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In this episode of Friday Fiduciary Five, Eric Dyson discusses Anderson v. Intel and the role of benchmarks in claims of investment underperformance. He explains that benchmarks matter, but fiduciary prudence depends on evaluating the strategy and decision-making process, not performance alone. Connect with Eric Dyson:  Website: https://90northllc.com/ Phone: 940-248-4800 Email: [email protected]  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 by Executive Director Eric Dyson.

Millions of workers lack access to a workplace retirement plan, while many eligible businesses may be missing out on tax credits that could help cover the costs. This episode explores how advisors and plan sponsors can find those incentives—and make sure they’re actually claimed. In this episode, Eric and Bill discuss: The retirement plan coverage gapSecure 2.0 tax-credit opportunitiesLow utilization of available tax creditsTax Optics and advisor–CPA collaborationOngoing plan-design and tax-benefit reviews Key Takeaways: Tax credits can help reduce the cost of starting and contributing to a qualified retirement plan.An available credit won’t benefit a business unless someone identifies it and files for it.Advisors can add value by coordinating with tax professionals, not just recommending a plan.Technology can help flag potential credits, but a tax professional still needs to validate and file them.Plan sponsors should revisit plan design and available tax benefits regularly, even when a plan has been in place for years. “If you get a tax credit for $1, the government is giving you $1, so that $5,000 is $5,000. It's not a deduction.” - Bill Chetney Jr. Bill Chetney is an industry professional with more than a decade of experience working with financial advisors, retirement plan providers, and businesses. Today, Bill is part of the leadership team at (k)new Era, where he works with financial professionals across the country and focuses on best practices, business development, and technology-driven growth. Bill is passionate about the future of the retirement industry and, in particular, the opportunity to expand retirement-plan access to millions of Americans. He is also a strong advocate for helping professionals and business owners understand the opportunities created by SECURE 2.0 and the incentives available. Connect with Bill Chetney Jr.: Website: https://knewera401k.com/#team  LinkedIn: https://www.linkedin.com/in/wchetney/  Connect with Eric Dyson:  Website: https://90northllc.com/ Phone: 940-248-4800 Email: [email protected]  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 by Executive Director Eric Dyson.

In this episode of Friday Fiduciary Five, Eric Dyson talks about private assets in retirement plans as part of DOL-proposed guidance, Committee control vs. 3(38) discretionary authority, and investment policy statements as a control mechanism for the committee.  Connect with Eric Dyson:  Website: https://90northllc.com/ Phone: 940-248-4800 Email: [email protected]  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 by Executive Director Eric Dyson.

Private assets are flooding into the defined contribution conversation — but are they a breakthrough or a bogeyman? Brandon Shea of T. Rowe Price breaks down what private equity, infrastructure, and credit actually are, and the handful of questions every committee should ask before they ever say yes or no.  In this episode, Eric and Brandon Shea discuss: Private assets 101: equity, infrastructure, creditWhy private assets remain optional, not mandatoryLiquidity vs. valuation in target date structuresThe committee's evolving due diligence frameworkPlan size, advisors, and practical implementation Key Takeaways: Private assets are a tool, not a destination — the goal is helping participants build and preserve enough savings for retirement.Complexity belongs to the professional asset manager. The committee's job stays where it's always been: portfolio-level oversight of philosophy, glide path, fees, performance, and risk.Participant liquidity and investment liquidity are two different things — a participant can have daily access even when underlying holdings don't trade daily.Don't mistake infrequent pricing for low volatility; smoother reported returns may reflect valuation timing rather than underlying economics.Core questions don't scale with plan size — a $25 million plan and a $2 billion plan ask the same things; only the depth of documentation and resources differ.Bonus: a documented "no" is a valid fiduciary outcome — it’s OK to get educated and then decide a particular direction, which includes declining a certain service or strategy.  Record the process and the reasoning. “Keep the decision at the portfolio level. Private assets are not a goal by themselves. Participant outcomes are the goal.” - Brandon Shea 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 of T. Rowe Price Associates, Inc. Brandon’s investment experience began in 2000, and he has been with T. Rowe Price since 2017, beginning as a defined contribution investment-only regional consultant. Prior to this, Brandon held multiple sales leadership roles with RidgeWorth Investments, Pioneer Investments, Salomon Brothers Asset Management, and Transamerica Capital. Brandon earned a B.A. in political science, with minors in economics and management information systems, from Miami University of Ohio. He is a Series 6, 7, and 63 registered representative.  Connect with Brandon Shea: Website: https://www.troweprice.com/en/us  LinkedIn: https://www.linkedin.com/in/brshea/  Connect with Eric Dyson:  Website: https://90northllc.com/ Phone: 940-248-4800 Email: [email protected]  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 by Executive Director Eric Dyson.

In this episode of Friday Fiduciary Five, Eric Dyson talks about how fiduciaries should remember not only the tragedy of September 11th, but also the spirit of service, unity, and responsibility that defined September 12th.  Connect with Eric Dyson:  Website: https://90northllc.com/ Phone: 940-248-4800 Email: [email protected]  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 by Executive Director Eric Dyson.

What if choosing a retirement plan advisor wasn’t about who’s cheapest, but who actually moves the needle for your employees and your HR team? In this episode, you’ll learn how to evaluate advisors like a large plan committee—no matter your plan size—and what “good” really looks like in fiduciary process, education, and fees. In this episode, Eric and Shannon Edwards discuss: Defining fiduciary duties and basic responsibilitiesWhen and how to run an advisor search or benchmarkWhat differentiates a truly great retirement plan advisorParticipant education, KPIs, and small-plan governanceEvaluating fees, services, and culture/fit with advisors Key Takeaways: Before looking at advisor proposals, plan sponsors need to clearly define their priorities and how they want to impact participant outcomes; the search should flow from those needs, not from marketing materials.Fiduciary excellence is grounded in process and documentation—understanding duties like prudence and loyalty and being able to “tell the fiduciary story” through meeting records.A strong advisor goes beyond reporting data to interpreting it, identifying specific problems (like loan usage or low participation) and proposing concrete, customized solutions.Fees should be evaluated in the context of services and value delivered, using periodic benchmarking or competitive bids, and sponsors must know exactly what they pay and what they receive in return.Even small and micro plans can borrow governance practices from large committees—such as regular touchpoints, clear agendas, and documented decisions—without making the process overly complex. “The advisor who is helping you look at data and understand what you need to do—that's what you're looking for.” - Eric Dyson 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: [email protected]  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 by Executive Director Eric Dyson.

In this solo episode, Eric Dyson unveils Polaris, a governance framework designed to turn IPS language into disciplined, principled fiduciary action. In this episode, Eric discusses: Mission and focus of 90 North ConsultingWhy investment policy statements matter under ERISAThe concept of structured discretion in IPS languageDocumentation, monitoring, and fiduciary governanceHow Polaris evaluates and strengthens investment policy statements Key Takeaways: An investment policy statement is more than a legal or investment document; it is fundamentally a fiduciary governance document that should help fiduciaries make better decisions.Overly rigid IPS language can force imprudent outcomes, while overly flexible language undermines governance; the goal is “structured discretion” that creates clear decision points.Under ERISA, drafting and determining the terms of an IPS is itself a fiduciary act, and fiduciaries must generally act in accordance with the IPS as a governing document.Good governance is not only about prudent decisions but also about documenting the process in a way that demonstrates care, skill, prudence, and diligence if later scrutinized.Polaris provides a multi-lens framework—trust law, ERISA, DOL guidance, and investment governance best practices—to clarify responsibilities, delegation, and monitoring without simply making the IPS longer. “Documentation is not a substitute for prudence; it's evidence that the prudent process actually occurred.” - Eric Dyson Connect with Eric Dyson:  Website: https://90northllc.com/ Phone: 940-248-4800 Email: [email protected]  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 by Executive Director Eric Dyson.

In this episode of Friday Fiduciary Five, Eric Dyson talks about what it actually means to lead as a fiduciary—not just follow the rules. Eric walks through eight signature principles of thoughtful fiduciary leadership, showing how committees can move beyond checklists to a disciplined framework that keeps participants at the center of every decision. Connect with Eric Dyson:  Website: https://90northllc.com/ Phone: 940-248-4800 Email: [email protected]  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 by Executive Director Eric Dyson.

In this episode of Friday Fiduciary Five, Eric Dyson talks about effective fiduciary leadership and how it relies on a consistent framework of principles rather than just following specific regulations or reacting to changing environments. Connect with Eric Dyson:  Website: https://90northllc.com/ Phone: 940-248-4800 Email: [email protected]  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 by Executive Director Eric Dyson.

When is it time to rethink a long-time benefits consultant? Salam Safi and Tanya Brooks discuss their health plan consultant search and what HR leaders should look for beyond data and tools, especially when improving the employee experience matters as much as the bottom line. In this episode, Eric, Salam, and Tanya discuss: Expectations and mindset for benefits service providersSimplifying a complex benefit structure after acquisitions and system changesWhy Darling decided to reevaluate its health plan consultantServing a dispersed, manufacturing workforce with limited tech accessLessons from the RFP: relationships, “vibe,” and avoiding status quo comfort Key Takeaways: Providers should understand a company’s history, needs, and goals rather than offer one-size-fits-all solutions.Simplifying plan design can improve compliance, administration, and employee understanding.Consultants on “autopilot” may overlook changes in client needs and strategy.Data matters, but communication, trust, and clear recommendations set consultants apart.Empowering HR leaders in vendor decisions strengthens accountability and employee outcomes. “I hire for my team the same way that I look at vendor partners. If I can't get along with you, this will not be a good relationship.” - Salam Safi “They are the bulk of our population. They're also the reason why we have a desk in an office to sit in. They do the hard work; we are here to support them.” - Tanya Brooks About Salam Safi: Salam Safi is a strategic Human Resources executive with extensive experience in people strategy and organizational transformation. As Vice President of Human Resources, US at Darling Ingredients, she works with executive leadership to align talent strategies with business priorities and drive performance. Her expertise includes talent management, organizational design, leadership development, workforce planning, employee relations, HR technology, and change management. She is known for building high-performing teams, strengthening leadership, and enhancing the employee experience. About Tanya Brooks: Tanya Brooks is an experienced Human Resources and Payroll leader with over a decade of experience in HR operations, payroll, benefits, retirement programs, and HR technology. As Director of Human Resources, Benefits & Retirement, she leads employee benefits and retirement programs while ensuring compliance and a positive employee experience. Previously, Tanya served as Director of Payroll & HRIS and Payroll Manager, overseeing payroll operations, HR systems, compliance, and process improvements. She is known for developing efficient HR solutions that support employees and organizational goals. Connect with Salam & Tanya:  LinkedIn: https://www.linkedin.com/in/salamsafi/ & https://www.linkedin.com/in/tanya-b-aba24373/  Connect with Eric Dyson:  Website: https://90northllc.com/ Phone: 940-248-4800 Email: [email protected]  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 by Executive Director Eric Dyson.

How do you know it is time to bring in a 401(k) advisor—and how do you choose the right one without just chasing the lowest fee? In this episode, you’ll hear how Weir Group structured an objective, employee-focused advisor search that balanced fiduciary prudence with true loyalty to their workforce. In this episode, Eric, Becky, and Puneet discuss: Need for advisory support beyond recordkeepingDefining prudence vs. loyalty in fiduciary governanceBuilding objective evaluation criteria for advisor searchesCulture fit and long-term partnership Key Takeaways: An advisor search doesn’t have to be triggered by a problem with the recordkeeper; it can be driven by the desire to enhance governance and education for participants.Strong fiduciary governance means being intentional about both prudence (process) and loyalty (acting for employees’ best interests), not just minimizing organizational risk.Cost should be evaluated only after rigorously assessing culture fit, capabilities, and alignment with the plan’s priorities and participant needs.Treating an advisor as a long-term partner—rather than a vendor—helps committees design a structured, unbiased search and choose the firm best positioned to support participants over time. “The first thing we looked at before we got our three objectives was: is this a good culture fit for us?” - Becky Stealey “Once those objectives are set, go back to your vendors, talk to them. Are there any additional services they have that you can utilize, so you're not paying double to both parties?” -Puneet Brar About Becky Stealey: Becky Stealey is a Benefits Manager with over 15 years of experience designing, managing, and optimizing employee benefits programs. She has led major implementations of benefits systems, HR platforms, and portals to enhance operational efficiency, compliance, and employee experience, and serves on 401(k) plan committees to guide retirement strategy and fiduciary governance. About Puneet Brar: Puneet Brar is a Senior Benefits Partner at Weir, overseeing U.S. retirement, health, and welfare benefit programs. Working closely with the Retirement Plan Committee and external advisors, she manages 401(k) plan operations, fiduciary compliance, vendor relationships, regulatory audits, and strategic initiatives designed to optimize plan administration and improve employee retirement outcomes. Connect with Becky Stealey: LinkedIn: https://www.linkedin.com/in/becky-stealey-a99308109/  Connect with Puneet Brar: LinkedIn: https://www.linkedin.com/in/puneet-brar-147012a/  Connect with Eric Dyson:  Website: https://90northllc.com/ Phone: 940-248-4800 Email: [email protected]  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 by Executive Director Eric Dyson.

In this episode of Friday Fiduciary Five, Eric Dyson unpacks the seventh signature principle of fiduciary leadership: the “innovation conundrum.” He explains that while innovation in retirement plans can be valuable, it is not automatically a proven solution and must be evaluated as a tool to solve clearly defined problems. Drawing on Department of Labor public comments and ERISA litigation experience, Eric stresses that added complexity, cost, and uncertainty demand stronger evidence of improved participant outcomes. He concludes that fiduciaries should first execute the basics extraordinarily well and treat innovation as something to be carefully evaluated, not blindly pursued or reflexively avoided. Connect with Eric Dyson:  Website: https://90northllc.com/ Phone: 940-248-4800 Email: [email protected]  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 by Executive Director Eric Dyson.

A company with “nothing broken” in its 401(k) plan decides it still wants to be better—so what happens next? In this episode, you’ll hear how a benefits committee clarified its priorities, navigated the 3(21) vs 3(38) decision, and ran a disciplined advisor search that elevated both fiduciary governance and employee outcomes. In this episode, Eric and Jeremy Burroughs discuss: Background on ESCO, Weir, and committee chair responsibilitiesWhy a solid 401(k) plan still needed an advisorSetting clear priorities and using them as a “north star”3(21) vs 3(38) advisors and committee compositionRunning finalist presentations and empowering every committee voice Key Takeaways: A retirement plan can be functioning well on the surface and still benefit greatly from more structure, rigor, and the addition of an outside advisor.Defining a small set of clear priorities early in an advisor search—and returning to them often—keeps every decision aligned and consistent.The choice between a 3(21) and 3(38) advisor should reflect the actual strengths, bandwidth, and investment expertise of the committee, not just past experience.Effective searches invite honest, value-adding presentations from finalists and encourage every committee member to ask direct, practical questions.Having the confidence to share opinions, concerns, and preferences is essential; silence in the room can prevent the committee from reaching the best decision for participants. “In business, the relationships that you develop over time are really important. And if you have trusted relationships, they're that much more important.” - Jeremy Burroughs Jeremy C. Burroughs serves as the Weir Group Inc.'s President and Head of North American Tax. In his role, Mr. Jeremy oversees all Weir tax operations in North America as well as the global tax operations for the ESCO Division. Jeremy joined Weir as part of its acquisition of ESCO Corporation, where he served as the Company’s Vice President, Tax and Treasurer. Mr. Burroughs has served as Chairperson of the ESCO Division's North America benefit plans for over ten years. Mr. Burroughs is a Certified Public Accountant and, prior to joining ESCO Corporation, spent 11 years at Grant Thornton LLP and KPMG LLP. Connect with Jeremy Burroughs: Website: https://www.global.weir/  LinkedIn: https://www.linkedin.com/in/jeremy-burroughs-tax-exec/  Connect with Eric Dyson:  Website: https://90northllc.com/ Phone: 940-248-4800 Email: [email protected]  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 by Executive Director Eric Dyson.

In this episode of Friday Fiduciary Five, Eric Dyson talks about the sixth signature principle of fiduciary leadership: documentation should tell the entire fiduciary story. He emphasizes the importance of documenting not just decisions but also the process and purpose behind them. Eric uses the analogy of a ship's log versus a captain's log to illustrate the difference between recording facts and explaining the rationale behind decisions. He challenges fiduciary committees to ensure their documentation reflects both prudence and loyalty. Connect with Eric Dyson:  Website: https://90northllc.com/ Phone: 940-248-4800 Email: [email protected]  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 by Executive Director Eric Dyson.

As the Department of Labor reshapes how fiduciaries evaluate 401(k) investments, committees and advisors can’t afford to wing it. In this episode, Michael Welz breaks down the proposed DOL safe harbor, the six-factor framework, and what it really means to prudently add alternatives and private assets to defined contribution plans. In this episode, Eric and Michael Welz discuss: Background and intent of the proposed DOL guidanceSix-factor safe harbor framework for investment selectionApplying risk-adjusted returns and appropriate time framesIncorporating private assets into defined contribution plansInvestment policy statements, due diligence, and ERISA litigation risk Key Takeaways: The proposed DOL regulation focuses less on picking “perfect” investments and more on whether fiduciaries follow a prudent, well-documented process.Evaluating performance now explicitly addresses risk-adjusted returns over an appropriate time frame, rather than just raw performance versus benchmarks.The proposed DOL guidance can be considered “investment option neutral”  for DC plans, provided liquidity, valuation, and complexity are properly understood and documented.Investment policy statements are the core roadmap for due diligence, and many committees need to revisit and realign them with the new six-factor framework.By aligning committee processes with the proposed safe harbor, fiduciaries can both expand investment menus and potentially reduce excessive ERISA litigation risk. “On presumption of prudence, the process is the important part, not a checklist.” - Michael Welz Michael Welz is President of USI Consulting Group and USI Advisors, Inc., leading the firm’s overall direction, strategy, and institutional investment solutions. With over 25 years of investment management experience, he oversees portfolio strategies, market research, and asset allocation, notably incorporating behavioral finance into defined contribution plan consulting. He previously served as USI Advisors' Chief Investment Officer and National Practice Leader for USICG’s defined contribution group following a decade with major financial firms. Michael holds a master's equivalent in economics from the University of Cologne, holds CFA, CAIA, and CIMA credentials, and maintains FINRA Series 7, 63, and 65 licenses. Connect with Michael Welz: Website: https://www.usicg.com/  LinkedIn: https://www.linkedin.com/in/michael-welz-cfa-12997821/  Connect with Eric Dyson:  Website: https://90northllc.com/ Phone: 940-248-4800 Email: [email protected]  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.