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Service Agreements [2017]
Presentor: David Schultz Recorded Date: 5/25/2017 Duration: 100 Min.

Description
This program was recorded during a live presentation given on May 25, 2017 at 12:00PM EST.
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Retirement plan fiduciaries have an obligation to carefully review their service arrangements with providers, including TPAs and recordkeepers, to ensure that appropriate services are provided and to negotiate favorable terms and pricing. The DOL fee disclosure regulations, coupled with a recent increase in participant lawsuits against employers for failing to monitor plan service providers, raise and further highlight the risks of not having a written agreement in place. Written service agreements are a prudent way for both fiduciaries and service providers to minimize disputes over provided services, but developing an appropriate agreement can be tricky.

This Web seminar is designed for retirement plan practitioners who negotiate or utilize service agreements for retirement plans. The seminar will review many of the best practices and ERISA considerations associated with negotiating service agreements.

Topics include:

  • Detailing the services provided (and those not provided)
  • Highlighting client responsibilities
  • Concerns associated with takeover plans
  • Addressing fee or payment disputes
  • Is the provider a fiduciary under ERISA?
  • Drafting service provider agreements
  • Damages/indemnification provisions
  • Limitation of liability
  • Termination provisions
  • Required compensation/fee disclosures
Prerequisites:

There are no prerequisites or other advanced preparation for this program. The instructor will assume attendees have a general familiarity with the basic nature of retirement plan service provider relationships.

Level: Overview. Instructional Delivery Method
Group – Internet-Based

NASBA Field of Study: Taxes

Speaker: David Schultz, J.D.

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Objectives: After attending this Web seminar, an attendee should be able to:

  1. Identify key benefits and risks associated with written service agreements
  2. Determine important provisions to include in all agreements
  3. Understand issues associated with fee disputes, non-payment of fees, and contract termination
  4. Determine whether a service provider is a fiduciary under ERISA