ADP Retirement Services - ERISA Fiduciary Responsibilities: An Overview for Financial Advisors

Author: Ronald Ulrich

This course is designed to provide a high-level overview of the duties and concerns of which
ERISA fiduciaries need to be aware. It focuses on how fiduciaries are expected to carry out
their responsibilities, rather than a review of all the tasks for which they are responsible.
Participants will gain an understanding of the laws of ERISA and the investment responsibilities of ERISA fiduciaries. Of course, nothing in this presentation is intended to provide you or your clients with legal or investment advice.

Publication Date: December 2021

Topics Covered

• What Is ERISA and What Does It Cover?
• Employee Retirement Income Security Act of 1974
• What Kinds of Plans Does ERISA Cover?
• Fiduciary and Non-fiduciary Actions Under ERISA
• Who Is an ERISA Fiduciary?
• Settlor Actions: Non-Fiduciary
• Other Non-Fiduciary Actions
• ERISA Fiduciary Duties
• What Are the Duties of an ERISA Fiduciary?
• Co-Fiduciary Liability
• Prohibited Transactions
• Breach of Fiduciary Duty - Potential Consequences
• Practical Steps for Plan Fiduciaries
• Satisfying the Duty of Prudence — Suggested Actions
• Plan Administration — Fiduciary Duty to Follow Plan Terms
• Satisfying the Duty of Prudence — Suggested Actions
• Selecting Service Providers — Fiduciary Responsibilities
• Selecting Service Providers — Suggested Fiduciary Actions
• Retaining Service Providers — Fiduciary Duty to Monitor
• Investment Selection and Monitoring — Fiduciary Responsibilities
• Opportunities to Limit Fiduciary Risk
• Risk- Plan Investments
• Plan Investments
• Governance
• Administration
• General

Learning Objectives

• Recognize what ERISA is and what it covers
• Differentiate fiduciary and non-fiduciary actions under ERISA
• Recognize ERISA Fiduciary Duties
• Identify practical steps for plan fiduciaries
• Describe opportunities to limit fiduciary risk
• Recognize an example of a welfare plan covered by ERISA
• Identify a type of fiduciary action
• Identify the number of investments that qualify as a QDIA

Level
Basic

Instructional Method
Self-Study

NASBA Field of Study
Taxes (1 hour)

Program Prerequisites
None

Advance Preparation
None