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.
Washington Legislative Update
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ERISA
This course covers the structure, enforcement of, and plan requirements set by the Employee Retirement Income Security Act of 1974 (ERISA). The course also examines the types of plans covered under ERISA, fiduciary responsibility, plan funding, reporting and disclosure requirements, and the Pension Benefit Guaranty Corporation (PBGC).
Fiduciary Responsibility for ERISA Plans
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 by plan participants. This course is designed to help fiduciaries understand and carry out their responsibilities faithfully.
Articles
Flip the Script: Turn DOL Audits Into Your Seal of Approval (Benefits Magazine, September/October 2025)
Department of Labor (DOL) audits represent an opportunity for employee benefit plan trustees and administrators to demonstrate adherence to fiduciary standards. What are key steps plans should consider upon learning that they have been scheduled for a compliance audit? The plan administrator and trustees should meet with legal counsel to assign duties for compiling documents and recordkeeping. During interviews with DOL investigators, trustees should be prepared to provide accurate and complete information that clearly demonstrates their active fiduciary role, deep understanding of plan operations and prudence in overseeing significant transactions during their tenure.
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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