NAPA Net - Polling Places 072216

When You "See Something", What do You Do?

“See something, say something” is an admonition to be alert for trouble one often finds posted in our nation’s transportation systems. Those who work with retirement plans are in a unique position to see “trouble”, or the potential for trouble. What do you do when you see trouble?

Fiduciaries are, of course, liable for the actions of their fellow fiduciaries. But sometimes the problem isn’t necessarily wrong, just not the best, or perhaps just not what you would do. This week’s reader poll question – drawn from the suggestion of a reader – is all about what you do, and what you see others do – when you see the potential for trouble in plan design or operation.

All responses are anonymous – so please feel free to share your perspectives openly.

The situations below are hypothetical and deliberately vague. Realizing that there can be widely varying situations – and outcomes, try to respond with the way you would respond in the majority of circumstances, I have provided some generic multiple choice responses.

Feel free to expand on/explain your responses in the spaces provided. Thanks for taking the time to share your experience and perspective!

Nevin

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* 1. When you come across operational errors with a plan, what do you do?

Alert the provider/TPA

Alert the provider/TPA, and if they don’t address it, tell the plan sponsor.

Alert the plan sponsor

Alert the plan sponsor, but only if it’s a big deal.

Alert the DOL.

I fix it – I am the provider/TPA

Depends on how big a problem it is.

Nothing – it’s not my job to deal with operational errors

Other (please specify)

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* 2. Let’s say you’re in a meeting/presentation with a client/prospect and you don’t like the solution presented by one of the other firms represented. It seems like the plan sponsor is going to go with that solution, and while it may not be optimal for the plan, it doesn’t affect your work/role. What do you do?

Speak up immediately and present an alternative.

Acknowledge the solution presented, but point out the shortcomings.

Although it won’t be optimal, since it doesn’t directly affect me, and the plan sponsor seems ok with it, just play along rather than gum up the works.

Other (please specify)

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* 3. With all the focus on fees and fee litigation, are you doing (or saying) anything different in your discussions with plan sponsors about the choices on their menus?

No.

No, was already focused on fee structures and outcomes.

Yes.

Not yet.

Depends on the situation

Other (please specify)

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* 4. What, if anything, has changed in terms of how you discuss fees with plan sponsors over the past 18 months?

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* 5. What is the most difficult situation you have been put in regarding an awareness of plan operational issues – and how did you deal with it?

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* 6. Did it work out eventually? If so, how – if not, what happened?

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* 7. Any other comments on finding yourself in an awkward situation, responses to awkward situations, avoiding awkward situations, or artfully disengaging from same?

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* 8. What is your role working with retirement plans?

Advisor

Provider

TPA

Plan sponsor

Recordkeeper

Other (please specify)

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* 9. What size plans do you PRIMARILY work with?

Under $10 million in assets

$10-$20 million

$20-$50 million

$50-100 million

$100 million - $250 million

$250 million - $500 million

Above $500 million

Other (please specify)

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* 10. Suggestions for future survey questions?

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* 11. All responses are anonymous and confidential, of course - but if you'd like me to know who you are, or allow for a response, you can leave your email below...