Meeting Your Fiduciary Responsibilities Under ERISA

• Overview
• Credits

Learn what ERISA's fiduciary duties are and when and to whom they apply.Gain a comprehensive and practical understanding of your or your clients' fiduciary duties concerning 401(k)'s and other retirement plans. You will learn about practical strategies used to avoid fiduciary status where advisable and satisfy your fiduciary duties when necessary and appropriate. You will also gain an understanding of how to guard yourself against exposure to liability for alleged breaches of fiduciary duties.

Authors

Agenda

Pre-ERISA Background and Common Law Meaning of Fiduciary

Enactment of ERISA and ERISA Pre-Emption

Which Plans Are Subject to ERISA?

ERISA Definition of Fiduciary - Function Over Form

Identification of Fiduciaries in Plan Documents

Original ERISA Model: Pooled Investments, Defined Benefit Plans, and Modern Portfolio Theory

ERISA's Articulation of Fiduciary Duties: Loyalty, Expertise, Prudence, Diversification

Prohibited Transactions

Special Rules for Employer Stock and ESOPs

Personal Liability of Fiduciaries and ERISA Limits on Indemnification

Fiduciary Committees and Co-Fiduciary Liability

Fiduciary Liability Insurance

No Requirement of Prescience or Guarantee of Outcomes; Procedural Prudence

ERISA § 404(c) and the 401(k) Explosion

Importance of Fees and Fee Disclosures

Role of Advisors I - Education vs. Advice

Role of Advisors II - Assumption of Fiduciary Responsibility as Advisor Business Model

PPA 2006 Introduces More Safe Harbors; Qualified Default Investment Alternatives (QDIAs) - What They Are and Extent of Fiduciary Protection

ERISA Litigation Basics and Practical Realities

DOL Enforcement Activities

Intensified Focus on Plan Costs and Disclosure

Recent Litigation Trends