discuss:

• Managing complex vendor strategy
• Empowering a focused subcommittee
• Evaluating personality and precision
• Balancing change with institutional knowledge

Key Takeaways:

• Tamra created a structured, multi-year review plan to evaluate retirement and actuarial providers with the intention. She prioritized risk mitigation, like the 401(k), due to fiduciary exposure. Treating the review as a staged project ensured clarity, accountability, and prudent oversight.
• Instead of relying on a C-suite-heavy committee with limited time, she formed a small, agile group. This team handled weekly deep dives, vendor screens, and detailed RFP analysis. The full committee engaged only at key decisions, improving efficiency and clarity.
• Beyond technical competence, personality and working style became major differentiators. Short “fit checks” revealed which teams were enjoyable, responsive, and easy to partner with. Finalist success hinged on concise, tailored presentations that proved real understanding.
• While most services went to market, Tamra retained a long-time actuary with deep union expertise. This preserved crucial institutional memory and proactive problem-solving. Sometimes the best choice isn’t new—it’s the partner who already understands your complexity.

“Remember who you're there to support and what's the best way to go about doing that… I can't support my employees if I don't have good relationships with my vendors, because those are the people that I'm going to for problem resolution when I can't fix it myself.” - Tamra Miller

Connect with Tamra Miller:

LinkedIn: https://www.linkedin.com/in/tamra-miller-cebs-shrm-cp-19b1102b 

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.

In this episode of Friday Fiduciary Five, Eric Dyson expresses gratitude to his podcast audience, which includes ERISA advisors, service providers, and listeners. He highlights the importance of committee members and plan sponsors as guests, noting that episodes featuring them are the most popular. Dyson also thanks his production team at Turnkey Productions for their hard work. He encourages listeners to suggest guests and emphasizes the significance of basic life comforts, using a humorous anecdote to illustrate the abundance most Americans experience. Dyson concludes by wishing his audience a happy Thanksgiving and encouraging them to be thankful for their blessings.

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 contained herein is general in nature and is provided solely for educational and informational purposes.

It is not intended to provide a specific recommendation of any type of product or service discussed in this presentation or to provide any warranties, financial advice, or legal advice.

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.

Richard Clarke is the chief insurance officer at Colonial Surety. With more than three decades of experience, he leads insurance strategy and operations for the expansion of Colonial Surety’s SMB-focused product suite, building out the online platform into a one-stop shop for America’s SMBs.

In this episode, Eric and Richard “Dick”  Clarke discuss:

• Understanding ERISA safeguards
• Distinguishing required and optional coverage
• Reviewing and strengthening insurance layers
• Collaborating and acting proactively

Key Takeaways:

• ERISA governs all employee benefit plans and requires fidelity bonds for protection. Coverage must equal ten percent of plan assets with specific federal limits in place. Knowing these basics sets the foundation for every other insurance decision.
• With the baseline set, organizations must separate required bonds from optional insurance. Fiduciary liability coverage protects decision makers from personal responsibility. Understanding both layers prevents blind spots in compliance and leadership risk.
• Once the insurance types are clear, each policy must be examined for sufficiency. Adequate limits, full inclusion of parties, and clear cyber provisions are essential. This careful review ensures protection keeps pace with evolving responsibilities.
• These evaluations work best when risk teams, counsel, and providers move together. Shared tools and coordinated reviews uncover gaps that one group might miss. Since no single formula applies, proactive teamwork becomes the safest path forward.

“The specific answer to the question on the fidelity is that it is absolutely required. You have to have it. The brutal truth is, if you don’t have it as an employer, you are in technical violation of federal law, because ERISA is a federal law.” - Richard Clarke

Connect with Richard Clarke:

Website: https://www.colonialsurety.com/ 

LinkedIn: https://www.linkedin.com/in/dick-clarke-cpcu-cic-rplu-605b13a/ 

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.

In this episode of Friday Fiduciary Five, Eric Dyson discusses the importance of clear and specific investment policy statements (IPS) for ERISA plans and non-ERISA plans like 403(b) and 457(b). He emphasizes that IPSs should not include language that suggests the committee or advisor is not bound by the terms, as this undermines the purpose of having an IPS. Dyson references the Department of Labor's Interpretive Bulletin 2016-1, which states that IPSs are documents governing the plan and must be followed by investment managers. He advises against vague IPSs and suggests including concrete rules while still allowing for discretion.

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 contained herein is general in nature and is provided solely for educational and informational purposes.

It is not intended to provide a specific recommendation of any type of product or service discussed in this presentation or to provide any warranties, financial advice, or legal advice.

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.

Brandon Shea is a defined contribution strategist for the Global Retirement Strategy team. The team leads an enterprise retirement strategy, advises on the development of new products and services, and helps amplify the firm’s voice in retirement security-related public policy initiatives. Brandon is a vice president at T. Rowe Price Associates, Inc.

In this episode, Eric and Brandon Shea discuss:

• Adapting retirement strategies
• Exploring investment opportunities
• Personalizing participant experience
• Leveraging innovation responsibly

Key Takeaways:

• In this episode, Eric and Brandon discuss the highlights of T. Rowe Price’s annual Consultant Survey.  For more detailed information, please visit - https://www.troweprice.com/financial-intermediary/us/en/insights/defined-contribution-consultant-study.html 
• The retirement plan industry is rapidly evolving with technology, personalization, and blended investment approaches. Staying informed helps sponsors and participants navigate these changes effectively. Learning about possible new strategies can help plan committees keep their offering relevant and aligned with long-term goals.
• Private assets like credit and equity are gaining attention for diversification and return potential. Balancing growth with liquidity and risk management is essential. Thoughtful investment selection can possibly strengthen retirement plan outcomes.
• Managed accounts, dynamic QDIA programs, and financial wellness initiatives allow plans to meet individual needs. Personalized strategies boost engagement, satisfaction, and retention. Tailored support prepares participants for a confident retirement.
• AI, technology, and legislation like Secure 2.0 are transforming plan management and advice. When applied thoughtfully, innovation enhances efficiency while complementing human expertise. Focusing on the mission ensures participants retire with dignity and confidence.

“Private credit compared to private equity is seen as having a more liquid investment, and it's had a really good return, historical return on investment relative to other asset classes. So when we look at it, I think people are very excited about potentially bringing in private credit in the next couple of years to DC marketplaces.” - Brandon Shea

Connect with Brandon Shea:

Website: https://www.troweprice.com/institutional/us/en/bios/biodetails.bio-brandon-shea.html 

LinkedIn: https://www.linkedin.com/in/brshea/ 

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.

In this episode of Friday Fiduciary Five, Eric Dyson emphasizes the importance of ERISA plan committee members and retirement plan professionals reviewing their plan documents and investment policy statements (IPS). He notes that forfeiture lawsuits can arise from non-compliance with plan documents.  In addition to forfeiture issues, compensation definitions, eligibility, and auto-enrollment provisions of a plan document can be problematic if not observed correctly.  Dyson outlines the four fiduciary duties under ERISA: prudence, loyalty, diversification, and adherence to plan documents. He advises regular reviews of these documents and IPSs, including understanding benchmarks, modern portfolio theory, and metrics like the Sharpe ratio. Dyson encourages a 12-month rolling agenda for committee meetings to ensure these reviews are conducted regularly.

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 contained herein is general in nature and is provided solely for educational and informational purposes.

It is not intended to provide a specific recommendation of any type of product or service discussed in this presentation or to provide any warranties, financial advice, or legal advice.

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.

In this episode of Friday Fiduciary Five, Eric Dyson discusses why advisors and plan sponsors should consider including recordkeeper searches in advisor base pricing.  This in consideration of an RFP interval every three to five years as assumed by the Department of Labor. He explains that this approach would simplify the process for plan sponsors, who often lack the expertise to perform these searches themselves.

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 contained herein is general in nature and is provided solely for educational and informational purposes.

It is not intended to provide a specific recommendation of any type of product or service discussed in this presentation or to provide any warranties, financial advice, or legal advice.

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.

In this episode of Friday Fiduciary Five, Eric Dyson talks about how custom benchmarks in target date funds can potentially create a false sense of success. He cautions that using a custom benchmark as the only benchmark to measure performance does not necessarily reflect strong performance if, for example, the underlying strategy is weak. Citing the CFA Institute and the Department of Labor, he stresses the importance of using independent and multiple benchmarks for accurate evaluation. He encourages plan sponsors and advisors to apply a balanced, transparent approach to investment performance reviews.

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 contained herein is general in nature and is provided solely for educational and informational purposes.

It is not intended to provide a specific recommendation of any type of product or service discussed in this presentation or to provide any warranties, financial advice, or legal advice.

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.

Justin, a seasoned U.S. Air Force veteran with extensive experience in Operation Iraqi Freedom and Enduring Freedom, is the Co-Founder and CEO of Catapult HQ, Inc. Catapult provides a flexible Request for Proposal (RFP) platform designed to serve multiple industries and project types, including RFPs, RFIs, RFQs, DDQs, Cybersecurity, Government, Healthcare, and more. Catapult enhances the RFx workflow for organizations worldwide, improving efficiency by over 90% and standardizing internal processes. To date, Catapult has managed over $400 billion in RFPs. Justin is also highly regarded for his technological innovations, serving on the Forbes Technology Council, the advisory board for 20+ companies, and as an Atlassian Leader in North Carolina. He was a part of a team that built the online community with over 13 million monthly viewers and has made a significant impact in the Financial Services - Retirement industry. He has developed three Target Date Solutions for significant institutions such as AllianzGI, Merrill Lynch, and Principal Financial Group’s successful Target Date Analyzer.

In this episode, Eric and Justin Witz discuss:

• Using innovation to reclaim time and focus
• Designing tools that adapt to real needs
• Balancing efficiency with human connection
• Leading with clarity and transparency

Key Takeaways:

• Automation and AI can transform exhausting tasks into quick, efficient systems. When technology handles repetition, people gain space to think, connect, and lead with purpose.
• Flexibility and usability ensure that innovation serves more people. Platforms that adjust to varied industries and workflows stay relevant and valuable over time.
• Even with automation, genuine service builds trust. A responsive, people-first culture turns technology into a partnership rather than a replacement.
• Simple, open systems foster accountability and confidence. When processes are fair and information is shared, teams make better decisions and relationships thrive.

“What kills companies is the amount of time it takes to respond. So what if we could take the industry average of 39 hours and drop it to, say, 20 minutes? How much more effective can you be in handling more opportunities?” - Justin Witz

Connect with Justin Witz:

Website: https://catapulthq.com/ 

LinkedIn: https://www.linkedin.com/in/justin-witz/ 

Connect with Eric Dyson: 

Website: https://90northllc.com/

Phone: 940-248-4800

Email: contact@90northllc.com 

LinkedIn: https://www.linkedin.com/in/401kguy/ 

Important clarification from the podcast show dialogue: “If an ERISA plan exceeds 100 participants with an account balance but remains under 120 in perpetuity, then the plan would not require an audit for each subsequent year that it remains under 120 participants with a balance. Please verify current rules and check with your plan record-keeper, advisor, or CPA to ensure compliance with this requirement.”

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.

In this episode of Friday Fiduciary Five, Eric Dyson talks about the differences between ERISA 3(21) investment advisor and 3(38) investment manager arrangements in retirement plans. A 3(21) advisor provides investment advice but lacks discretion, while a 3(38) investment manager has discretion over fund selection. Eric emphasizes the importance of plan committees monitoring both types of advisors and maintaining an investment policy statement. He also highlights the need for clear communication and understanding of the advisor's roles, including whether they manage QDIA selections and perform record keeper searches, and which role [3(21), 3(38), or other] they are acting under.

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 contained herein is general in nature and is provided solely for educational and informational purposes.

It is not intended to provide a specific recommendation of any type of product or service discussed in this presentation or to provide any warranties, financial advice, or legal advice.

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.

Donovan Ryckis is the award-winning founder and CEO of Ethos Benefits, leading the charge in fiduciary-driven healthcare strategies for employers. A former Securities Advisor, he shifted from investment advising after uncovering inefficiencies in employer healthcare plans—achieving 40% savings for a client without reducing benefits. Alongside his wife and business partner, Chelsea, Donovan applies a fiduciary financial process to help organizations cut costs and improve outcomes.

Brenda Kruse, CFO of Axiom Healthcare Services, brings over 26 years of financial leadership in healthcare and senior living. A licensed CPA, she excels in strategic planning, compliance, and cost management, driving both financial strength and quality care across her organization.

In this episode, Eric, Donovan, and Brenda discuss:

• How employers can apply a fiduciary mindset to healthcare plans under ERISA.
• The importance of data transparency in managing plan costs and pharmacy benefit managers (PBMs).
• Aligning advisor compensation with employer and employee interests.
• Real-world examples of reducing costs while improving employee benefits.

Key Takeaways:

• Many employers don’t realize their healthcare plans carry ERISA fiduciary liability just like retirement plans. Creating a formal benefits committee ensures decisions are documented, consistent, and defensible.
• Data ownership and transparency are critical. Without detailed claims and pharmacy data, employers can’t pinpoint where costs are being driven or negotiate effectively.
• Pharmacy Benefit Managers (PBMs) are often overlooked sources of cost savings. Changing PBMs can reduce plan expenses by up to 50–70% with minimal disruption to employees.
• Aligning broker and consultant incentives with the employer’s goals prevents conflicts of interest and ensures decisions are made in the plan participants’ best interests.

“If we don’t have data, we don’t know where our costs are being spent… 60% of our costs were in pharmacy, and yet our previous broker really wasn’t even trying to change our pharmacy plan at all.” — Brenda Kruse

“Even disclosing fees is only since the CAA of 2021, even still today, companies are doing it very poorly… They say it’s part of their entire book of business, so they can’t calculate it per client—that’s certainly a bad starting point.” — Donovan Ryckis

Connect with Donovan Ryckis & Brenda Kruse:

Website:  https://ethosbenefits.com/ & https://www.axmservices.com/

LinkedIn: https://www.linkedin.com/in/donovanryckis/ / https://www.linkedin.com/in/brenda-kruse-1a90592b/

Connect with Eric Dyson: 

Website: https://90northllc.com/

Phone: 940-248-4800

Email: contact@90northllc.com 

LinkedIn: https://www.linkedin.com/in/401kguy/ 

Important clarification from the podcast show dialogue: "If an ERISA plan exceeds 100 participants with an account balance but remains under 120 in perpetuity, then the plan would not require an audit for each subsequent year that it remains under 120 participants with a balance.  Please verify current rules and check with your plan record-keeper, advisor, or CPA to ensure compliance with this requirement." 

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.

In this episode of Friday Fiduciary Five, Eric Dyson discusses the importance of ERISA fiduciary training for plan committee members and industry professionals. He announces the launch of a new training platform, which will offer SHRM professional development credits, CE for advisors with the Fi-360 designation, and CFP certification. Eric emphasizes the need for regular, foundational fiduciary training, noting that those with the most responsibility and liability often have the least amount of training. He highlights the prevalence of ERISA training questions in litigation and encourages committee members and advisors to prioritize this education.

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.

In this episode of Friday Fiduciary Five, Eric Dyson talks about the differences between ERISA bonds and fiduciary liability insurance. ERISA bonds protect against fraud and theft, while fiduciary liability insurance covers fiduciary breaches. Eric emphasizes the importance of having both types of insurance, noting that ERISA bonds are required by the Department of Labor, while fiduciary liability insurance is not required, but is highly recommended. He advises that committees should ensure their policies cover past, present, and future committee members and highlights the need for clear communication between risk management and the 401(k) plan committee to determine adequate coverage.

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 contained herein is general in nature and is provided solely for educational and informational purposes.

It is not intended to provide a specific recommendation of any type of product or service discussed in this presentation or to provide any warranties, financial advice, or legal advice.

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.

In this episode of Friday Fiduciary Five, Eric Dyson talks about a common and easily fixable cybersecurity risk in retirement plans: participants who have not set up user IDs and passwords for their accounts. This oversight is the most frequent cause of cyber breaches, not the fault of plan sponsors or record keepers. Eric shares an anecdote about an employee discovering unauthorized 401(k) loan deductions, highlighting the importance of security measures like user IDs, passwords, and two-factor authentication. He urges plan sponsors and advisors to communicate the necessity of these security steps to participants to prevent cyber breaches.

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 contained herein is general in nature and is provided solely for educational and informational purposes.

It is not intended to provide a specific recommendation of any type of product or service discussed in this presentation or to provide any warranties, financial advice, or legal advice.

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's specific circumstances.

Ellen Alphonso, CPA, is a Senior Manager at Boyum Barenscheer PLLP and a recognized expert in employee benefit plan audits, with extensive experience guiding plan sponsors through the complexities of employee benefit plan compliance. Licensed as a Certified Public Accountant in Minnesota, Ellen has led audits for retirement plans ranging from under $500,000 to over $5 billion in assets, offering a rare depth of insight across a wide spectrum of plan sizes and structures.

Known for her collaborative approach and clear communication style, Ellen excels at translating technical audit findings into actionable strategies for fiduciaries and plan management. Her work emphasizes not only regulatory compliance but also the importance of accountability, transparency, and a participant-first mindset.

Ellen leads Boyum Barenscheer’s training initiatives for employee benefit plan audits, a vital component of the firm’s ongoing compliance with its EBPAQC (Employee Benefit Plan Audit Quality Center) credentials. She also contributes her expertise as a member of the Minnesota Society of CPAs’ Audits of Employee Benefit Plans Conference Task Force, helping shape educational programming for practitioners across the state. Beyond her professional work, Ellen serves as the board treasurer for In the Heart of the Beast Puppet and Mask Theater, supporting the organization’s mission to foster creativity and community through the arts.

In this episode, Eric and Ellen Alphonso discuss:

• Prioritizing specialized expertise
• Strengthening audit scope and practices
• Addressing common pitfalls
• Leveraging auditors as partners

Key Takeaways:

• Auditors with deep experience in employee benefit plan audits reduce errors and ensure compliance. Choosing specialists, especially for first-time audits, safeguards accuracy.
• Effective audits go beyond financials to include compliance checks, reconciliations, and verification of new employee contributions, building stronger systems.
• Errors often stem from overextended HR/payroll departments, manual processes, or system changes. Proactive integration and training minimize risks.
• Strong audit firms provide more than compliance—they communicate with service providers, share best practices, assist with onboarding, and support fraud prevention through security measures.

“Absolute best practice I see in my superstar clients is they do reconciliations regularly and on an annual basis.” - Ellen Alphonso

Connect with Ellen Alphonso:

Website:  https://myboyum.com/leadership/ellen-alphonso/ 

Connect with Eric Dyson: 

Website: https://90northllc.com/

Phone: 940-248-4800

Email: contact@90northllc.com 

LinkedIn: https://www.linkedin.com/in/401kguy/ 

Important clarification from the podcast show dialogue: "If an ERISA plan exceeds 100 participants with an account balance but remains under 120 in perpetuity, then the plan would not require an audit for each subsequent year that it remains under 120 participants with a balance.  Please verify current rules and check with your plan record-keeper, advisor, or CPA to ensure compliance with this requirement." 

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.

In this episode of Friday Fiduciary Five, Eric Dyson talks about the McDonald v LabCorp lawsuit, focusing on part three and float compensation. He recaps previous episodes on record-keeping fees and investment share classes. The court found the plan's fee monitoring process sufficient. Float income, earned on stale checks, is a plan asset under ERISA, and fiduciaries must ensure it's managed in participants' best interests. Eric advises plan fiduciaries to inquire about float income from record keepers and to review old service agreements. In the LabCorp case, the court concluded that float income was disclosed and monitored appropriately. Eric emphasizes regular benchmarks and RFPs for service providers.

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 contained herein is general in nature and is provided solely for educational and informational purposes.

It is not intended to provide a specific recommendation of any type of product or service discussed in this presentation or to provide any warranties, financial advice, or legal advice.

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's specific circumstances.

In this episode of Friday Fiduciary Five, Eric Dyson talks about the McDonald v. LabCorp ERISA litigation, focusing on investment share classes and collective investment trusts. He highlights that institutional share classes offer lower costs, and LabCorp moved participants to these classes within a reasonable timeframe. Eric emphasizes the importance of exploring collective trusts for plans of all sizes, recommending a thorough analysis to determine eligibility and potential savings. He also addresses the issue of new share classes with short track records, suggesting they be monitored alongside existing ones to ensure similar performance. 

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 contained herein is general in nature and is provided solely for educational and informational purposes.

It is not intended to provide a specific recommendation of any type of product or service discussed in this presentation or to provide any warranties, financial advice, or legal advice.

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's specific circumstances.