Fiduciary Training: The Guidance and Tools Needed to Succeed
Los Angeles partner Summer Conley and Chicago partner Michael Rosenbaum wrote an article for PLANSPONSOR titled “Fiduciary Training: The Guidance and Tools Needed to Succeed.
Summer and Michael state that, while there is no fiduciary training requirement under the Employee Retirement Income Security Act (ERISA), fiduciary training is vital to making sure committee members understand their duties and responsibilities. The Department of Labor (DOL) does ask whether or not committees receive fiduciary training during its investigations, and if the answer is no, the department may take a closer look at how the committee operates in order to determine whether a fiduciary breach has occurred. Explaining steps that committee members can take to be good fiduciaries protects the plan and helps the committee if or when it comes time to face the DOL or a plaintiff.
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