DOL to Hold Webinars on an Employer's Fiduciary Responsibilities

The DOL’s Employee Benefits Security Administration (EBSA) has announced that it will conduct a two-part webcast for employers on their fiduciary responsibilities when operating a retirement plan. The program – Getting It Right - Know Your Fiduciary Responsibilities  – will be held on March 23 and 24, 2011, and will cover topics such as understanding retirement plans and the employer’s responsibilities in administering them; carefully selecting and monitoring service providers; making contributions on time; avoiding prohibited transactions; and making appropriate disclosures to plan participants and timely filing annual reports to the government. The March 23 session will focus on basic fiduciary responsibilities and prohibited transactions and exemptions under the Employee Retirement Income Security Act (ERISA). The following day, the EBSA will present information on ERISA’s reporting and disclosure provisions and the DOL’s voluntary correction program.

The EBSA is in the process of drafting a final rule on proposed changes to the definition of “fiduciary” that would result in a broader range of individuals who provide investment advice to be deemed a fiduciary under ERISA.

Registration for the webinars is required, and can be made here.

Photo credit: Kameleon007

Information contained in this publication is intended for informational purposes only and does not constitute legal advice or opinion, nor is it a substitute for the professional judgment of an attorney.