Welcoming Isaac Wood, AIF, AIFA®: Elevating 401k Optimization and ERISA Compliance

We are excited to announce the newest addition to our Fiduciary Wise team: Isaac Wood, AIF, AIFA®. With 13 years of experience in the financial industry, including 7 years dedicated specifically to ERISA plans, Isaac brings a wealth of knowledge and a deep passion for 401k optimization to his new role as our ERISA 402(a) Specialist.

Isaac’s journey in the financial industry has been driven by a commitment to ensuring that retirement plans serve their true purpose: providing meaningful benefits to employees. His approach to 401k optimization is grounded in the belief that a retirement plan is not merely a collection of investments or a legal document, but a critical employee benefit that must be managed with the utmost care and responsibility.

“I’m thrilled to join Fiduciary Wise as an ERISA 402(a) Specialist. After 13 years in the financial industry, with the last 7 focused on ERISA plans, I’ve developed a deep passion for 401k optimization. Too many plan sponsors are unaware of the high fiduciary standards that ERISA demands, and it’s my mission to help them navigate these complexities. I believe a 401k plan is more than just investments or regulations—it’s a vital employee benefit. At Fiduciary Wise, I’m excited to work with a team that shares my commitment to providing quality service, ensuring that each 401k plan is optimized to truly benefit every individual employee.”

The Importance of Delegating to a Named Fiduciary

Under the Employee Retirement Income Security Act (ERISA), the role of a Named Fiduciary is critical. A Named Fiduciary is a person or entity designated in the plan document who has the authority to control and manage the operation and administration of the plan. ERISA Section 402(a) states:

“Every employee benefit plan shall be established and maintained pursuant to a written instrument… [that] shall provide for one or more named fiduciaries who jointly or severally shall have authority to control and manage the operation and administration of the plan.” (ERISA Section 402(a))

Delegating fiduciary responsibilities to a Named Fiduciary is not just a matter of convenience; it is a strategic decision that can significantly reduce the burden on plan sponsors while ensuring that the plan is managed according to ERISA’s stringent requirements. This delegation allows plan sponsors to focus on their core business operations while entrusting the management of the retirement plan to professionals who specialize in meeting ERISA’s fiduciary standards.

ERISA imposes the highest standards of fiduciary responsibility, requiring those who manage and control plan assets to act solely in the interest of plan participants and beneficiaries. The law demands that fiduciaries carry out their duties with the care, skill, prudence, and diligence that a prudent person familiar with such matters would use. This is often referred to as the “prudent expert” standard, and it underscores the importance of selecting a Named Fiduciary who is not only knowledgeable but also fully committed to upholding these standards (ERISA Section 404(a)(1)).

How Fiduciary Wise Can Help

At Fiduciary Wise, we understand that ERISA compliance is about more than just meeting legal requirements; it’s about creating a retirement plan that truly benefits every participant. Our team of experts, including Isaac Wood, works closely with plan sponsors to optimize their 401k plans, ensuring they are in full compliance with ERISA while also providing the greatest possible value to employees.

By delegating fiduciary responsibilities to Fiduciary Wise, plan sponsors can be confident that their retirement plan is being managed according to the highest standards under the law. This not only helps protect the plan sponsor from potential liability but also ensures that the plan operates in the best interests of all participants.

Isaac is eager to bring his expertise and passion to the Fiduciary Wise team. If you’re interested in learning more about how Isaac and our team can assist you, he is available to discuss your specific needs. You can reach Isaac directly at 888-402-9473 ext. 408 or via email at isaac.wood@fiduciarywise.com.

Now is the Time to Ensure Compliance and Protection

As the regulatory environment continues to evolve, there has never been a more critical time for plan sponsors, TPAs, Plan Advisors, and Record Keepers to ensure their retirement plans are in full compliance with ERISA’s specific and unwavering regulations. Protecting your organization, serving your employees, and enhancing the value of your retirement plan are all achievable goals with the right fiduciary partner.

Schedule a meeting with us today to discuss how we can help you navigate the complexities of ERISA and optimize your retirement plan for the benefit of all participants.