Join us for a Choose Troy Friday Forum presented by Eric Gregory, Attorney at Dickinson Wright. Complimentary lunch provided.
Topic: Avoid the Wave of Litigation: Managing Risk and Liability for Employer-Sponsored Retirement Plans
Employer-sponsored retirement plans are increasingly in the crosshairs of plaintiff’s attorneys for allegations of breach of fiduciary duty based on payment of unreasonable fees for plan services. Recent settlements in these types of suits ($140 million for Nationwide; $62 million for Lockheed Martin) make it increasingly important for employers to fully understand their duties and implement investment and fee best practices. Lawsuits have also been filed against small employers with less than $10 million in plan assets and fewer than 100 participants. Therefore, it is paramount that all employers understand their fiduciary obligations.
This program will:
- Review ERISA’s basic fiduciary obligations that apply to employers, including the Department of Labor’s new “Fiduciary Rule.”
- Explain how to implement fiduciary best practices including committee formation and function, effective decision-making, documenting compliance and responding to participant or Department of Labor questions.
- Discuss the current participant fee litigation environment and what steps employers and their investment fiduciaries can take to minimize their litigation risk and improve investment function, including what services and assistance they should expect from their advisors and professional consultants.