Beyond the Numbers: Documentation is the Key to an Effective Fiduciary

 

Mistakes are costly in any industry, but when it comes to employee benefit plans, you’re dealing with someone’s retirement income and their livelihood. That’s why being designated an employee benefits plan fiduciary is much more than crossing your T’s and dotting your I’s on paperwork.

In this episode of Weaver: Beyond the Numbers podcast, we discuss the role of fiduciaries with CPA Aracely Rios, an audit partner in assurance services. She’ll discuss the role of good documentation in employee benefit plans and share helpful tips for navigating this landscape successfully.

“Their responsibility is acting solely in the interest of the plan participants for the purpose of providing retirement benefits, and acting prudently,” Rios said.

Rios said the most common plan mistakes are not following the plan document exactly. For example, Rios often sees plan mistakes that pertain to plan amendments such as changes to the compensation definition added to the plan document, that were not executed by the fiduciary.

“Another one is untimely contributions. You might be short-staffed and thinking, ‘Oh I’ll get to it when I can.’ But that’s not acting prudently on your employees’ behalf because that means lost earnings for them,” Rios said.

The important thing to remember, Rios emphasized, is to have a policy and procedures in place. For more resources, including podcasts and articles, visit Weaver.com/thought-leadership.

For the latest news, videos, and podcasts in the Software & Electronics Industry, be sure to subscribe to our industry publication.

Follow us on social media for the latest updates in B2B!
Twitter – @TechMKSL
Facebook – facebook.com/marketscale
LinkedIn – linkedin.com/company/marketscale

Follow us on social media for the latest updates in B2B!

Image

Latest

DXpedition
Icom Powers 3Y0K: Ham Radio’s Most Ambitious DXpedition to Remote Bouvet Island (Part 2)
October 23, 2025

Few places on Earth are as inaccessible—and as coveted by amateur radio operators—as Bouvet Island. Located in the South Atlantic, this uninhabitable rock has long been regarded as the “Mount Everest of DXpeditions.” According to the DXCC Most Wanted List, Bouvet ranks near the very top of sought-after contacts, making every attempt to activate…

Read More
DXpedition
Icom Powers 3Y0K: Ham Radio’s Most Ambitious DXpedition to Remote Bouvet Island (Part 1)
October 23, 2025

Bouvet Island sits at the edge of the world. It is frozen, uninhabited, and almost impossible to access. Fewer people have set foot there than in space. That level of remoteness is exactly what makes it so valuable to amateur radio operators. The island ranks tenth on ClubLog’s list of Most Wanted DXCC entities,…

Read More
data
Data Fluency and Human Connection Power Marketing Careers in the Age of AI
October 23, 2025

With new AI marketing tools appearing almost daily, it’s no wonder teams feel stretched thin. Yet beneath the constant buzz of automation and algorithms, the real drivers of growth haven’t changed: reliable data and thoughtful strategy. A recent Adobe study found that nearly half of marketers—a whopping 48%—say their biggest obstacle is ensuring data accuracy….

Read More
Architect
Architect’s Perspective: Retrofitting Aging Mall Properties
October 23, 2025

Architect Johnny Stewart, AIA, shares his perspective on retrofitting aging mall properties into vibrant, sustainable community hubs. He highlights three core strategies, starting with enhancing the property’s mixed-use capabilities by adding diverse tenants like gyms, pickleball courts, local restaurants, or even residential spaces to drive foot traffic. A second key area is improving parking and…

Read More