On May 18th, the Supreme Court delivered its decision in Tibble v. Edison, which involves the question as to whether a plan fiduciary has an ongoing duty to monitor a plan’s investments.Continue reading
In Summer 2014, the Department of Labor (DOL) updated its guidance for plan administrators making distributions to participants in terminated defined contribution plans. Among other information,1 Field Assistance Bulletin 2014-01 (FAB) provides the minimum steps a plan fiduciary must make in order to locate missing participants.
Thanks to the first blog post in our fiduciary prudence series, you already know that if you are either named as a fiduciary or act in a manner where you are functioning as one (e.g., you answered “yes” to the question “Do I have the discretionary authority over the management of plan assets or over the administration of the Plan?”), you are a fiduciary.
But now what? After determining fiduciary status, it is imperative that you understand your roles and responsibilities as a plan fiduciary.
First and foremost, it is important to know when these roles and responsibilities begin. Your role as a fiduciary begins at the inception of the plan. Once an employer decides to sponsor a plan—which in and of itself is NOT a fiduciary decision—the roles and responsibilities of a fiduciary are born.
Now that you know when your role begins, it is essential to understand what roles and responsibilities exist as a fiduciary.Continue reading
After our recent Educational Series webinar on Avoiding Fiduciary Risk Chase Tweel, J.D., LL.M., a Pension Consultants ERISA Analyst responded to questions. See what he had to say below. Additionally, if you missed the live webinar, you can watch the recorded webinar here.
Question: Our document requires us to make employer’s stock available as an investment option. You mentioned earlier that following plan documents is a fiduciary duty, but it is also a duty to be prudent. It would be imprudent and/or disloyal to allow participants to invest in company stock under certain circumstances, so what should we do?Continue reading