• “Their innovative and knowledgeable approach to retirement plans and financial planning has been an important component of the benefits we offer our employees.”
     K. Adams, COO
     Emergency Physicians Medical Group

 

 

 

Plan Fiduciary Meetings

The Department of Labor requires all plan sponsors to hold Plan Fiduciary Meetings to review the terms and benefits of the underlying retirement plan(s).  MedAmerica Financial Services holds quarterly plan fiduciary meetings to provide due diligence on your plan provisions, provide necessary amendments as required by law, and review the investments within the plan.  The Department of Labor requires plan fiduciaries to:

  • Educate plan participants
  • Maintain an investment and loan policy statement
  • Make decisions for plan participants based on the “prudent man rule”
  • Provide consistent investment monitoring
  • Hold regular due diligence meetings
  • Amend all plans to account for all regulatory requirements

The MedAmerica Retirement and Benefits Committee acts as the fiduciary for each of the retirement plans that MFSI administers.  Although the Committee applies the prudent man rule to decisions concerning the entire group of 401(k) and defined benefit plans, specific recommendations on specific plans may also be made pending the approval of that physician group’s Board of Directors.  The committee is made up of physicians from some of the various physician group clients.  All groups are invited to attend the quarterly meetings.

The committee completes minutes after each meeting and sends them to each group’s Board of Directors.  At least once per year, an MFSI representative will present to each group’s Board of Directors.

 

 

 

 

 

 

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