Case Study: A Fiduciary Assessment

Enterprise Iron Financial Industry Solutions, Inc.


A large Public Charter School was uncertain of their retirement plan fiduciary obligations and whether their investment menu, fees and service providers were competitive in the marketplace.

Our Client did not have the knowledge or resources to “know where to start” so they needed a trusted partner to develop and execute a plan that ensured that the trustees understood their fiduciary duties and acted in the best interests of the plan participants.

Enterprise Iron performed this engagement pro bono to give back to the communities in which we live and serve.


We deployed an experienced Accredited Investment Fiduciary Analyst (AIFA) to partner with the Chief Administrator and School Board.

We supported our Client by organizing and managing the following activities:

  • Conducted a Retirement Plan Fiduciary Bootcamp training session for oversight of the Schools 401(k) Retirement Plan
  • Informed the Plan Trustees and School Board of their responsibilities and obligations
  • Reviewed the Retirement Plan’s Investment Menu (appropriateness of investment classes, relative performance and fees)
  • Examined existing third-party service provider relationships (products, services, contract terms and fees)
  • Prepared and delivered recommendations to improve the School’s fiduciary posture and oversight including the ability to continuously monitor investments and reduce service provider fees


We leveraged our vast Retirement Industry expertise and experience including fiduciary oversight and education, recordkeeping administration and plan consulting services.

As a result of partnering with the School to complete a Fiduciary Assessment, the following outcomes were achieved:

  • Informed the Chief Administrator (Trustee) and Board of Directors of their fiduciary obligations including industry overview and fee compression engrossing the marketplace
  • Reviewed the plans direct compensation 408b-2 and 404a-5 fee disclosure and the indirect compensation revenue sharing arrangements (12b-1 arrangements or sub-TA fees)
  • Negotiated an immediate 11 basis point (0.11%) reduction in plan fees, from 1.22% to 1.11%
  • Engaged an independent, third-party 3(21) Fiduciary Services Provider to monitor plan investments on a quarterly basis and make recommendations to the plan
  • Recommended and agreed to form a Plan Investment Committee
  • Reviewed Service Provider terms and conditions and agreed to go-to-market with a competitive bid process for recordkeeping services in Q3 2020
  • Negotiated subsequent recordkeeping and advisor services fee reductions of 18 basis points (0.18%) from 1.11% to 0.93%
  • Net savings to plan participants is conservatively estimated in excess of $50,000 per annum

Client Testimonial upon project completion:
“This was truly a win for our School and our Retirement Plan Participants.”