Section 408(b)(2) and the Challenge of Balancing Cost and Value of Retirement Plan Services

Speakers: Bruce L. Ashton, APM & C. Frederick Reish, Esq., Drinker, Biddle & Reath LLP

Plan sponsors have a fiduciary duty to evaluate the quality of investment and administration services as well as the reasonableness of services and fees provided to a qualified retirement plan. Historically, some plans used a consultant or an RFP process for this purpose. Many plan simply ignored this responsibility. With the advance of ERISA Section 408(b)(2), in addition to consultants and RFPs, independent benchmarking services are now available to assist fiduciaries. This session will explore the mechanisms available to plan sponsors to meet their fiduciary duties with respect to both pooled trusts and self-directed accounts.

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ABOUT THE SPEAKERS

Bruce L. Ashton, APM

Bruce is a partner in the Employee Benefits & Executive Compensation Practice Group of the national law firm of Drinker Biddle & Reath LLP. His practice focuses on all aspects of employee benefits issues, including representing public and private sector plans and their sponsors, negotiating the resolution of plan qualification issues under IRS remedial correction programs, advising and defending fiduciaries on their obligations and liabilities, structuring qualified plans, non-qualified deferred compensation arrangements and health care arrangements, and representing plan service providers (including RIAs, independent record-keepers, third party administrators, broker-dealers and insurance companies) in fulfilling their obligations under ERISA. Combining his employee benefits and transactional expertise, Bruce is also active in the installation and funding of employee stock ownership plans (ESOPs). Bruce served as president of the American Society of Pension Professionals and Actuaries (ASPPA) for the 2003-2004 term. From 1998 through 2002, he served as the co-chair of ASPPA’s Government Affairs Committee and was a member of its board of directors from 1997 to 2007. He was a member of the Board of Directors of the American Academy of Actuaries during 2003-2004, was the president of the Western Pension & Benefits Conference Los Angeles Chapter from 2008-2009, and has served as a member of the leadership counsel of the National Tax Sheltered Accounts Association (NTSAA). Bruce received ASPPA’s Harry T. Eidson Award in 2011.

C. Frederick Reish, Esq.

Fred is an ERISA attorney whose practice focuses on fiduciary responsibility, retirement income and plan operational issues. He has been recognized as one of the “Legends” of the retirement industry by both PlanAdviser magazine and PlanSponsor magazine. Fred serves as a member of his firm’s Retirement Income Team and is a member of the Institutional Retirement Income Council (IRIC), which focuses on retirement income issues and products, and has written extensively about retirement income issues. Fred also received awards for: the 401(k) Industry’s Most Influential Person by 401kWire; one of RIABiz’s 10 most influential individuals in the 401(k) industry affecting RIAs for 2012; the Commissioner’s Award and the District Director’s Award by the IRS; the Eidson Founder’s Award by the American Society of Professionals & Actuaries (ASPPA); the Institutional Investor and the PlanSponsor magazine Lifetime Achievement Awards; and the ASPPA/Morningstar 401(k) Leadership Award. He has written more than 350 articles and four books about retirement plans, including a monthly column on 401(k) fiduciary issues for PlanSponsor magazine. Fred Co-Chaired the IRS Los Angeles Benefits Conference for over 10 years, served as a founding Co-Chair of the ASPPA 401(k) Summit, and has served on the Steering Committee for the DOL National Conference.

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