Miguel Paredes, MBA, CPFA Independent ESOP Trustee Prudent Fiduciary Services, LLC
|
|
- Pamela Dorsey
- 5 years ago
- Views:
Transcription
1 Presented by: Miguel Paredes, MBA, CPFA Independent ESOP Trustee Prudent Fiduciary Services, LLC 1 Field Offices 10 Regional Offices with two primary functions: Enforcement Conduct Investigations Provide Compliance Assistance Benefit Advisors 2 1
2 The Employee Benefits Security Administration protects the security of the retirement, health and other workplace related benefits of American workers and their families. The Agency accomplishes this by: developing effective regulations assisting and educating workers, plan sponsors, fiduciaries and service providers enforcing the law 3 Contributory Plans Criminal Project Rapid ERISA Action Team Employee Stock Ownership Plans Plan Investment Conflicts Health Benefits Security Project Abandoned Plan Program Voluntary Fiduciary Compliance Program 4 2
3 Major Case Enforcement ESOPs play a prominent role as major cases Employee contributions Initiative 5 Participant complaints Form 5500 Reviews Referrals from other agencies Media Other 6 3
4 Civil Plan Service Provider Criminal Individual Plan Service Provider Employer 7 Review of Plan Assets Prudence, Prohibited Transactions, Self Dealing Reporting and Disclosure Bonding General Plan Operations In accordance with Plan Document Remittance of Employee Contributions 8 4
5 Interviews with key personnel and plan fiduciaries Basic operations / services Contributions Benefit payments Expenses Investments Identification of Service providers Record-keeper(s) Record Review 9 Contribution records ESOP Transaction Documents Stock purchase agreements Stock certificates Stock appraisals Promissory notes, loan agreements Loan amortization/repayment schedules Share release schedules Stock allocation reports 10 5
6 Reporting Requirements Annual Report (Form 5500) Disclosure Requirements Summary Plan Descriptions (SPDs) Summary Annual Reports (SARs) Service Provider Disclosures 408(b)(2) Participant Benefit Statements & Disclosures 11 Fiduciary must Act solely in interest of Ps & Bs (Loyalty) Discharge duties prudently (Prudent Expert) (care, skill, prudence and diligence) Diversify plan investments (ESOPs exempt) Follow terms of governing documents (to the extent consistent with ERISA) 12 6
7 Fiduciary must NOT act in his / her / its own self interest act on behalf of a party with adverse interests accept gratuity from those doing business w/ the Plan (kickback) 13 Fiduciaries must NOT cause the Plan to engage in a prohibited transaction Sale / exchange with party in interest (PII) Loan / extension of credit with PII Goods, services & facilities with PII Transfer to, use by or for the benefit of a PII 14 7
8 Influence of DOL enforcement objectives Major Case initiative DOL career performance tied to enforcement results Lack of understanding of technical aspects of ESOPs 15 DOL focus on mostly three issues: Conflicts of Interest Company Stock Valuation Single biggest issue ESOP Company Abuse/Waste 16 8
9 Conflicts of Interest Internal Trustee vs. Independent Trustee No true negotiation Trustee rubber-stamping deals 17 ESOP fiduciaries not serious about their fiduciary obligations of care and loyalty The fiduciary s process itself is flawed Lack of independence Passive Trustees/over-reliance on advisors Lack of sufficient understanding of valuation Lack of proper documentation 18 9
10 ESOP fiduciaries not serious about their fiduciary obligations of care and loyalty The fiduciary s process itself is flawed Lack of independence Passive Trustees/over-reliance on advisors Lack of sufficient understanding of valuation Lack of proper documentation 19 Lack of qualified and independent appraisal firm Flawed valuation methodologies Unreliable or dated financial information Unreasonable financial projections Management projections conflicts Failure to consider different scenarios 20 10
11 Failure to appropriately discount for risk Unreasonable market comps Inappropriate adjustments to financials 21 ESOP equity interest considerations Warrants Too aggressive Not well understood (by DOL) Dilutive impact not evaluated/reflected Stock Appreciation Rights Disguised purchase price Excess compensation Dilutive impact not evaluated/reflected 22 11
12 Discount for lack of marketability Discount for lack of control Control premiums Threshold question is it reasonable to rely on the valuation? 23 Engage an experienced ESOP advisor Full cooperation and disclosure with your ESOP advisor Engage in prudent process when selecting Trustee Full cooperation and disclosure with Trustee 24 12
13 Implement ESOP Company best practices Corporate Governance best practices Involved ESOP Committee Engage experienced ESOP providers Third Party Administrator Trustee Valuation firm ESOP Training/Education 25 Depends on any problems identified If no problems are noted, closing letter If problems are noted, corrective actions are necessary 26 13
14 Usually, EBSA will send Notice Letter Identifies problems Offers chance to discuss correction EBSA encourages Voluntary Compliance Proper Correction >> Closing Letter Identifies problems & corrective actions No Correction >> referral to the Solicitor s Office 27 Depending upon the circumstances, DOL may seek Correction of prohibited transactions Restoration of losses Penalties Removal of fiduciaries Removal of service providers Appointment of independent fiduciary Implementation of new internal controls Supplemental distributions to Ps & Bs Final accounting 28 14
15 Miguel Paredes, MBA, CPFA Prudent Fiduciary Services 2648 E. Workman Ave, Ste West Covina, CA (626)
What to Expect from an Employee Benefits Security Administration (EBSA) Investigation. Voluntary Fiduciary Correction Program.
What to Expect from an Employee Benefits Security Administration (EBSA) Investigation Voluntary Fiduciary Correction Program May 15, 2014 Miguel Paredes, Supervisory Investigator Thuy Pham, Benefits Advisor
More informationWhat to Expect from an Employee Benefits Security Administration (EBSA) Audit
What to Expect from an Employee Benefits Security Administration (EBSA) Audit Sherry Brackney Senior Benefits Advisor Cincinnati Regional Office The views expressed are those of the speaker & do not necessarily
More informationEBSA Organizational Chart
What to Expect from a DOL - Employee Benefits Security Administration (EBSA) Investigation October 17, 2012 EBSA Organizational Chart Assistant Secretary Deputy Assistant Secretary for Program Operations
More informationDisclaimer WHAT TO EXPECT FROM AN EBSA INVESTIGATION OUTLINE OF PRESENTATION
WHAT TO EXPECT FROM AN EBSA INVESTIGATION United States Department of Labor Employee Benefits Security Administration Presented by Andy Cameron Senior Benefits Advisor, Seattle District Office Disclaimer
More informationThe DOL and ESOPs. Best Practices for a DOL Audit
The DOL and ESOPs Best Practices for a DOL Audit 61152401 1 Patti J. Hedgpeth, Esq. Shareholder Polsinelli 2950 N Harwood Street Suite 2100 Dallas, TX 75201 Phone: (214) 661-5556 Mobile: (214) 923-0251
More informationWhat To Expect From An Employee Benefits Security Administration (EBSA) Investigation
What To Expect From An Employee Benefits Security Administration (EBSA) Investigation October 23, 2018 Senior Practice Fellow: Lois La Londe, Supervisory Benefits Advisor, US Department of Labor Guest
More informationBest Practices for Retirement Plan Fiduciaries
Best Practices for Retirement Plan Fiduciaries Presented by: Christina Anstett Director, Advanced Markets, 401(k) AXA Equitable IU-84238 (4/13) AXA Equitable Life Insurance Company (NY, NY) Contact Information
More informationFiduciary Part 2. Agenda. Various Scenarios Fiduciary Process Documenting the Process. Jeremy Pelphrey Dan Reser Miguel Paredes
Fiduciary Part 2 Jeremy Pelphrey Dan Reser Miguel Paredes Agenda Various Scenarios Documenting the Process 1 Common Scenario Company forms ESOP and engages independent or institutional trustee. Independent
More informationDOL EXAMINATIONS OF RETIREMENT PLANS & FIDUCIARY BEST PRACTICES
We Design, Build and Manage Employee Benefit Programs DOL EXAMINATIONS OF RETIREMENT PLANS & FIDUCIARY BEST PRACTICES Presented by: John Higgins, CFP, AIF, CFS Patterson Smith Associates, LLC Securities
More informationDOL Survival Guide and Top Ten 401(k) Pitfalls
DOL Survival Guide and Top Ten 401(k) Pitfalls Presented by CohnReznick s Government Contracting Industry Practice Sandy Wendler, Manager and Travis Dutton, Principal, Lockton Retirement Services PLEASE
More information9/22/ IRS CIRCULAR 230 DISCLOSURE AGENDA. ESOP Transactions: Fiduciary Duty & New Guidance from the DOL
Southwest Chapter of the ESOP Association Fall Conference Houston, Texas September 19, 2014 ESOP Transactions: Fiduciary Duty & New Guidance from the DOL Allison Wilkerson Allison.wilkerson@klgates.com
More informationSurviving DOL Service Provider Investigations
Surviving DOL Service Provider Investigations DOL Investigations of Service Providers: Broker-Dealers, RIAs, and Recordkeepers Fred Reish, ESQ., Bruce Ashton, ESQ. & Bradford Campbell, ESQ. Drinker Biddle
More informationESOP CHECK-UP EVALUATING HOW AN ESOP IS WORKING
ESOP CHECK-UP EVALUATING HOW AN ESOP IS WORKING SPEAKERS CHRISTOPHER MCLEAN LINDSAY BAUBLITZ clmclean@kaufcan.com 703-770-9982 lbaublitz@schgroup.com 410-785-8012 AGENDA Plan sponsors and fiduciaries have
More informationUNITED STATES DISTRICT COURT FOR THE EASTERN DISTRICT OF WISCONSIN MILWAUKEE DIVISION
UNITED STATES DISTRICT COURT FOR THE EASTERN DISTRICT OF WISCONSIN MILWAUKEE DIVISION ) THOMAS E. PEREZ, ) Civil Action No. Secretary of the United States ) Department of Labor, ) ) Plaintiff, ) ) v. )
More informationGetting it right. Know Your Fiduciary Responsibilities. The Employee Benefits Security Administration U.S. Department of Labor
The Employee Benefits Security Administration U.S. Department of Labor Getting it right Know Your Fiduciary Responsibilities A Compliance Assistance Program 1 Fiduciary Responsibility - Overview What is
More informationERISA FIDUCIARY BASICS AND BEST PRACTICES
Presents ERISA FIDUCIARY BASICS AND BEST PRACTICES November 5, 2015 Misty A. Leon mleon@wifilawgroup.com COMPLIANCE 101 General Roles and Responsibilities Who's Involved? Plan Administrator Responsibilities
More informationEffectively Navigating DOL Investigations of Plans and Service Providers
Effectively Navigating DOL Investigations of Plans and Service Providers Jean Ackerman Department of Labor Heather B. Abrigo, Esq. Drinker Biddle & Reath LLP Heather B. Abrigo, Esq. Drinker Biddle & Reath
More informationBenefits. DOL Fee Disclosure Regulations: What Plan Sponsors Need to Know
Benefits cus Employer Update DOL Fee Disclosure Regulations: What Plan Sponsors Need to Know October 2011 Retirement plan fees and their impact on the retirement savings of plan participants is a topic
More informationFiduciary Responsibilities under ERISA Alabama SHRM State Conference
Fiduciary Responsibilities under ERISA 2017 Alabama SHRM State Conference May 17, 2017 B. David Joffe Bradley Arant Boult Cummings LLP Bradley Arant Boult Cummings LLP Fiduciary Responsibility Rules Employee
More informationRetirement Plan Fiduciary Best Practices Houston Compensation and Benefits Total Rewards Summit
Retirement Plan Fiduciary Best Practices Houston Compensation and Benefits Total Rewards Summit Edward A. Razim, Partner September 13, 2018 Fiduciary Status Who is a fiduciary? Any individual or entity
More informationUnderstanding the Roles and Responsibilities of a Fiduciary
Understanding the Roles and Responsibilities of a Fiduciary The retirement plan fiduciary has significant responsibilities. This paper outlines a fiduciary s responsibilities and offers strategies that
More informationNational Benefit Services. 3(16) Fiduciary Services
National Benefit Services 3(16) Fiduciary Services fiduciary 1) n. from the Latin fiducia, meaning trust, a person who has the power and obligation to act for another under circumstances which require
More informationDealing with ERISA Fiduciary Responsibility & Liability
Qualified and Non Qualified Retirement Plans Pitfalls for the Practitioner Representing the Small Business Owner Dealing with ERISA Fiduciary Responsibility & Liability Irwin N. Rubin, Esq. 19 th Annual
More informationSO YOU RE A RETIREMENT PLAN FIDUCIARY NOW WHAT? GE (2/17) (Exp. 2/19)
SO YOU RE A RETIREMENT PLAN FIDUCIARY NOW WHAT? GE-123340 (2/17) (Exp. 2/19) AGENDA The Framework Defining the Fiduciary The Big 5 - Basic Fiduciary Duties Plan Governance Limiting Liability When Mistakes
More informationWorkshop 13 - When the Pension Promise Fails - Unilateral or Forced Reduction of Accrued Pension Entitlement
Workshop 13 - When the Pension Promise Fails - Unilateral or Forced Reduction of Accrued Pension Entitlement HOWARD PIANKO, ESQ. hpianko@seyfarth.com SEYFARTH SHAW LLP NEW YORK OFFICE AN OVERVIEW - U.S.
More informationplan sponsor checklist for ERISA 403(b) plans
plan sponsor checklist for ERISA 403(b) plans Keeping Your ERISA 403(b) Plan and Its Operation Compliant This correspondence contains: ERISA 403(b) Plans Annual Requirements At-a-Glance Plan Sponsor Checklist
More informationindependent financial expert and the fiduciary that would be the product provider or an affiliate of the investment provider.
INVESTMENT ADVICE TO DEFINED CONTRIBUTION PLAN PARTICIPANTS- UPDATE ON IMPACT OF DEPARTMENT OF LABOR ADVISORY OPINION 2001-09A AND THE PENSION PROTECTION ACT OF 2006 Under Section 3 (21) (A) (ii) of ERISA,
More informationWho Are the Fiduciaries and What Are Their Key Responsibilities?
Who Are the Fiduciaries and Presented by: Thomas H. Mug Greensfelder, Hemker & Gale, P.C. 10 South Broadway, Suite 2000 St. Louis, Missouri 63102 (314) 345-4732 thm@greensfelder.com 1 Section 3(21) of
More informationCommunity Action Program Legal Services (CAPLAW) Navigating Retirement Plan Fiduciary Rules and Correcting Plan Errors
Community Action Program Legal Services (CAPLAW) Navigating Retirement Plan Fiduciary Rules and Correcting Plan Errors March 1, 2017 Michele Berman Golkow golkow@ballardspahr.com 215.864.8403 Retirement
More informationUnderstanding Your Fiduciary Liability: 3(21) vs. 3(38) Services
Understanding Your Fiduciary Liability: 3(21) vs. 3(38) Services Mark J. Grushkin Employee Benefits Shareholder Littler Mendelson, P.C. (Littler) There is considerable confusion in the marketplace regarding
More informationUnderstanding Fiduciary Responsibility
Understanding Fiduciary Responsibility Presented By: Christina L. Anstett, J.D. October 23, 2012 Agenda Compliance Framework for Employee Benefit Plans What/Who is a Fiduciary? Basic Fiduciary Duties Delegation
More informationUnderstanding Fiduciary Responsibilities
making it personal Understanding Fiduciary Responsibilities for plan sponsors every step of the way GET TO KNOW OUR FIDUCIARY RESPONSIBILITIES Products and financial services provided by American United
More informationERISA Compliance FAQs: Reporting and Disclosure Rules
Provided by Brown & Brown Benefit Advisors ERISA Compliance FAQs: Reporting and Disclosure Rules The Employee Retirement Income Security Act of 1974 (ERISA) is a federal law that sets minimum standards
More informationRetirement Plan Fiduciaries
Best Practices ces for Retirement Plan Fiduciaries David A. Whaley, Partner Dinsmore & Shohl LLP Laura L. Stallard, CPA Mountjoy Chilton Medley July 16, 2013 Overview What is a retirement plan fiduciary?
More informationEmployee Benefits Security Administration. Voluntary Fiduciary Correction Program Workshop
Philadelphia Regional Office Employee Benefits Security Administration Voluntary Fiduciary Correction Program Workshop for Late Participant Deferrals and Loan Repayments Welcome Voluntary Fiduciary Correction
More informationFIDUCIARY ISSUES AND HOW TO AVOID BEING A DEFENDANT
FIDUCIARY ISSUES AND HOW TO AVOID BEING A DEFENDANT Mid-Sized Retirement and Healthcare Plan Management Conference October 17, 2012 Sherwin Kaplan AGENDA Who is an ERISA Fiduciary? What are an ERISA Fiduciary
More informationFIDUCIARY ISSUES AND HOW TO AVOID BEING A DEFENDANT. Mid-Sized Retirement and Healthcare Plan Management Conference September 12, 2012 Sherwin Kaplan
FIDUCIARY ISSUES AND HOW TO AVOID BEING A DEFENDANT Mid-Sized Retirement and Healthcare Plan Management Conference September 12, 2012 Sherwin Kaplan AGENDA Who is an ERISA Fiduciary? What are an ERISA
More informationCase 1:16-cv UU Document 38 Entered on FLSD Docket 05/11/2016 Page 1 of 14
Case 1:16-cv-20245-UU Document 38 Entered on FLSD Docket 05/11/2016 Page 1 of 14 UNITED STATES DISTRICT COURT FOR THE SOUTHERN DISTRICT OF FLORIDA MIAMI DIVISION THOMAS E. PEREZ, ) Secretary of Labor,
More informationWho is the Plan Fiduciary? Employment Law Briefing June 25, 2018 CUPA HR Conference 2
Who is the Plan Fiduciary? June 25, 2018 Jacksonville Presented by: Robert S. Ellerbrock Paul Owen (CAPTRUST Advisors) Employment Law Briefing June 25, 2018 CUPA HR Conference 1 Who is a Fiduciary? Basically,
More informationERISA Compliance FAQs: Reporting and Disclosure Rules
Brought to you by The Noble Group ERISA Compliance FAQs: Reporting and Disclosure Rules The Employee Retirement Income Security Act of 1974 (ERISA) is a federal law that sets minimum standards for employee
More informationEmployee benefit plan large filers: Meeting your compliance and fiduciary requirements. April 20, 2016
Employee benefit plan large filers: Meeting your compliance and fiduciary requirements April 20, 2016 1 Your presenters Rose Ann Abraham, CPA Partner Baker Tilly 312 729 8086 roseann.abraham@bakertilly.com
More informationA prudent process the key to demonstrating fiduciary compliance
DOL Practice Management White paper NATIONWIDE RETIREMENT INSTITUTE The Nationwide Retirement Institute provides practical thought leadership through timely insights and education, client-ready tools and
More informationProtecting Yourself from ERISA Fiduciary Liability
Protecting Yourself from ERISA Fiduciary Liability Tax Executives Institute Cincinnati-Columbus Chapter February 9-10, 2015 Jodi H. Epstein (202) 662-3468 JEpstein@ipbtax.com Benjamin L. Grosz (202) 662-3422
More informationRetirement Plans: Challenges, Litigation and Trends
Public Retirement Plans: Challenges, Litigation and Trends Jon Willhite, CIMA Senior Institutional Consultant Senior Retirement Plan Consultant UBS Institutional Consulting Group 10001 Woodloch Forest
More informationERISA Compliance for Health and Welfare Plans. Presented by: Touchstone Consulting Group
ERISA Compliance for Health and Welfare Plans Presented by: Touchstone Consulting Group Introduction Today s Agenda Introduction to ERISA Covered Employers and Plans Plan Document Requirement Reporting
More informationCREATING A CULTURE OF FIDUCIARY RESPONSIBILITY
CREATING A CULTURE OF FIDUCIARY RESPONSIBILITY Presented by: Mark Hogan Regional Director Pentegra Retirement Services July 2016 Our Difference. Your Advantage. IN THE NEWS How Lawsuits Are Reshaping 401(k)
More informationA guide to the fiduciary role in a retirement plan
Retirement Plan Solutions Content provided by: Compliments of TD Ameritrade Institutional A guide to the fiduciary role in a retirement plan Understanding your status, supporting plan sponsors as fiduciaries,
More informationEXCESSIVE OR HIDDEN FEES ERISA LITIGATION
EXCESSIVE OR HIDDEN FEES ERISA LITIGATION April 17, 2007 What it s s all about: In a nutshell, an alleged breach of ERISA s fiduciary duties and/or prohibited transactions provisions by defined contribution
More informationFiduciary Investment Guide
Fiduciary Investment Guide Helping to make it easier to understand fiduciary responsibilities. For employer use only. Not to be used with the public. Voya Financial is here to help you understand and navigate
More informationERISA Regulatory and Litigation Update and Current Fiduciary Issues. FIRMA 29 th National Risk Management Training Conference
ERISA Regulatory and Litigation Update and Current Issues FIRMA 29 th National Risk Management Training Conference Jennifer Eller Groom Law Group, Chartered April 23, 2015 Agenda DOL Regulatory Update
More informationIndemnification. Keeping Your ESOP and Employee poyeebenefits e tson Track. Keeping Your ESOP and Employee Benefits on Track. Agenda SESSION TITLE
Employee poyeebenefits e tson Track Presented by Larry Gwaltney Moore & Van Allen PLLC (704) 331-1008 larrygwaltney@mvalaw.com Bill Whitehurst Womble Carlyle (336) 721-3653 Wwhitehurst@wcsr.com Agenda
More informationHOT TOPICS FOR RETIREMENT PLAN FIDUCIARIES
Barbara Appleby, JD, MA, AIF Kristin Guibord, MBA, AIF 100 Middle Street, Portland, ME 04101 207.541.2200 HOT TOPICS FOR RETIREMENT PLAN FIDUCIARIES SECURITIES OFFERED THROUGH COMMONWEALTH FINANCIAL NETWORK
More informationFiduciary 3(16) Services: How to Survive in the New Fiduciary World
Fiduciary 3(16) Services: How to Survive in the New Fiduciary World Jean Ackerman, Department of Labor Heather B. Abrigo, Esq., Drinker Biddle & Reath LLP Russell Hooker, Nova 401(k) Associates Heather
More informationThis publication has been developed by the U.S. Department of Labor, Employee Benefits Security Administration (EBSA).
This publication has been developed by the U.S. Department of Labor, Employee Benefits Security Administration (EBSA). To view this and other publications, visit the agency s Website at www.dol.gov/ebsa.
More informationWhat the new DOL definition of an investment advice fiduciary means for retirement plan advisers
DOL Fiduciary Rule White paper What the new DOL definition of an investment advice fiduciary means for retirement plan advisers Christine Cushman, JD, LLM, CLU Summary I. The new definition of investment
More informationFiduciary Duty 201 The next step in understanding fiduciary duty
Fiduciary Duty 201 The next step in understanding fiduciary duty September 13, 2013 Jeanna M. Cullins, Partner Fiduciary Duty Refresher The Basics General Trust Principles Fiduciary law stems from the
More informationCOMPARISON OF GREATBANC TRUST COMPANY (GB) PROCESS AGREEMENT AND FIRST BANKERS TRUST SERVICES (FBTS) SETTLEMENT AGREEMENT
COMPARISON OF GREATBANC TRUST COMPANY (GB) PROCESS AGREEMENT AND FIRST BANKERS TRUST SERVICES (FBTS) SETTLEMENT AGREEMENT Note: The blue text indicates areas where the language between the two agreements
More informationChapter 2 The Duty of Care
Chapter 2 The Duty of Care By stipulating three Qualified Default Investment Alternatives (QDIAs), the Pension Protection Act of 2006 has established certain forms of safe harbors, but the substance, i.e.,
More informationOutsourcing Fiduciary Responsibility
Outsourcing Fiduciary Responsibility Robert M. Kaplan, APA, CFP, CPC, QPA, Vice President, National Training Consultant, Voya Financial Services Christopher Swanson, J.D., Supervisory Investigator, U.S.
More informationFiduciary Responsibilities and Oversight for Deferred Compensation Retirement Plans
Fiduciary Responsibilities and Oversight for Deferred Compensation Retirement Plans Denise Fortune- Regional Sales Director May 10, 2017 FOR INSTITUTIONAL USE ONLY. Not for public distribution. Discussion
More informationFiduciary Fundamentals
Fiduciary Fundamentals Basics and Best Practices RETIREMENT & BENEFIT PLAN SERVICES At Bank of America Merrill Lynch, we understand the important role that you, the plan fiduciary, serve in maintaining
More informationYOU ARE AN ERISA FIDUCIARY, NOW WHAT?
YOU ARE AN ERISA FIDUCIARY, NOW WHAT? November 16, 2016 Rebecca E. Greene 414-298-8244 rgreene@reinhartlaw.com 1000 North Water Street, Suite 1700, Milwaukee, WI 53202 www.reinhartlaw.com Rebecca E. Greene
More informationCOMPARISON OF GREATBANC TRUST COMPANY (GB) PROCESS AGREEMENT, FIRST BANKERS TRUST SERVICES (FBTS) SETTLEMENT AGREEMENT AND JOYNER SETTLEMENT AGREEMENT
COMPARISON OF GREATBANC TRUST COMPANY (GB) PROCESS AGREEMENT, FIRST BANKERS TRUST SERVICES (FBTS) SETTLEMENT AGREEMENT AND JOYNER SETTLEMENT AGREEMENT Note: The blue text indicates areas where the language
More informationMeeting Your Fiduciary Responsibilities
Meeting Your Fiduciary Responsibilities This publication is available on the Internet at: www.dol.gov/ebsa For a complete list of EBSA publications, call toll-free: 1-866-444-EBSA (3272) This material
More informationSpring Cleaning for Retirement Plans: Mop Up Missing Participants and Abandoned Plans. James C. Paul, APM Paul Benefits Law Corp.
Spring Cleaning for Retirement Plans: Mop Up Missing Participants and Abandoned Plans James C. Paul, APM Paul Benefits Law Corp. 1 Introduction Important maintenance/clean-up items for retirement plans:
More informationOverview of ERISA s Fiduciary Requirements: Retirement Plan Sponsor Considerations
Overview of ERISA s Fiduciary Requirements: Retirement Plan Sponsor Considerations R. Randall Tracht, Esq. Claudia L. Hinsch, Esq. Morgan, Lewis & Bockius LLP www.morganlewis.com June 2011 Introduction
More informationInsights for fiduciaries
Insights for fiduciaries Hiring an investment fiduciary issues and considerations for plan sponsors The Employee Retirement Income Security Act of 1974 ( ERISA ), the federal law that governs privately
More informationA Trustee s Perspective on Equity Compensation Plans for ESOP Companies
A Trustee s Perspective on Equity Compensation Plans for ESOP Companies Joni Andrioff, Partner Steptoe & Johnson LLP (202) 429-8064 jandrioff@steptoe.com Neil M. Brozen, CPA, Managing Director Bankers
More informationROCK N ROLL DUTIES: Fiduciary Duty Issues for Employee Stock Ownership Plans
ROCK N ROLL DUTIES: Fiduciary Duty Issues for Employee Stock Ownership Plans New South Chapter of the ESOP Association Fall Conference - September 19, 2013 Gordon Earle Nichols Eileen Wyatt babc.com ALABAMA
More informationYOU ARE AN ERISA FIDUCIARY, NOW WHAT?
YOU ARE AN ERISA FIDUCIARY, NOW WHAT? November 18, 2015 Rebecca E. Greene 414-298-8244 rgreene@reinhartlaw.com 1000 North Water Street, Suite 1700, Milwaukee, WI 53202 www.reinhartlaw.com Webinar Housekeeping
More informationTo Delegate on Not Delegate Investment Decision Making. NCPERS Public Safety Conference 2018 Chief Todd Bower & Kevin B. Lindahl
To Delegate on Not Delegate Investment Decision Making NCPERS Public Safety Conference 2018 Chief Todd Bower & Kevin B. Lindahl Fire & Police Pension Association of Colorado Provide retirement and death
More informationThe Seven Core Principles Every Fiduciary Should Know and Follow
The Seven Core Principles Every Fiduciary Should Know and Follow J. Richard Lynch, AIFA President, fi360 Mission: fi360 will help our clients gather, grow, and protect assets through better investment
More informationERISA's Higher Calling
ERISA's Higher Calling How to Train Your Fiduciary and Other Elements of Sound Plan Governance Presented by James C. Paul, Esq. Workshop 21 - October 24, 2016 1 Overview Talking to Clients About Fiduciary
More informationRegulation on service provider fee disclosures for ERISA retirement plans
Regulation on service provider fee disclosures for ERISA retirement plans 2 About MetLife Resources MetLife Resources is the Division of Metropolitan Life Insurance Company that specializes in providing
More informationRetirement Plan Services
OVERVIEW Helping your employees prepare for retirement is one of the most valued benefits you can offer. At CIBC, we understand the important role retirement planning plays in your overall benefits package.
More informationFIDUCIARY DEVELOPMENTS, PLAN FEES AND VENDOR SEARCHES. General Fiduciary Guidelines Regarding Fees. Controlling Law
FIDUCIARY DEVELOPMENTS, PLAN FEES AND VENDOR SEARCHES May 21, 2014 General Fiduciary Guidelines Regarding Fees Controlling Law ERISA imposes procedural and substantive duties on fiduciaries of employee
More informationPresented by Travis P. Jack, CPA Metz & Associates, PLLC
Presented by Travis P. Jack, CPA Metz & Associates, PLLC » Qualified Plan Definition Technical definition: A Plan that satisfies the requirements of Internal Revenue Code Section 401(a) + Must satisfy
More informationERISA for Tribes and Tribal Enterprises
ERISA for Tribes and Tribal Enterprises National Native American Human Resources Association Annual Conference Cherokee, North Carolina September 25, 2017 What is ERISA? A comprehensive body of federal
More informationINTEGRATING ERISA INTO YOUR COMPLIANCE SYSTEMS. May 7, Marcia S. Wagner, Esq.
INTEGRATING ERISA INTO YOUR COMPLIANCE SYSTEMS May 7, 2012 Marcia S. Wagner, Esq. The Wagner Law Group A Professional Corporation 99 Summer Street, 13 th Floor Boston, MA 02110 Tel: (617) 357-5200 Fax:
More informationPutting 408(b)(2) disclosure rules into practice: A guide for plan sponsors
Putting 408(b)(2) disclosure rules into practice: A guide for plan sponsors Prepared by The Wagner Law Group What s inside 2 Introduction 3 Plan sponsor s 408(b)(2)-related fiduciary duties 4 Contacting
More informationESOPS: CONTINUING A LEGACY
ESOPS: CONTINUING A LEGACY November 19, 2015 Cara Benningfield, CPA Director cbenningfield@bkd.com 1 TO RECEIVE CPE CREDIT Participate in entire webinar Answer polls when they are provided If you are viewing
More informationERISA Fiduciary Obligations: How to Protect Yourself, Your Boss and the Company
June 26-29, 2011 Las Vegas, Nevada Sheldon J. Blumling June 27, 2011 SHRM 2011 Annual Conference & Exposition Introduction Fiduciary > An individual in whom another has placed the utmost t trust t and
More information3(38) Fiduciary Versus 3(21) Fiduciary: What Are the Real Duties and Risks?
3(38) Fiduciary Versus 3(21) Fiduciary: What Are the Real Duties and Risks? Ary Rosenbaum, Esq. The Rosenbaum Law Firm, P.C. Dr. Gregory W. Kasten Chief Executive Officer Unified Trust Company, NA Most
More information"Mamas, Don t Let Your Babies Grow Up to be Fiduciaries"
"Mamas, Don t Let Your Babies Grow Up to be Fiduciaries" DOL Expands definition of Fiduciary October 4, 2016 Speaker today Sharon Whittle Principal Compensation and Benefits Consulting Contact Details
More informationUnderstanding your fiduciary responsibilities for retirement plans
Understanding your fiduciary responsibilities for retirement plans An overview of the fiduciary s role and frequently asked questions about it What is a fiduciary? A fiduciary is a person or entity who:
More informationOvercoming Fiduciary Fears:
Overcoming Fiduciary Fears: Understanding the Real Risks of Liability for Small Plan Sponsors Prepared by the Wagner Law Group June 21, 2013 IMPORTANT INFORMATION The Wagner Law Group has prepared this
More informationWebinar Series ESOPS: CONTINUING A LEGACY 10/31/2017. October 31, Cara Benningfield Partner
Webinar Series ESOPS: CONTINUING A LEGACY October 31, 2017 Cara Benningfield Partner cbenningfield@bkd.com Angela Fisher Manager afisher@bkd.com 1 TO RECEIVE CPE CREDIT Participate in entire webinar Answer
More informationOvercome the Increased Scrutiny of Your Organization s Retirement Plan
Overcome the Increased Scrutiny of Your Organization s Retirement Plan Finance, HR & Business Operations Conference Washington, DC April 30 - May 1, 2013 4/30/2013 Goals for Today s Presentation Understand
More informationTest Your Knowledge of Plan Operation Best Practices
Test Your Knowledge of Plan Operation Best Practices 1 Which Is The Primary Fiduciary Duty? A. Duty of Loyalty B. Duty of Self Governance C. Duty to Maintain Plan Documents on file for auditors and plan
More informationA Minefield of Acronyms ERISA, COBRA, HIPAA, FMLA, oh my! General Employee Benefit Welfare Plan Compliance
A Minefield of Acronyms ERISA, COBRA, HIPAA, FMLA, oh my! General Employee Benefit Welfare Plan Compliance Road Map - What s new after tax reform? - What else is new/changing? - What hasn t changed? Changes
More information401(k) PLANS. for Small Businesses
401(k) PLANS for Small Businesses 401(k) Plans for Small Businesses is a joint project of the U.S. Department of Labor s Employee Benefits Security Administration (EBSA) and the Internal Revenue Service.
More informationDIRECTORS & OFFICERS AND FIDUCIARY LIABILITY INSURANCE FOR ESOPS: The Exposure, the Solutions, the Marketplace
DIRECTORS & OFFICERS AND FIDUCIARY LIABILITY INSURANCE FOR ESOPS: The Exposure, the Solutions, the Marketplace ESOP MIDWEST REGIONAL CONFERENCE Bloomington, Minnesota September 11, 2015 TED BECKER Drinker
More informationESOPs: Continuing a Legacy 10/30/2018. THOUGHTWARE Manufacturing & Distribution THOUGHTWARE. Cara Benningfield Partner Bowling Green
THOUGHTWARE Manufacturing & Distribution THOUGHTWARE ESOPs: Continuing a Legacy Cara Benningfield Partner Bowling Green 270.781.0111 Angela Fisher Managing Consultant Bowling Green 270.781.0111 November
More informationFiduciary Issues for Retirement
Plan Sponsor Basics Webinar 6 of 6 Fiduciary Issues for Retirement Plan Sponsors October 15, 2013 Presenters: Julie K. Stapel Daniel R. Kleinman www.morganlewis.com Overview of Today s Webinar ERISA Overview
More informationCase 5:12-cv R-DTB Document Filed 06/02/14 Page 1 of 24 Page ID #:3449 EXHIBIT 1
Case 5:12-cv-01648-R-DTB Document 166-1 Filed 06/02/14 Page 1 of 24 Page ID #:3449 EXHIBIT 1 Case 5:12-cv-01648-R-DTB Document 166-1 Filed 06/02/14 Page 2 of 24 Page ID #:3450 1 2 3 4 5 6 7 8 9 10 11 12
More informationEmployee Benefit Plan Audits: Best Audit Practices
Employee Benefit Plan Audits: Best Audit Practices Kris Tveit, Principal Investment advisory services are offered through CliftonLarsonAllen Wealth Advisors, LLC, an SEC-registered investment advisor.
More informationEMPLOYEE BENEFIT PLANS FOR NFPs. Bertha Minnihan, Partner, Moss Adams LLP Brad Wall, Partner, Moss Adams LLP
EMPLOYEE BENEFIT PLANS FOR NFPs Bertha Minnihan, Partner, Moss Adams LLP Brad Wall, Partner, Moss Adams LLP 1 BERTHA MINNIHAN Bertha has nearly 20 years of experience in public accounting and serves as
More informationMorgan Stanley Smith Barney Fiduciary Audit File
Morgan Stanley Smith Barney Fiduciary Audit File Helping plan sponsors manage their responsibility smithbarney.com IN THIS GUIDE Introduction Documents Government Reporting Service-Provider Agreements
More informationTPA Audits Section 504 Investigations of TPA Firms. Joshua J. Waldbeser, Attorney, Drinker Biddle & Reath LLP
TPA Audits Section 504 Investigations of TPA Firms Joshua J. Waldbeser, Attorney, Drinker Biddle & Reath LLP Joshua Waldbeser, Attorney, Drinker Biddle & Reath, LLP Joshua has been an attorney in the Employee
More informationDeveloping an Investment Policy Statement Under ERISA
online report consulting group Developing an Investment Policy Statement Under ERISA summary a template for prudent investment decisions The creation and implementation of a written investment policy statement
More information