A graduate of Duke University, Richard Shafer of Madison, Wisconsin, has served in a number of executive positions with TIAA-CREF and CUNA Mutual Group. Currently Richard Shafer serves retirement plan fiduciaries as the executive director of Well and Good LLC in Madison -- a registered investment advisor that specializes in serving not-for-profit organization.

1. By Richard Shafer, Madison

2.  A graduate of Duke University, Richard Shafer of
Madison, Wisconsin, has served in a number of
executive positions with TIAA-CREF and CUNA
Mutual Group. Currently Richard Shafer serves
retirement plan fiduciaries as the executive
director of Well and Good LLC in Madison -- a
registered investment advisor that specializes in
serving not-for-profit organization.
Whether a retirement plan's fiduciaries perform
their role well or poorly may be evaluated under
standards set forth in Employee Retirement
Income Security Act of 1974 (ERISA) and its
regulations.

3.  They include performance with care, shill and diligence
"under the circumstances then prevailing" that a prudent
person acting in a like capacity and "familiar with such
matters" would use to conduct "an enterprise of like
character and with like aims."
This is sometimes referred to a the "prudent expert" rule.
Since the "circumstances then prevailing" can be expected
to change, there is an ongoing duty to monitor. Should the
board and officers of a not-for-profit not possess the
expertise and/or time to regularly gather and sift data,
consider what is relevant today and what may be relevant
tomorrow ERISA allows the option of engaging experts to
advise their decisions and recommend their prudent
process.