Conduct a Self-Audit to Avert ERISA Plan Fiduciary LiabilityConfero Magazine Summer 2019
Michelle Capezza, Member of the Firm in the Employee Benefits and Health Care & Life Sciences practices, in the firm’s New York office, authored an article in Confero Magazine, titled “Conduct a Self-Audit to Avert ERISA Plan Fiduciary Liability.”
Following is an excerpt (see below to download the full version in PDF format):
Employers that sponsor employee benefit plans for their employees assume a great responsibility to ensure that the plan is operated in the best interest of the plan participants and their beneficiaries. The Employee Retirement Income Security Act (“ERISA”) was passed into law in 1974 to set minimum standards for most private industry retirement, health and welfare plans that provide protections for plan participants, set forth fiduciary responsibilities for those with discretion over plan management, administration and/or control regarding disposition of plan assets, and provide participants the right to sue for benefits and breaches of fiduciary duty. ERISA plan fiduciaries should periodically conduct a fiduciary self-audit to ensure policies and procedures are in place for prudent plan governance.