DOL Sponsors Webcasts on Fiduciary Responsibilities

By SHRM Online staff Mar 18, 2011
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The U.S. Department of Labor's Employee Benefits Security Administration (EBSA) is sponsoring two distinct webcasts under the series rubric "Getting It Right—Know Your Fiduciary Responsibilities":

On March 23, 2011Speakers from the U.S. Department of Labor (DOL) will present information on the basic fiduciary responsibilities and on prohibited transactions and exemptions under the Employee Retirement Income Security Act (ERISA).

On March 24, 2011Speakers from the DOL will present information on the reporting and disclosure provisions of ERISA and the DOL's voluntary correction program.

Register for both webcasts at the EBSA website, here.

These free webcasts are part of EBSA's national fiduciary education campaign to increase awareness and understanding of basic responsibilities associated with operating private-sector retirement plans. Fiduciaries are held to a standard requiring that they place plan participants' best interest above all other concerns. Employers can be sued by the DOL or individual participants, or can be subject to class-action lawsuits, for breaching their fiduciary responsibilities.

Help in 'Getting It Right'

According to EBSA, "getting it right" as regards fiduciary responsibilities means:

Understanding the plan and employers' responsibilities.

Selecting and monitoring service providers carefully.

Making contributions on time.

Avoiding prohibited transactions.

Making appropriate disclosures to plan participants and filing annual reports to the government on time.

In March 2011, EBSA held public hearings on its proposed rule to broaden the definition of a fiduciary under ERISA (see the SHRM Online article, "DOL's Proposed Definition of 'Fiduciary' Draws Fire, Support").

Related Articles:

DOL's Proposed Definition of 'Fiduciary' Draws Fire, Support, SHRM Online Benefits Discipline, updated March 2011

Retirement Plan Sponsors Unclear on 'Fiduciary Responsibility', SHRM Online Benefits Discipline, February 2010

Related Video—External:

Video: ASPPA on the Definition of Fiduciary

Quick Link:

SHRM Online Benefits Discipline

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