Excerpt: Securian identified six best investment fiduciary practices for retirement plan sponsors. They include: Maintaining an investment policy statement with clear goals and objectives for the plan. Meeting ERISA section 404(c) requirements when constructing an investment array so employees can create diversified portfolios of varying degrees of risk that meet their investment needs. Prudently selecting and monitoring a default investment that qualifies as a Qualified Default Investment Alternative (QDIA). A QDIA provides a plan with relief from the fiduciary liability of investment outcomes for participants using the plan's default investment option, according to Securian. Avoiding proprietary fund requirements. Some investment firms bundle their investment options, forcing plan sponsors to include options that may not fit the plan's investment policy, Securian officials said. Demanding fee transparency and revenue neutrality. Selecting an investment array that is appropriate for employees' knowledge and skill levels, thus preventing employee investment decisions that can be harmful to their ability to meet their retirement objectives.

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