PLANADVISER - January/February 2021 - 36

regulatory & compliance | education
Continuous Education
Plan committee members' fiduciary training should never end
O
ne of the biggest challenges
now for retirement plan
committees, and the advisers
who serve them, is keeping up with
regulatory changes, says Senior
Managing Director Michael Annin of
Mesirow Financial in Chicago. " In rapid
succession, we had the SECURE [Setting
Every Community Up for Retirement
Enhancement] Act and the CARES
[Coronavirus Aid, Relief and Economic
Security] Act. Those are two pretty
significant pieces of legislation, and
sponsors need to understand what it all
means for their plan, " he says.
Also crucial for committees to reflect
on, says Summer Conley, a partner in
Faegre Drinker Biddle & Reath LLP in
Los Angeles, is the volume of defined
contribution (DC) plan breach of fiduciary
duty lawsuits currently in the
courts. " Committee members should
know what the issues are and what
those mean for their plan. "
Once a committee and its duties are
established, the members must learn
their fiduciary responsibilities, advisers
say. The first step can be explaining
how the plan works at a high level- " its
provisions, match, eligibility, and plan
economics such as revenue sharing, fee
leveling or other ways services in the
plan get paid for, " says Timothy Irvin,
director and corporate markets practice
leader at Cammack Retirement Group
in New York City. " They should also
understand not only their own role and
responsibilities, but also those of the
vendors and the consultant. "
Educating new plan committee
members, as well as providing ongoing
education throughout the year for all
members, is vital even though fiduciary
training is not a requirement, says
Joan Neri, counsel in Faegre Drinker
Biddle & Reath LLP's ERISA group,
in Florham Park, New Jersey, and a
columnist for PLANADVISER (see " The
Latest Word on ESG, " page 38). " One of
the first questions the Department of
Labor [DOL] asks when conducting a
plan investigation is whether the plan
provides ongoing fiduciary training for
committee members. "
'Better Training, Better Decisions'
Ellen Lander, principal at Renaissance
Benefit Advisors Group in New York City,
says, " Given a fiduciary's legal responsibilities
under ERISA, we consider fiduciary
training to be a requirement, "
and her clients agree. " Every member
of the plan committee must undergo
fiduciary training when they first join
the committee. Following the training,
they're required to formally acknowledge
their acceptance of their obligations
under ERISA and as a fiduciary to
the plan. But training is not a one-time
event, it's an ongoing process. "
" Because committee members'
responsibilities are so enormous, we
36 | planadviser.com January-February 2021 Art by Pete Ryan

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PLANADVISER - January/February 2021

Table of Contents for the Digital Edition of PLANADVISER - January/February 2021

Are You Leaving the Door Open?
A Question of Liability
How 3(38) Advising Profits Clients
The Tax Distinction
How to Choose a PEP
Plan Governance
Continuous Education
The Latest Word on ESG
ESG Investing Under ERISA
PLANADVISER - January/February 2021 - Cover1
PLANADVISER - January/February 2021 - Cover2
PLANADVISER - January/February 2021 - 1
PLANADVISER - January/February 2021 - 2
PLANADVISER - January/February 2021 - 3
PLANADVISER - January/February 2021 - 4
PLANADVISER - January/February 2021 - 5
PLANADVISER - January/February 2021 - 6
PLANADVISER - January/February 2021 - 7
PLANADVISER - January/February 2021 - 8
PLANADVISER - January/February 2021 - 9
PLANADVISER - January/February 2021 - 10
PLANADVISER - January/February 2021 - 11
PLANADVISER - January/February 2021 - 12
PLANADVISER - January/February 2021 - 13
PLANADVISER - January/February 2021 - Are You Leaving the Door Open?
PLANADVISER - January/February 2021 - 15
PLANADVISER - January/February 2021 - 16
PLANADVISER - January/February 2021 - 17
PLANADVISER - January/February 2021 - 18
PLANADVISER - January/February 2021 - 19
PLANADVISER - January/February 2021 - A Question of Liability
PLANADVISER - January/February 2021 - 21
PLANADVISER - January/February 2021 - 22
PLANADVISER - January/February 2021 - 23
PLANADVISER - January/February 2021 - How 3(38) Advising Profits Clients
PLANADVISER - January/February 2021 - 25
PLANADVISER - January/February 2021 - 26
PLANADVISER - January/February 2021 - 27
PLANADVISER - January/February 2021 - The Tax Distinction
PLANADVISER - January/February 2021 - 29
PLANADVISER - January/February 2021 - How to Choose a PEP
PLANADVISER - January/February 2021 - 31
PLANADVISER - January/February 2021 - Plan Governance
PLANADVISER - January/February 2021 - 33
PLANADVISER - January/February 2021 - 34
PLANADVISER - January/February 2021 - 35
PLANADVISER - January/February 2021 - Continuous Education
PLANADVISER - January/February 2021 - 37
PLANADVISER - January/February 2021 - The Latest Word on ESG
PLANADVISER - January/February 2021 - ESG Investing Under ERISA
PLANADVISER - January/February 2021 - 40
PLANADVISER - January/February 2021 - Cover3
PLANADVISER - January/February 2021 - Cover4
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