May 21, 2018
1:00pm - 2:00pm PST
Understanding your Fiduciary Responsibilities under ERISA:
Strong fiduciary oversight and protecting workers’ benefits is one of the highest priorities of the U.S. Department of Labor. However, we recognize that understanding and complying with ERISA can be challenging for any employer. “Understanding Your Fiduciary Responsibilities under ERISA” is a valuable presentation for employers and service providers. The Employee Benefits Security Administration (EBSA) will present an introduction to the Employee Retirement Income Security Act (ERISA) and cover some of the basics of retirement and health plan administration. This will include an overview of the Voluntary Fiduciary Correction Program (VFCP).
A compliance assistance guide will be provided to all attendees, along with a discussion of the various laws that impact these benefits.
Consequences of failure to fulfill fiduciary duties include:
- Personal liability to make plan whole -- restore plan losses and give up any gains/profits
- DOL may sue and also may assess civil penalties
- Person may be barred from being a fiduciary
- Possible criminal prosecution in egregious cases
Presented by Charlene Argate, Senior Benefits Advisor, US Department of Labor, Employee Benefits Security Administration
The benefits of having the EBSA present this information is that the information is coming directly from the agency that regulates these laws and attendees will have a direct contact with EBSA. We also provide specific examples or issues relevant the area where we are presenting specializing in the San Francisco Bay Area.