Fiduciary Responsibility for ERISA Plans
The Fiduciary Responsibility for ERISA Plans eLearning course from the International Foundation of Employee Benefit Plans (IFEBP) provides an in-depth look at fiduciary duties in managing employee benefit plans. This course helps professionals understand their legal obligations under ERISA, focusing on the key fiduciary duties such as loyalty, prudence, and disclosure. It also explores how to navigate the responsibilities of plan sponsors and trustees, ensuring compliance with regulations to avoid potential liabilities. With practical insights on delegation, service providers, and penalties, this course equips participants to uphold their fiduciary duties effectively.
Topics Covered
- Introduction to Fiduciary Responsibility
- Key Fiduciary Responsibilities
- The ERISA Fiduciary Definition
- Managing ERISA Plans
- Delegation of Fiduciary Responsibilities
- Prohibited Transactions and Penalties
- Best Practices for Fiduciaries
Course Outline
Introduction
- Legal Background of ERISA
Estimated Time to Complete: 5 minutes
Examining the Fiduciary Role
- What Is a Fiduciary?
- Who Is a Fiduciary?
- The Named Fiduciary
- Co-Fiduciary Responsibilities
- Fiduciary Examples
- Who Is NOT a Fiduciary?
- Settlor Functions
- Identifying Fiduciary Status of Plan Functions
Estimated Time to Complete: 20 minutes
Fiduciary Duties
- Fiduciary Duty to the Plan
- Key Fiduciary Duties Specified by ERISA
- Duty of Loyalty
- Duty to Disclose
- Duty to Act Prudently
- Duty to Diversify Plan Assets
- Diversification Rules When Assets Are Under Participant Direction
- Diversification Rules for Company Stock
- Duty to Act in Accordance with Plan Documents
Estimated Time to Complete: 30 minutes
Policies and Procedures
- Policies, Procedures and Documentation
- Investment Policy
- Bonding Requirements
- Procedure to Terminate a Fiduciary Role
- Using Discretionary Authority to Make Plan Decisions
Estimated Time to Complete: 20 minutes
Delegation to Service Providers
- Delegating Plan Responsibilities to Service Providers
- Build Your Knowledge: Administrative Expenses
- Considerations When Selecting Service Providers
- Monitoring Service Providers
Estimated Time to Complete: 15 minutes
Fiduciary Status of Investment Managers, Advisors and Other Professionals
- Investment Managers and Investment Advisors
- Other Investment Professionals
- Five-Part Test to Determine Fiduciary Status of Other Investment Professional
- Securities Regulation Best Interest
- Investment Education Examples
- Non-Fiduciary Investment or Retirement Education
Estimated Time to Complete: 30 minutes
Enforcement of Fiduciary Responsibilities
- Enforcement Agencies
- Prohibited Transactions
- Prohibited Transaction Exemptions
- Temporary Best Interest Contract Exemption (BICE)
- Improving Investment Advice for Workers and Retirees Exemption
- DOL Penalties
- IRS Penalties
- Fiduciary Liability Insurance
Estimated Time to Complete: 30 minutes
NOTE: The estimated time to complete each lesson is based on word count and assumes uninterrupted consumption of the course. Actual time to complete each lesson can vary widely based on familiarity with the topics and other factors. Time required to complete the course final exam is not counted in these estimates.
Course Applies To
Questions?
Contact us at (888) 334-3327, option 3 or [email protected].
Why Choose E-Learning?
Self-Paced
Navigate the course at a pace that fits your learning style.
Convenient
Learn on your schedule—without the inconvenience of time away from the office.
Expert-Created Content
Take a deep-dive into a topic with content developed by industry leaders.
Cost-Effective
Save when you choose affordably-priced training with no additional travel costs.