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ERISA Conflicted Fiduciaries Part 2: Successful Management of Dual Obligations

ABA JOINT COMMITTEE ON EMPLOYEE BENEFITS  • DATE: May 16, 2013
SPONSORS: The Sections of Business Law; Health Law; Labor and Employment Law; Real Property, Trust and Estate Law; Taxation; Tort Trial and Insurance Practice; and the American College of Employee Benefits Counsel

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Untitled Document

A 90-minute Webinar/TeleConference
THURSDAY, MAY 16, 2013

1:00-2:30 pm ET / 12:00-1:30 pm CT / 11:00 am-12:30 pm MT / 10:00 am-11:30 am PT

Moderator:
Tiffany N. Santos, Trucker Huss APC, San Francisco, CA

Panelists:
Eugene M. Holmes, Proskauer Rose LLP, Washington, DC
Peter M. Kelly, Blue Cross Blue Shield Association, Chicago, IL

ERISA imposes strict duties on fiduciaries, including the strict loyalty duty to act with an "eye single" to serving the best interests of ERISA plan participants. But ERISA also is designed to accommodate the practical realities of a voluntary retirement and welfare benefit system that is dependent upon the considerable costs, efforts and good will of employers in managing and supervising the operation of those plans. This practical view of our employment-based employee benefits system is reflected in ERISA’s extraordinary tolerance of the coexistence of dual fiduciary loyalties. Fortunately, these loyalties do not usually clash since in normal circumstances employers’ interests in smooth and efficient plan administration are usually in concert. But this is not always the case. When fiduciary loyalties are tested it is critical to understand the boundaries that must be observed and the strategies that will well serve fiduciaries who are committed to negotiating this conflict successfully. Topics will include:

  • ERISA duty of loyalty and unique challenges facing fiduciaries operating under a conflict
  • ERISA’s tolerance of dual loyalty, as contrasted to the common law of trusts
  • Enhanced focus on structural conflicts in particular circumstances
  • Practical solutions and best practices
  • Supervision of fiduciary and non-fiduciary service provider conflicts
  • Specific issues including record keeper revenue sharing recapture, directed brokerage soft dollars, etc.

This program continues the JCEB Fiduciary Training Series and is part two of the JCEB’s exploration of fiduciary conflicts that began with a program on prohibited transaction exemptions that is available on podcast or CD. Fiduciary training plays a proven role in demonstrating fiduciaries are prepared to fulfill their ERISA duties and that they follow prudent procedures in their deliberations. Watch for future programs in this series.

***Please make checks payable to ABA-JCEB and mail to 740 15th Street, NW, Washington, DC 20005 before May 16, 2013.***


   
ERISA Conflicted Fiduciaries Part 2: Successful Management of Dual Obligations
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