Plan Expenses: Avoiding Trouble Through Appropriate Use of Plan Assets

American Bar Association Joint Committee on Employee Benefits [JCEB]

A keystone of ERISA and its fiduciary duties is that when plan assets are used for plan expenses, such use must be prudent and in the plan’s and its participants bests interests. This simple formulation of ERISA’s standard of conduct is deceptive, and myriad issues arise for plan fiduciaries for the payment of assets.

This panel will discuss the possibilities and limitations on plans when they seek services from or seek to provide services to plan sponsors and related parties.

Among the topics will be shared services agreements between plans (including best practices and tips), the provision of plan services by plan sponsors, ERISA 408(c) limitations on compensation to full-time employees or officers of sponsoring employers and unions, and correction of arrangements that do not meet ERISA requirements.

The panel also will review the expense policies and types of administrative expenses that may cause problems for plans in DOL audits.

Panelists:

• Ivelisse Berio-Lebeau, Member, Sugarman & Susskind, PA
• James Craig
• Sara R Pikofsky, Partner, Steptoe & Johnson LLP

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