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Restatement 10: Working With the Duty to Collect
Presentor: Derrin Watson Recorded Date: 10/6/2014 Duration: 60 Min.

This program was recorded during a live presentation given on October 6, 2014 at 12:00PM EDT.

This series provides education and commentary on plan designs and the restatement process. It focuses on legal principles which can apply to any plan, rather than on the specifics of any one plan document. As always we look forward to answering attendee questions, whether submitted ahead of time or during the program.

All sessions will be recorded and available for purchase. Due to the inability to track attendance, however, a Letter of Participation is not provided for recorded events.


Restatement Perspectives 10: Working With the Duty to Collect

The DOL continues its focus on collection of contributions. Practitioners have long known that the DOL has strict standards for the deposit of elective deferrals. But we are seeing increasing DOL focus on the collecting of employer contributions as well as deferrals.

In 2008, the DOL issued a field assistance bulletin proclaiming that trustees were responsible for collecting contributions, and that they can't simply shrug off that duty. Soon thereafter, a district court ruled that a plan clause insulating all trustees from the duty to collect contributions violated ERISA and was void. With this in mind, the IRS, at the insistence of the DOL required that prototype and volume submitter documents include duty to collect language. In this program, we will examine:

  • DOL statement of duty to collect
  • Court response
  • Contribution deadlines
    • Deferrals
    • Employer contributions
  • Document provisions
  • Minimizing exposure
  • How much can you insulate the trustee?


    Prerequisites: There are no prerequisites or advance preparation for this program. The instructor will assume attendees are familiar with preapproved plan documents and with the operation of 401(k) plans.

    Level: Intermediate

    Instructional Delivery Method
    Group – Internet-Based

    Speaker – S. Derrin Watson, J.D., APM
    Recipient of ASPPA's 2006 Educator of the Year Award

    Objectives: After the seminar, attendees should be able to:

    1. Explain what the duty to collect means
    2. List factors to consider in enforcing the duty
    3. Understand trustee liability
    4. Explain how co-fiduciary liability applies
    5. Assist an employer or financial institute to make wise choices regarding collection responsibility


    How To Participate
    You will need a phone (speakerphone, for multiple participants sharing the Primary registrant’s authorized connection) and Internet Access. The graphics presentation and illustrations will be viewed via the Primary registrant’s Web connection, while the speaker audio portion will be via the Primary registrant’s telephone.

    Select the "Fees" link on the right side menu of this page for more information about who is authorized to connect to the program, and for the cancellation/transfer policy.

    Program Schedule (Eastern Time)
    Monday, October 6, 2014
    12:00 noon to 1:00 p.m. Eastern Time
    (11:00 a.m. CT; 10:00 a.m. MT; 9:00 a.m. PT)

    Program related requests, questions, or concerns may be e-mailed to: