The U.S. Department of Labor recently presented its “Getting It Right – Know Your Fiduciary Responsibilities” webcast series in an effort to increase employer awareness and understanding about basic fiduciary responsibilities when operating an employee retirement or health benefit plan. The series also addressed how the fiduciary responsibility provisions of the Employee Retirement Income Security Act (ERISA) apply to employer-sponsored retirement and health plans, in addition to providing information on how to avoid common problems with plan management. Other items discussed include: understanding your plan and your duties, carefully selecting and monitoring service providers, making contributions on time, providing appropriate disclosures to plan participants, filing annual reports to the government on time, and avoiding prohibited transactions.
You can access an archived recording of any or all three sessions of the DOL webcast series by clicking on the links below. (You will be required to register prior to viewing.):
Part 1: Basic fiduciary responsibilities when operating an employer-sponsored retirement plan and ERISA’s prohibited transactions provisions and exemptions.
Part 2: ERISA’s reporting and disclosure provisions for employer-sponsored retirement plans and the Department of Labor’s voluntary correction programs for retirement plans.
Part 3: Basic fiduciary responsibilities when operating an employer-sponsored group health plan, ERISA’s reporting and disclosure provisions, and Qualified Medical Child Support Orders (QMCSOs). This webcast does not cover the Affordable Care Act.