ERISA Fiduciary Rules for Health and Welfare Plans: Compliance Requirements and Litigation Risks

BARBRI

Most cases involving the application of ERISA fiduciary rules and liability focus on plan sponsors of retirement plans. Recent cases include issues about fiduciary duties and breaches by sponsors, administrators, and trustees of health and welfare plans.

The Department of Labor (DOL) states that plan sponsors, administrators, and trustees are subject to ERISA's fiduciary rules when selecting a healthcare plan service provider. As fiduciaries of the health or welfare plan, employers must ensure that service providers meet required standards and that fees and expenses are reasonable when weighed against the benefits of the plan services.

Determining who fiduciaries are for health and welfare plan decisions and transactions under ERISA can be complicated and involve various factors. Fiduciaries and their counsel must grasp applicable rules regarding plan decisions and avoid prohibited transactions and conflicts of interest. Failure to adhere to these rules can lead to hefty penalties and fines.

Listen as our panel discusses fiduciary rules and potential liability for plan sponsors, administrators, and trustees of health and welfare plans, fiduciaries and litigation risks, and methods to avoid liability due to plan operations and transactions.

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