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ERISA Fiduciary Training Program Curriculum

NOTE: This Fiduciary Training Program will be unavailable beginning October 1, 2019 because anticipated changes from the DOL, Reg BI and state activity will need to be incorporated into a rewritten program. We do not have a date a new program will be available.

The program is comprised of four modules. The first three are required for a certificate of completion. The fourth module is optional, but highly recommended for anyone who is in a decision-making role regarding ERISA plans.

Module 1 ERISA's Vision of the Fiduciary Role

  • How one becomes a fiduciary
  • Fiduciary roles
  • When one is/is not acting as a fiduciary
  • Fundamental duties
  • Parties in interest and prohibited transactions
  • Consequences of fiduciary breach
  • Limiting fiduciary liability

Module 2 Selecting & Monitoring Service Providers

  • ERISA requirements: prohibited transactions, service provider exemption, plan vs. settlor expenses
  • Fee disclosure requirements
  • Understanding scope and solicitation process
  • Focus on solutions
  • Validation

Module 3 Fiduciary Communications with Participants

  • Reporting and disclosure
  • Fundamental fiduciary duties
  • Fiduciary touchpoints
  • Fee disclosures
  • Education
  • Advice

Module 4 ERISA Decision Making Framework

  • ERISA requirements: procedural prudence, duty of loyalty, lines of authority
  • Process traps: anchoring, near-sightedness, overconfidence
  • Decision making dynamics: understand, simplify, act