Fiduciary Training: Roles, Responsibilities & Liabilities
A plan fiduciary’s failure to comply with the strict fiduciary standards imposed by the Employee Retirement Income Security Act of 1974 (ERISA) may have serious consequences, including personal liability and enforcement actions by the Department of Labor (DOL). Therefore, CBIZ MHM feels it is vital to educate those who oversee and administer ERISA plans about their fiduciary obligations. This training will assist those responsible for overseeing employee benefit plans in understanding the fiduciary responsibilities under ERISA and how to manage the associated liabilities from both a legal and corporate compliance perspective.
Many corporate officers do not feel comfortable with their level of understanding of even basic issues regarding plan governance. Frequently, plan documents do not accurately reflect day-to-day plan administration. In both of these circumstances, corporate officers and boards of directors could be exposed to potential ERISA liability for matters over which they inadvertently exercise improper control or for which they really do not have any functional control.
By going through a good fiduciary training program facilitated by CBIZ MHM, those responsible for administering and overseeing ERISA plans can gain a better understanding of the legal rules and how to manage liabilities in light of their company’s particular circumstances and governance goals.