The U.S. Department of Labor recently presented its
"Getting It Right - Know Your Fiduciary Responsibilities" webcast
series in an effort to increase employer awareness and understanding about
basic fiduciary responsibilities when operating an employee retirement plan.
The series also addressed how the fiduciary responsibility provisions
of the Employee Retirement Income Security Act (ERISA) apply to
employer-sponsored retirement plans, in addition to providing information
on how to avoid common problems with plan management.
Other items discussed include: understanding your plan and
your duties, carefully selecting and monitoring service providers, making
contributions on time, providing appropriate disclosures to plan participants,
filing annual reports to the government on time, and avoiding prohibited
transactions.
You can access an archived recordings of the
DOL webcast series by clicking on the links below. (You will
be required to register prior to viewing.):
Part 1: Basic fiduciary responsibilities when operating an
employer-sponsored retirement plan and ERISA's prohibited transactions
provisions and exemptions.
Part 2: ERISA's reporting and disclosure provisions for
employer-sponsored retirement plans and the Department of Labor's voluntary
correction programs for retirement plans.