Fiduciary Governance

A recent blog post argues that it is wise for plan fiduciaries to be aware of the importance of plan documents in meeting their fiduciary duties.In “Those Pesky Plan Documents…What Do They Have To Do With my Fiduciary Duties?” an article in a recent Boutwell Fay, LLP newsletter, Deborah Fabricant... READ MORE

“Eat your vegetables!” children are told. Many do so reluctantly, despite the fact that it’s good for them. Fast forward: “Have an audit!” federal law tells many employee benefit plans. They may be the brussels sprouts of administrative functions, but a Department of Labor (DOL) publication offers... READ MORE

Among the “myths” surrounding the fiduciary rule is that the rule will not be enforced during the transition period. But that’s not the whole story, Fred Reish notes in a recent blog post. Reish notes that the Department of Labor (DOL) has said that “during the phased implementation period from... READ MORE

Concerned that the Labor Department’s fiduciary rule could be pared back, Maryland is considering extending fiduciary duty under state law.The Maryland Senate Finance Committee held a hearing on proposed legislation on Feb. 22, following a Feb. 16 hearing on the legislation by the Maryland House... READ MORE

Last week the Massachusetts Securities Division filed charges against Scottrade for knowingly violating its internal policies regarding implementation of the DOL fiduciary rule — an action that plaintiffs seeking to overturn that rule say validates their concerns.Those concerns — outlined in a... READ MORE

Many plan documents are requirements. So too, are fiduciary duties. Do the two intersect?In “Those Pesky Plan Documents…What Do They Have To Do With my Fiduciary Duties?” Deborah Fabricant in Boutwell Fay LLP’s Benefits News blog argues that plan documents are central to fulfilling fiduciary duties... READ MORE

Here are, in my estimation, the three biggest mistakes fiduciaries make. Not knowing they are fiduciaries. As noted above, a significant – and apparently growing — number of individuals who are, in fact, plan fiduciaries are oblivious to that reality. The reasons for that are varied, though the... READ MORE

Whoever said ignorance was bliss surely wasn’t talking about fiduciary litigation.While I’ve had the opportunity over the past decade and change to peruse plenty of filings and findings related to excessive fee suits, the recent amended filing in a case against New York University (NYU) included... READ MORE

A recent conversation between Trucker Huss’ Callan Carter and Diane Wasser of the CPA firm EisnerAmber LLC spotlights errors commonly found in a retirement plan audit.An auditor tests a sample of an employer’s employee population when reviewing a plan. Wasser says, and once he or she discovers an... READ MORE