ERISA §404 outlines the duties of a plan fiduciary and requires fiduciaries to perform their duties:
- Solely in the interests of participants and beneficiaries;
- For the exclusive purpose of providing plan benefits, or for defraying reasonable expenses of plan administration;
- With the care, skill, prudence and diligence that a prudent person acting in a like capacity and familiar with such matters would use; and
- In accordance with the documents and the instruments governing the plan insofar as those documents and instruments are consistent with ERISA.
Fiduciary duties include, among other things, setting and following plan terms, adopting formal plan documents, providing participant disclosures, reporting certain information to the government (e.g., Form 5500s), and perhaps most importantly, properly handling plan assets.
Fiduciary Essential is our foundational fiduciary compliance solution built to help employers and health plan sponsors confidently meet their ERISA fiduciary obligations without the cost or complexity of traditional consulting. Our self-guided Fiduciary Essential solution includes:
- A Comprehensive Fiduciary Toolkit
A complete, legally vetted library of resources, including model committee charters, vendor assessment scorecards, sample meeting agendas, policy templates, fiduciary best-practice checklists, and quick-reference guides.
- An On-Demand Fiduciary Training Series
Professionally produced video modules that walk your team through the fundamentals of fiduciary duty, ERISA standards, and health plan governance.
- An Annual Compliance Calendar
A pre-built calendar customizable to your medical plan’s renewal month that outlines required fiduciary tasks, review cycles, and documentation milestones.
- A Document Repository & Organization Tools
Centralized cloud-based storage to organize charters, meeting minutes, policies, and compliance evidence. This ensures secure recordkeeping and an easy-to-follow audit trail.
The price for our Fiduciary Essential solution is $1,000 per year.
To continue to sign up, click next.