Trustee Responsibility for Business Owners

A willingness to assume trustee responsibility

As an employer, you have always had to assume a great deal of responsibility and liability for your company-sponsored retirement plan. However, more companies have recently become aware of their fiduciary responsibilities for selecting investments for their retirement plans.

Some businesses are comfortable selecting the investment fund menu for their plans, but many of our clients conclude that it is in their best interests to reduce risk by letting Heartland assume that role. To accommodate either approach, we offer two retirement plan solutions.

Heartland Elite

With Heartland Elite, you are able to delegate much of the responsibility for selecting and monitoring investment options to us. A key feature of this approach is Heartland agrees in writing to act as a discretionary trustee as defined by Section 403(a) of the Employee Retirement Income Security Act (ERISA). In this fiduciary role, we select the investment fund alternatives for your plan, replacing investment funds from time-to-time if they no longer meet specific criteria. We also monitor and report investment fund performance to you and your participants. In addition, we provide an Investment Policy Statement – an important document that establishes guidelines and procedures for your plan.

Heartland Select

Heartland Select is designed for plan sponsors who are comfortable accepting many of the responsibilities and risks associated with choosing investment options and providing information to participants. Heartland Select is a good choice for your company if you want to exercise control of the investment line-up or rely on other outside advisors for guidance and information about investment options.

Visit the Retirement Plan Services website.

Products offered through Heartland Retirement Plan Services are not FDIC-insured, are not bank-guaranteed, and may lose value.