The Biggest Problem Fiduciaries Face

Believe it or not, the biggest problem we see ERISA Fiduciaries face is not knowing they’re a fiduciary. 

This often happens when a company that operates a Health & Welfare or Qualified Retirement Plan appoints their CFO, HR personnel, or even an office secretary to key positions within the Plan. 

When you first set out to build your company plan, this may seem like an easy route to take. But, being a fiduciary is a full time responsibility.

If your fiduciaries are not aware of the legal liability tied to their position, and are not prudent experts in ERISA compliance – your business is at risk to face serious penalties and fines if the DOL decides to audit you. 

How We Help

As prudent experts in ERISA Plan Strategy & Legal Compliance for over 25 years, we’ve seen everything the DOL looks for when conducting a plan audit. 

That’s why we’ve created a comprehensive training program to help ERISA Fiduciaries learn the ins-and-outs of ERISA compliance, so they can reduce risk for your company and minimize findings if the DOL asks for documents.

Our ERISA Fiduciary Training Program

When you enroll your fiduciaries in our ERISA Fiduciary Training Program – we will visit your office in-person (or virtually) to share our best knowledge and compliance practices with your team.

This includes covering topics such as:

  • Who qualifies as a fiduciary under ERISA?
  • What legal and financial responsibilities does an ERISA Fiduciary hold?
  • The Prudent Man Rule – and why exercising prudence in decision making on behalf of your plan participants & beneficiaries is crucial for success.
  • The most common ERISA compliance problems businesses face (and how to correct them).
  • What to do if your company receives an inquiry from the DOL, or is subject to an EBSA audit.

Getting equipped with this knowledge will empower your fiduciaries to operate your Plan with confidence, and keep you legally compliant.

25 Years Of ERISA Experience, DOL Audits & Federal Court Cases. Many Lessons Learned…

Every business that offers Health & Welfare or Qualified Retirement Plans to employees has a fiduciary responsibility to put plan participants and beneficiaries first.

A large part of this duty involves checking the marketplace to find the best service providers for your plan, at a reasonable price. Doing so will allow you to offer the strongest plan possible to employees while keeping costs at a reasonable level as required by ERISA.

WARNING: If you are found to be paying fees with plan assets that the Department of Labor deems “unreasonable”, they will have to be paid back to the plan in addition to lost earnings and an excise tax. Plan Sponsors and Fiduciaries are held personally liable for these penalties.s prudent experts in Health & Welfare and Retirement Planning, we will work to ensure your ERISA plan is both strategically-designed and legally compliant. With over 25 years of experience managing ERISA plans, we have designed and implemented every type of plan for self-insured and fully-insured organizations, as well as all types of retirement plans.

Contact ERISA Advisory Group To Enroll In Our Fiduciary Training Program

Do your fiduciaries need to be trained by prudent experts in ERISA compliance?

Schedule an appointment with our President, William Kropkof – and he will walk you through the next steps to making your fiduciaries ERISA Compliance Specialists.

Click Here To Schedule An Appointment With William Kropkof