Fiduciaries: Who Are They?

ASPPA [American Society of Pension Professionals & Actuaries]

Speaker: Lyndsey Barnett, Partner - Attorney, Bricker Graydon LLP

Description: In this session, we will start with a back to the basics on employer fiduciary duties surrounding retirement plans. We will discuss the difference between settlor and fiduciary functions, and when those expenses may be payable from plan assets. We will explore co-fiduciary duty and when service providers may become liable for acts of another fiduciary. We will delve into the differences between a 3(16), 3(21) and 3(38) fiduciary. We will discuss the differences and advantages of fiduciary insurance and fidelity bonds. 

Learning Objectives:

1. Differentiate between 3(21), 3(16) and 3(38) responsibilities
2. Outline the responsibilities of the employer in maintaining a plan
3. Differentiate between settlor and fiduciary functions
4. Outline the advantages of fiduciary liability insurance and difference in fidelity bond
5. Steps to take to protect against co-fiduciary liability

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