ERISA
The Employee Retirement Income Security Act of 1974 (ERISA) introduced the concept of fiduciary responsibility for those overseeing and dealing with private employee benefit plans. A key goal of ERISA was to define a unified set of federal laws governing retirement and health plans in the private sector. Employers and plan sponsors can find compliance support in the following resources.
E-Learning
ERISA
Fiduciary Responsibility for ERISA Plans
Articles
Flip the Script: Turn DOL Audits Into Your Seal of Approval
Benefits Magazine September/October 2025
Employee benefit plan trustees and administrators could view a Department of Labor (DOL) audit as an opportunity to demonstrate adherence to fiduciary standards. This article identifies key steps in preparing for a compliance audit.
Going Above and Beyond: ERISA Disclosure
Benefits Magazine, January/February 2024
ERISA sets out disclosure requirements for employee benefit plan fiduciaries, but multiple court decisions demonstrate that fiduciaries may need to go above and beyond those requirements when providing notices and benefits information to plan participants. Following these steps can help plan fiduciaries ensure that disclosures meet ERISA requirements. Provide legally and factually accurate communications at all times, make sure all communications are understandable to the average participant, consider whether additional information is appropriate given a participant's unique circumstances, and advise affected participants about benefit changes under serious consideration.
The Who, When and Why of Independent Fiduciaries
Benefits Magazine, May/June 2023
Employee benefit plan sponsors may need to hire an independent fiduciary in certain situations in order to avoid conflicts of interest and prohibited transactions under ERISA. What types of firms serve as independent fiduciary service providers? Typically, independent fiduciaries are banks, trust companies and registered investment advisors (RIAs), third-party administrators (TPAs) or law firms. Different types of conflicts require different kinds of independent fiduciaries, and plan sponsors should carefully consider a firm’s qualifications and expertise when selecting an appropriate independent fiduciary.
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