The Employee Retirement Income Security Act of 1974 (ERISA) is federal law that regulates employer-sponsored health and welfare plans. While the law is complex, the government agencies tasked with enforcing its provisions ensure complete compliance through the use of intensive plan investigations and the administration of significant financial penalties. An ERISA gap assessment can serve as a plan sponsor’s first line of defense against the costly and burdensome consequences of non-compliance, and can provide the added benefit of optimal plan administration.
This presentation will cover the nuts and bolts of ERISA, how and when to conduct a gap assessment, and how to address areas of compliance weakness.
In this timely and informative webinar hosted by FTI Consulting, legal and compliance experts will provide critical information about (i) the QPAM exemption that often is a commercial necessity for financial service organizations that manage ERISA money or want to manage even a small slice of the $17 trillion U.S. retirement market; and (ii) the new audit rules that apply to a financial firm that is managing retirement fund assets for its own employee benefit plans. Now is not the time to take a chance of being non-compliant. Assuring that proper compliance is being done and avoiding reputational and monetary risks, as well as mitigating ERISA litigation and enforcement risk, is more critical than ever in today's financial environment.
The webinar will examine issues including:
• Background information about the new ERISA rule for a Qualified Professional Asset Manager (“QPAM”) audit
• What it means to be a Qualified Professional Asset Manager or In-House Asset Manager
• Who must comply and in what timeframe
• Who can carry out a QPAM /INHAM audit
• What a QPAM audit entails in terms of information-gathering and scheduling
• Case study discussion
• How the results of a QPAM audit can be used to improve operations and client relationships
Who Should Attend:
• Chief Compliance Officers of asset managers
• Business development executives for asset managers
• Internal legal counsel for asset managers and other financial firms
• ERISA consultants and investment advisors
In the last few years, pension funding levels and 401(k) account balances have fallen dramatically. New disclosure rules, volatile market conditions, investment complexity and mandatory cash contributions are only a few of the many challenges that are unlikely to go away. Not surprisingly, ERISA litigation continues to grow, along with lawsuits related to employee benefit plan governance. Personal liability claims against C-level executives and board members has become the normal.
Join FTI Consulting and the Securities Docket for a timely and informative webinar about the link between employee benefit plan management and shareholder value.
During this 60 minute live event, attendees will learn:
•Why ERISA litigation claims against top executives and board members continue to grow
•How securities litigation and ERISA filings are related and what it means for corporate directors and officers
•What ERISA liability insurance underwriters want clients to demonstrate in terms of best practices
•What steps the Board and top executives can take to minimize their liability
•What investment fiduciary bad practices to avoid
•When to Get the CFO and Board Members Involved
The panel includes (a) Attorney Jim Baker, ERISA litigator of the year for 2012 and a partner with Baker & McKenzie (b) Ms. Rhonda Prussack, Executive Vice President and fiduciary liability insurance product manager for Chartis (c) Mr. Gerry Czarnecki, governance guru and State Farm Insurance board member and (d) Dr. Susan Mangiero, Managing Director with FTI Consulting’s Forensic and Litigation Consulting Practice in New York.
The Patient Protection & Affordable Care Act (ACA) has added a new level of compliance for all employers. Learn about the numerous benefit plan requirements, new notices to employees and the increased oversight by federal agencies in Deborah's session.Read more >
In April 2016, the Department of Labor issued final regulations expanding the definition of “fiduciary” for advisers to retirement plans, including advisers to IRAs and ERISA plans. Some advisers and financial institutions who previously were not considered fiduciaries now will be required to meet a fiduciary standard of care and, unless an exemption applies, may not engage in so-called “prohibited transactions” that create potential conflicts of interest (e.g., receiving compensation from third parties in connection with a transaction involving an IRA or an ERISA plan).
The DOL also created a key exemption known as the Best Interest Contract Exemption (“BIC Exemption”). In general, the BIC Exemption allows advisers to engage in otherwise “prohibited transactions” as long as certain criteria are met. The new regulations will be phased in over time. The new definition of “fiduciary” will apply on April 10, 2017. The entire regulatory package will apply on January 1, 2018.
In this Webcast, Brad Bondi (a partner at Cahill Gordon & Reindel LLP who leads the securities enforcement and regulatory practices) and Michael Wheatley (an associate at Cahill) will address issues concerning the new regulations, its impact on the financial services industry, best practices for financial services firms and lawyers to prepare for this new regulatory scheme, and pitfalls to avoid.