Los Angeles partner Fred Reish was quoted in a PlanAdviser article titled “Breaking Down Fiduciary Uncertainty for Plan Sponsor Clients.” The article features commentary from Fred at the Plan Sponsor Council of America’s 71st Annual National Conference.
Fred discussed general fiduciary duties of ERISA plan sponsors and outlined three steps for fiduciary protection. He noted that while there is the “two hats” doctrine—that employers and retirement committees are both fiduciaries when representing plan participants—there is also a “best practices hat,” which requires the plan sponsor to “[go] beyond looking at what benefits the participants or employer,” adding that “[m]eeting minimal objectives of the law is not the goal.”
Fred also covered issues to consider when monitoring TDFs and “best practices” in plan design.
NAPA.net also highlighted Fred’s commentary at the conference in an article titled “Reish: Fiduciary Best Practices Key to Compliance.”