DOL Series Takes on Fiduciary Challenges for Small Sponsors

“Getting It Right – Know Your Fiduciary Responsibilities,” a training series from the Department of Labor (DOL), is designed to address some of the challenges of operating an employee benefit plan. 

Small and medium-sized employers may be especially hampered because of limited time and resources, or limited access to professional help with benefit programs, DOL says. The department’s three-session series will help increase awareness and understanding about basic fiduciary responsibilities when operating a retirement or health benefit plan. Employers and service providers can learn how the fiduciary responsibility provisions of the Employee Retirement Income Security Act (ERISA) apply to both types of plans, along with information on how to avoid common problems when managing a plan.

The series will guide plan sponsors and providers through their fiduciary responsibilities, covering topics that include selecting and monitoring service providers, making contributions on time, providing appropriate disclosures to plan participants and filing annual reports to the government on time, and avoiding prohibited transactions.

Speakers from the DOL will discuss the following:

Health plans – Basic fiduciary responsibilities when operating an employer-sponsored group health plan, ERISA’s reporting and disclosure provisions, and qualified medical child support orders (QMCSOs).  This webcast will not cover the Affordable Care Act. The webcast will take place March 12, from 2 p.m.to 4 p.m. (Eastern).

Retirement plans – Basic fiduciary responsibilities when operating an employer-sponsored retirement plan and ERISA’s prohibited transactions provisions and exemptions. The webcast will take place March 18, from 2 p.m.to 3:30 p.m. (Eastern).

Plan compliance – ERISA’s reporting and disclosure provisions for employer-sponsored retirement plans and the DOL’s voluntary correction programs for retirement plans. The webcast will take place March 19, from 2 p.m.to 3:30 p.m. (Eastern).

Attendees can register for all sessions or for individual sessions. The series is sponsored by the Employee Benefits Security Administration (EBSA) of the DOL.

Information on how to register for the webcast series is here.