2022 Trust Forum Presentations

Internal Use Only

ERISA Overview & Relevance

Internal Use Only

Introduction to ERISA • The Employee Retirement Income Security Act of 1974 (“ERISA”) governs the operation and administration of private pension and welfare benefit plans, and the assets of such plans. • Although rooted in trust law, ERISA’s fiduciary duties are considered to be “the highest known to the law.”

Liability and Enforcement • ERISA has an extensive liability and enforcement regime, which includes personal liability for fiduciaries, as well as co-fiduciary liability. • The DOL actively enforces ERISA. ERISA also provides a private right of action for participants.

Fiduciary Responsibility

Administrative Requirements • ERISA has a number of rules regarding reporting and disclosure, plan documentation and governance, claims procedures, and rules governing custody and control of “plan assets.”

• ERISA imposes the “highest” fiduciary duties under law. • This standard is supplemented by ERISA’s prohibited transaction rules.