Employee Retirement Income Security Act of 1974 (ERISA) Requirements

Part One: Fiduciary Rules

In addition to the fiduciary duties, the Employee Retirement Income Security Act of 1974 (ERISA) imposes other requirements, including that the plan must be established and maintained pursuant to a written instrument (i.e., a plan document); that plan assets must be held in trust subject to a few limited exceptions; that the plan administrator must meet certain reporting and disclosure obligations; and that fiduciaries and others who handle plan assets must meet certain bonding requirements. Failure of a plan to meet these requirements exposes fiduciaries to liability.

TABLE OF CONTENTS

Learning the Basics

Part 1: Fiduciary Rules

• Who is a Fiduciary?

• What do I need to do if I am a fiduciary?

• Delegation of fiduciary responsibilities

• Consequences of breach of fiduciary duties

• Employee Retirement Income Security Act of 1974 (ERISA) Requirements

Part 2: Strategies to limit your liability

• Process and documentation

• Compliance with ERISA Section 404(c)

• Selection and monitoring of service providers

Part 3: Managing your fiduciary responsibilities

• Managing your fiduciary responsibilities

Fiduciary Best Practices

• Assessing Your Risk

• Establishing a Fiduciary Committee

• Investment Policy Statement Considerations

Furthermore, ERISA prohibits certain types of transactions related to employee benefits plans and, combined with provisions in the Internal Revenue Code of 1986, as amended ("Code"), imposes significant liability on those who engage in such transactions.

Congratulations! You've completed Part One. To continue to Part Two, click here

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