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Review of ERISA Advisory Council Findings on Outsourcing of Employee Benefit Plan Services
October Three Consulting Link to more items from this source
Dec. 15, 2014
"The EAC's recommendations, if acted on, would significantly improve current outsourcing practice, mainly by clarifying what the ERISA rules are. That clarification would make outsourcing contracting -- allocating liability between the sponsor and the outsourcing provider -- much easier and effective.... [T]he key issues are: [1] Can the sponsor fully delegate away named fiduciary responsibilities, with no residual 'select and monitor' responsibility/liability? And [2] if it cannot, what is the extent of those retained responsibilities/liabilities? Some bright-line guidance on those issues would be immensely helpful."

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