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Business owners and their attorneys now need to focus on their responsibilities for sponsoring and running retirement plans to avoid or minimize their liability from government examination or a participant lawsuit. This has been on the radar the last few years since the stock market crashed and has become a hot topic over the last few years. The government wants to ensure that people have adequate funds for retirement and participants have begun bringing class action lawsuits against employers over plan operations.
Employer sponsored retirement plans have recently come under scrutiny not only by the government but also by participants and their lawyers for plan operations. For those attorneys that represent business clients that sponsor retirement plans, this is a topic you now need to discuss with your clients.
In this CLE course, Steven Sokolic discusses recent trends in ERISA fiduciary liability for employers and the imminent changes that will soon be coming from Washington, D.C. The main topics discussed include recent trends in ERISA fiduciary litigation, the basics of ERISA & fiduciary liability, employer ERISA fiduciary responsibilities & liabilities, employer liability & penalties, other fiduciary due diligence issues and the future to the law. To access this course please click here: What Every Employer Needs to Know About ERISA Fiduciary Liability.
Further issues addressed in this CLE course include:
- The definition of a fiduciary
- The significance of being a fiduciary
- Typical services provided to a qualified retirement plan
- Hiring service providers
- Nondiscrimination testing
- Plan documentation
- Disclosures
- Notices
- Participant-directed plans
- The education policy
- Investment policy statements
- Providing general plan information
- Information on fees
- Other annual disclosure rules
- Disclosure of actual fees & expenses
- Assuring that plan participant data is available
- Avoiding prohibited transactions
Steven Sokolic has been practicing law for over 30 years. After graduating from George Washington University Law School with High Honors in 1975, he began his legal career with the United States Department of Justice, Tax Division, in Washington, D.C. In 1977, Steve returned to Philadelphia, Pennsylvania, and continued his government service in the Office of the District Counsel, Internal Revenue Service. He now concentrates his practice in estate, business and retirement planning, counseling both individuals and businesses. Steve has represented multi-million dollar businesses, as well as many small businesses, professional practices and their owners.
This CLE course is offered in the following states:
- Alaska (AK)
- Arizona (AZ)
- California (CA)
- Connecticut (CT)
- District of Columbia (DC)
- Illinois (IL)
- Maryland (MD)
- Massachusetts (MA)
- Michigan (MI)
- New Hampshire (NH)
- New Jersey (NJ)
- New York (NY)
- North Dakota (ND)
- Pennsylvania (PA)
- South Dakota (SD)
Attorney Credits offers continuing legal education (CLE) for attorneys in Illinois and around the country. For more information about CLE in Illinois please click the following link: IL CLE.