401(K) Plan Committee Critical Training: Fiduciary Responsibilities and ERISA Compliance

Duration: 60 minutes

What is the very first thing the IRS or DOL often demands from plan sponsors during a plan audit or investigation of ERISA compliance?

The answer may surprise you: Committee meeting minutes.

Most companies understand that a Committee of carefully selected employees should jointly share the fiduciary responsibility of 401K oversight. But unfortunately many companies appoint a Committee and do little else to comply with their fiduciary obligations.

401(k) Committees must be explicitly trained in fiduciary duties and held strictly responsible for a very specific list of tasks. Putting a bunch of smart, even investment-minded, employees on a fiduciary Committee won’t protect your company if they aren’t well versed in the fiduciary responsibilities or follow the steps required to meet applicable law.

This webinar will deliver the critical training benefit plan committees need in order to sufficiently protect the plan, their fellow employees and the company. We’ll also discuss the risks of noncompliance, including DOL and IRS penalties, and lay out best practices for building a top-notch Committee.

LEARNING OBJECTIVES

In this session, plan sponsors, Committees and other interested parties including HR, senior executives and financial professionals will learn about: