It can be confusing trying to figure out who has ERISA fiduciary status right now and what their responsibilities are. In 2016, the Department of Labor (DOL) issued a rule redefining the meaning of the term “fiduciary” as it applies to investment professionals. In 2018, before the rule was fully in effect, a federal court vacated the rule. This session will cover who is considered an ERISA benefit plan fiduciary today and what one should be doing.
Key takeaways include:
• Who is an ERISA fiduciary?
• What are the different types of ERISA fiduciaries?
• What does it mean that the definition of ERISA fiduciary is functional?
• What types of decisions do ERISA fiduciary duties apply to?
• What are the ERISA fiduciary duties?
• What is ERISA co-fiduciary liability?
• What are the consequences of violating ERISA fiduciary duties?
• What can ERISA fiduciaries do to protect themselves from liability?