The Employer Retirement Income Security Act of 1974 (ERISA) introduced the concept of fiduciary responsibility for those overseeing and dealing with private employee benefit plans. This course is designed to identify benefit plan fiduciaries, their roles, and their duties. Breach of fiduciary duty can lead to personal fines and lawsuits. Plan sponsors and trustees are at risk of being audited by the U.S. Department of Labor (DOL) or Internal Revenue Service (IRS), paying fines or being sued. This course is designed to help fiduciaries understand and carry out their responsibilities faithfully.
In 2016, the DOL published a rule expanding the definition of who is considered a fiduciary, and issued specific exemptions from otherwise prohibited transactions, including the best interest contract exemption (BICE). Compliance with parts of the rule had already begun when, in June 2018, a federal court vacated the rule. This course aims to describe how fiduciary responsibility is determined after June 2018.
You will learn:
- Who is and who is not a fiduciary
- Duties and requirements of a fiduciary
- Importance of policies and procedures
- Delegation of fiduciary duties
- Fiduciary status of investment service providers
- How fiduciary responsibilities are enforced.
View full course outline [PDF].