Training Course
Syllabus:
This seminar is designed for human resource managers, attorneys, controllers, CPAs, plan administrators, enrolled agents, payroll professionals, financial professionals, financial planners and insurance professionals.
This one-day seminar is designed to give participants a thorough view of qualified plan fiduciary requirements. Investment selection and monitoring is a primary plan sponsor/fiduciary responsibility, with vendor and recordkeeper selection being a strategic aspect. The guest panel will describe the controls, monitoring and documentation to employ that minimize corporate and individual exposure and ensure participant protection.
You will learn about ERISA section 404(a), which spells out the responsibilities of plan fiduciaries and ERISA Section 404(c) that describes what must be done to avoid responsibility for participants’ inappropriate investment selections. Published Department of Labor positions, including their ENRON amicus brief and DOL audit issues will be fully covered. Case law that interprets and enforces ERISA fiduciary investment responsibilities will be presented. The guest panel of experts will share their experience and knowledge and answer your questions.
8:30 a.m. - 8:45 a.m.
I. Overview
8:45 a.m. - 9:45 a.m.
II. Qualified Plan Fiduciary
Responsibilities – The Law
A. Special Law Affecting Qualified Plan Fiduciaries
B. How To Determine If You Are A Fiduciary
C. Extent Of Personal Exposure
D. Different Types Of Qualified Plan Trustees
E. Current Case Law
F. Employer Stock
G. ENRON
9:45 a.m. - 11:25 a.m.
(Break 10:30 a.m. - 10:40 a.m.)
III. Investment Selection And Monitoring
Process
A. Fund Selection
1. Setting The Parameters
2. Preparing The Data Request
3. Rating The Provider Responses
4. Fine Tuning Arrays With Finalists
B. Fund Monitoring
1. Importance Of Investment Policy Statement
2. Typical Investment Report Contents
3. The Review Meeting
4. Dealing With Problem Funds
5. Documentation And Follow- Up
11:25 a.m. - 11:40 a.m.
IV. Questions And Answers
11:40 a.m. - 12:40 p.m.
Lunch (On Your Own)
12:40 p.m. - 1:40 p.m.
V. Participant Directed Account Issues
A. Plan Sponsor Exposure For Participant Investment Decisions
B. 404(c), The Exception To The ERISA 404(a) “General Rule”
C. What It Takes To Have 404(c) Protection
D. Responsibility And Reliability Of Vendors
E. Directed Brokerage Accounts
F. Employer Stock Under 404(c)
G. Current Required Actions
1:40 p.m. - 2:25 p.m.
VI. Vendor Selection And Monitoring
A. Identify Plan And Program Needs
B. Review Documents And Develop Investment Policy
C. Design And Release RFP
D. Close RFP And Compile Data
E. Determining Results And Recommendations
F. Finalist Presentations And Selections
2:25 p.m. - 2:35 p.m.
Break
2:35 p.m. - 3:20 p.m.
VI. Vendor Selection And Monitoring
(Continued)
G. Coordinate Data Integration And Transfer Of Assets
H. Develop Communication And Education Policy
I. Daily HR Administration Support
J. Frequent Contact With Provider For Program Enhancements
K. Manage And Monitor Communications Program
L. Ensure Annual Plan Goals And Objectives Are Met
M. Legislative Updates
N. Review Of Annual Plan Testing
O. Annual Review Of Provider Pricing Model And Fee Schedules
P. Compliance Issue Resolution Consultation
3:20 p.m. - 4:20 p.m.
VII. DOL Audits Of Retirement Plans
A. Types Of DOL Investigations
B. Selecting Targets For Investigations
C. Preparing For A DOL Investigation
D. Handling The Investigation
E. Resolving Allegations Of Title One Violations
F. Methods Of Compliance
G. Terms Of Settlement
H. Tips For Avoiding Penalties
I. Criminal Investigations
J. How To Avoid A DOL Investigation
K. Voluntary Compliance Under Title One
4:20 p.m. - 4:30 p.m.
VIII. Questions And Answers
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