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View More FIS Relius Education Webcasts and Conferences

Fundamentals Series 14: Fiduciary Requirements

FIS Relius Education

Jan. 16, 2018
Recorded Online
Webcast

ERISA has lots of commandments. It is full of "thou shalts" and "thou shalt nots." Many of those commandments are addressed to plan fiduciaries, who have very specific duties with regard to the plan and its participants. The thou shalts include many detailed reporting requirements (e.g., Form 5500) and disclosure requirements (e.g., summary plan descriptions).

Prohibited transaction are the "thou shalt nots" of retirement plans. It doesn't matter whether you think it's a good idea or not; when it comes to a prohibited transaction, unless there is some exemption, just say no.

There are tax penalties and a special tax return. There are labor law penalties. The transaction has to be "undone" the plan receives lost earnings. You just don't want to go there.

This program will introduce who is a fiduciary, what they must do, and what they cannot do. It will NOT cover the new rules on investment advisors.

Topics include:

  • Who is a fiduciary
  • Fiduciary standards
  • Partial relief through participant direction
  • Reporting requirements to the government
  • Disclosure requirements to participant
  • Disqualified persons
  • Parties-in-interest
  • What is prohibited
  • Correcting the transaction
  • Penalties and tax returns

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