The Department of Labor (DOL) is beginning to examine the training of plan committee fiduciaries, which is why advisers should consider helping plan sponsors with this task.
“There is nothing in ERISA [Employee Retirement Income Security Act] that requires fiduciary training of any kind, and there has been no formal guidance from the DOL indicating that training is required,” says Julie Stapel, a partner in the Chicago office of law firm Morgan, Lewis & Bockius LLP. But, in recent examinations, the DOL has been asking sponsors when their plan committee members last received fiduciary training, she says.
Training has also come up in 401(k) lawsuits lately, she says. “In those cases, the fact that a committee has received fiduciary training has been viewed as favorable.