Between the Supreme Court’s recent ruling in Tibble v. Edison and the increased interest from the feds, fiduciary responsibility is a critical issue for employers everywhere. That’s why it’s so important to have a comprehensive compliance strategy in place.
At the 2015 Mid-Sized Retirement & Healthcare Plan Management Conference in San Diego, Ian S. Kopelman, a partner with the DLA Piper US LLP law firm, offered a simple, 15-step process employers of all stripes can take to ensure they’re fulfilling their fiduciary responsibilities:
Shortcuts to safety
Here are Kopelman’s “15 Shortcuts to Fiduciary Compliance”:- Prudence is paramount. As Kopelman put it, you don’t have to be right, you only have to be prudent, and prudence is a process. Employers must have a prudent process in place for evaluating their fiduciary duties — and apply that process consistently. Remember, according to ERISA’s prudent man rule:
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