Recorded July 13, 2017
Crafting Comprehensive Proposals to Meet Fiduciary Duties and to Avoid Litigation and DOL Audits
Companies have important fiduciary responsibilities under ERISA to properly select and monitor the effectiveness of the service providers for their retirement plans and the reasonableness of their fees. Legal counsel and human resources / employee benefits professionals can assist companies in meeting their fiduciary duties on these considerations by conducting periodic RFPs.
Listen as our experienced panel prepares employee benefits counsel and ERISA plan fiduciaries to plan for and conduct RFPs for retirement plan service providers. The panel will discuss when plan fiduciaries should undertake the RFP process to meet DOL requirements, outline the elements that make up a comprehensive and effective RFP, and offer practice pointers for using the RFP process to meet fiduciary duties and achieve plan goals.
- Overview of ERISA requirements and DOL guidance
- Elements of a thorough RFP questionnaire
- Interviewing service provider candidates
- Documenting the RFP process
The panel will review these and other key issues:
- When and how often should plan fiduciaries undertake the RFP process?
- What essential questions should be included in the RFP questionnaire?
- How can my company obtain enhanced contractual provisions in the agreements with our service providers?
W. Andrew Douglass, Shareholder, Employee Benefits Practice Group Chair at Polsinelli and Roberta Casper Watson, Partner at The Wagner Law Group, will prepare employee benefits counsel and ERISA plan fiduciaries to conduct more optimal RFPs for retirement plan service providers. We will discuss when and how often plan fiduciaries should undertake the RFP process, outline the elements that make up a comprehensive and effective RFP, and offer practice pointers for using the RFP process to meet ERISA fiduciary duties and achieve plan goals.
Continue by clicking on the following link: