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Employers have a fiduciary obligation to their employees when they offer retirement plans and benefits. The Employee Retirement Income Security Act (ERISA) imposes an extremely high regulatory burden, establishing significant organizational as well as personal fiduciary responsibilities on employers. The retirement plan marketplace offers numerous outsourced fiduciary services and models to reduce and manage that burden. What are 3(16), 3(21), and 3(38) fiduciaries? What are the benefits and risks of hiring an outsourced fiduciary? This session will review fiduciary responsibilities and obligations under ERISA, define the various outsourced models, and review the ongoing obligations employers have even when they use an outsourced fiduciary.
- Understand the employer’s fiduciary obligations under ERISA.
- Define who is an ERISA fiduciary.
- Learn what responsibilities can be outsourced and what cannot be outsourced.
- Compare the various outsourced fiduciary models available in the marketplace today.
- Learn to manage the roles and responsibilities of the committee, recordkeeper, administrator, trustee, and advisors.