In an environment of stock market volatility, increased litigation, and complex laws and regulations, corporate directors, executives, management personnel and human resource professionals who serve as ERISA fiduciaries of their companies’ employee benefit plans face significant challenges as they seek to fulfill their duties and responsibilities under ERISA. If you are an ERISA fiduciary, the Law Office of B. Janell Grenier has developed an ERISA Compliance Program, designed to help you meet these challenges, by assisting you in understanding and fulfilling your fiduciary role and in reducing your exposure to personal liability. Key elements of the Program:
- Review and recommendations for optimization of plan governance structure
- Implementation of recommended plan fiduciary structure
- Designation of ERISA Compliance Officer where appropriate
- Review and preparation of documentation for fiduciaries
- Initial and yearly plan audits and assistance with self-audits
- Assistance in developing “prudent practices and procedures”
- Assistance in education and training of fiduciaries
- Ongoing independent advice to fiduciaries as issues arise
- Development of risk management tools including proper delegation of fiduciaries duties and review of terms of the fiduciary liability policy.
Ms. Grenier may also assist you in determining whether or not you are a fiduciary under ERISA. Generally speaking, ERISA defines a fiduciary as a person who exercises or has any discretionary authority or control over the management or administration of an employee benefit plan or its assets. However, the test is a functional one so that you may be deemed to be a fiduciary of a plan solely by virtue of the functions you perform with respect to the plan, regardless of whether or not you have been formally appointed as a fiduciary.