Insight in Indian Country Podcast
Trusted Expertise to Serve Tribal Nations
Tribal fiduciaries have a responsibility to follow sound fiscal practices and fulfill their duty of care. This episode, Wes Benally and Paul Madrid discuss the Tribal fiduciary role and reducing risk in the management of employer-sponsored retirement plans. Paul explains the unique challenges tribal fiduciaries face, the importance of following fiduciary responsibilities, and introduces REDW’s retirement plan sponsor scorecard—a tool specially designed to help Tribes assess their retirement plan management.
The scorecard consists of 14 questions that cover areas such as investment policies, goals and objectives, and the effectiveness of education programs. Paul emphasizes the significance of having an investment committee and providing education to plan participants and highlights the role of accredited investment fiduciaries in sound fiscal practices.
Takeaways
- The retirement plan sponsor scorecard helps tribes assess their retirement plan management and identify areas for improvement.
- Key areas covered by the scorecard include investment policies, goals and objectives, and the effectiveness of education programs.
- Having an investment committee and providing education to plan participants are crucial for successful retirement plan management.
- Accredited investment fiduciaries play a significant role in sound fiscal practices and reducing risk.
Chapters
- 00:00 – Introduction to Managing Employer-Sponsored Retirement Plans
- 02:09 – The Retirement Plan Sponsor Scorecard
- 05:13 – Understanding Fiduciary Responsibilities and Risk Management
- 08:56 – The Importance of Investment Policies and Committees
- 12:23 – Providing Education and Support to Plan Participants
- 21:29 – Taking the Retirement Plan Sponsor Scorecard
- 24:24 – Conclusion and Invitation to NAFOA Conference
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References
- Read: Fiduciary Risk Management for Retirement Plan Sponsors
- Learn More: REDW’s 14-Question Retirement Plan Sponsor Scorecard for Tribes
- Event: NAFOA’s 42nd Annual Conference – April 29 @ Seminole Hard Rock Hotel
Meet Your Host
Wesley Ryan Benally, CPA
REDW Principal and National Tribal Practice Leader
As the leader of REDW’s National Tribal Practice, Wes is committed to improving financial literacy throughout Indian Country and hosts the Insight in Indian Country Podcast. He oversees audits of a wide range for Native American communities, state and local government agencies, and non-profits, nationwide, is a member of the Arizona State Board of Accountancy’s Peer Review Oversight Advisory Committee and serves as an instructor with Arizona State University’s American Indian Policy Institute. In addition, as a Board member for a tribal gaming entity that operates in two states, Wes keeps up with regulatory issues important to tribal gaming operations. Wes is an enrolled member of the Navajo Nation.
More from Insight in Indian Country
- Paving the Way for Growth: NMSCPA 2nd Annual Tribal ConferenceWes Benally is joined by fellow REDW Principals Victor Flores and Chris Henderson to touch on conference topics including tribal economics, entrepreneurship, and impact investing with native-owned businesses.
- NMSCPA’s Second Annual Tribal ConferenceREDW is proud to co-sponsor this half-day Conference on Tribal Enterprise economics for tribal leaders and those involved with tribal and tribal-run businesses
- Investment Intelligence: Decoding What Matters in Global MarketsA panel of Financial Planning professionals from REDW Wealth will share their insights on the global economy and the markets, past and present.
- NAFOA 42nd Annual ConferenceFrom April 29-30, REDW will be joining with tribes, state and federal government officials, and leading industry experts to discuss the latest economic issues in Indian Country.
- Reducing Risks in Retirement Plan Management with Paul Madrid, CPA®, CFP®, AIFA®This episode, Wes Benally and Paul Madrid discuss the Tribal fiduciary role and reducing risk in the management of employer-sponsored retirement plans.
