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

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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.

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