Fiduciary Responsibilities
Generally, anyone who exercises discretionary authority over a plan, or otherwise has control, is a fiduciary subject to the requirements of Title I of ERISA. This includes plan administrators, corporate officers, plan committees, and in some cases, advisors. Our attorneys are experienced in helping fiduciaries understand their responsibilities, the consequences of the failure to meet these responsibilities, and how to deal with failures that have already happened.
This involves:
- Fiduciary education for committees and other plan fiduciaries, including a discussion of best practices for plan fiduciaries
- Creation of committee charters setting out the responsibilities and authority delegated to the committee by the employer/plan administrator
- Identification and correction of prohibited transactions
See our article on Importance of a Plan Administrative Committee & Its Charter, published in Bloomberg Law’s Professional Perspectives in July 2023.