Fiduciary Compliance & Best Practices

Fiduciaries serve a vital role with regard to ERISA-governed employee benefit plans, providing administration, oversight of plan investments, selection of service providers, and handling benefit appeals, among other things. The Employee Benefits Group routinely helps fiduciaries identify and adopt

  • Negotiated with the IRS to allow retroactive amendment to pension plan eligibility language for large manufacturing company to exclude large group of employees not intended to benefit, preventing multi-million dollar liability
  • Prepared plan documents and coordinated compliance efforts in connection with merger of four defined benefit pension plans into employer’s consolidated national pension plan
  • Negotiated complex administrative service and outsourcing agreement for group of large related 401(k) plans
  • Provided strategic advice and analysis for publicly traded Fortune 500 company on approach to managing multiemployer pension funds in endangered or critical status and withdrawal liability risks for more than 100 multiemployer pension funds
  • Successfully obtained IRS approval and Compliance Statement under the Employee Plan Compliance Resolution System (EPCRS) to retroactively correct 23 operational and plan document errors for major tier one automotive supplier's pension plan
  • Assisted with termination, assignment and transition of employee benefits programs in stock sale of information technology-based subsidiary of public company, including assigning certain plans to parent and transitioning other programs to buyer.
  • Prepared RFP for investment consultant search for 9 qualified retirement plans sponsored by major tier one auto supplier with over $600 million in assets; participated in interview and selection process and negotiated investment consultant contract
  • Established fiduciary compliance program for qualified retirement plans with 9,000 participants/$600 million in assets; drafted documents on committee members, authority, responsibility and rules and policies for paying expenses from plan assets
  • Advised on large multistate welfare plan’s contracts for administering and/or insuring medical, prescription drug, life, long-term disability, short-term disability, flexible spending accounts, and employee assistance program
  • Assist client in establishing Benefits Committee where employer delegates fiduciary responsibility to administer employee benefit plans subject to ERISA improve compliance with ERISA fiduciary duty requirement and administration of employee benefit plans
  • Advised manufacturing client on fiduciary duty implications and best practices of allocating expenses among multiple qualified retirement plans