401(k) Plan fiduciaries are held to a high standard by ERISA, the Internal Revenue Code, related regulations and the courts when making decisions in regard to a 401(k) plan.  A prudent process must be followed, with individuals held to an expert standard with personal liability for imprudent decisions.  Fiduciary responsibilities should not be taken lightly.

If you’re a plan fiduciary, one way to minimize responsibility and liability is to retain a service provider that will take responsibility as a fiduciary.  We’ve asked Steve Baaden, Sean Meier and Jeremy Deleski from Oppenheimer & Co. to join LSL partner Maria Arriola, CPA for a webinar reviewing the steps you can take to help minimize and offload your fiduciary responsibility. They will discuss:

• Committee structure and processes: Who should be on the committee & how often should they meet, what’s on the agenda, how the committee properly oversees the operation of the 401(k) plan, including selecting and monitoring its investments and providers, and who the committee reports to.
• Service Provider Fiduciary Functions: Retaining a third-party service provider to handle the functions of a plan including, one that accepts fiduciary responsibility for those functions to “off-load” a plan sponsor’s fiduciary responsibility.
• Roles, Importance & Responsibilities of Each Type of Service Provider: 3(21) investment advisor, 3(38) investment manager, and 3(16) plan administration – and what differentiates them.
• Current Fiduciary Issues: Changing regulations from the US Department of Labor, ongoing litigation, and the evolution of fiduciary best practices.

They will also be available for Q&A.