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Fiduciary Duties in 2019 [2019]
Presentor: David Schultz Recorded Date: 12/5/2019 Duration: 100 Min.

This program was recorded during a live presentation given on December 5, 2019.

ERISA’s fiduciary landscape is surprisingly complex, and the last several years have brought (and rescinded) changes to that landscape. With all of the focus on the DOL’s fiduciary regulations, the BICE, and Regulation Best Interest, these changes have only increased confusion and misunderstanding. This fast-paced session will review the current fiduciary landscape and provide some clarity and understanding as to how the different types of fiduciaries can apply to the plans you serve.

Topics include:
  • Who is a fiduciary
  • Functional fiduciaries
  • Investment advisor limitations and proposals
  • 3(16), 3(21), and 3(38) fiduciaries
  • Fiduciary liabilities
  • Co-fiduciary liability
  • Disclosure responsibilities arising from fiduciary status
  • Fiduciary standards
  • Partial relief through participant direction
  • Reporting requirements to the government
  • Disqualified persons
  • Parties-in-interest
  • What is prohibited
  • Penalties and tax returns
Prerequisites: There are no prerequisites or other advanced preparation for this program. The speaker will expect attendees will have a general understanding of the operation of 401(k) and other retirement plans. Level: Intermediate
Instructional Delivery Method
Group – Internet-Based

NASBA Field of Study: Taxes

Speaker: David Schultz, J.D.

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

  • Determine whether someone is a fiduciary, or some other disqualified person
  • Identify activities which make someone a fiduciary
  • Distinguish between fiduciary rolls
  • Advise a client on the advantages and disadvantages of outsourcing
  • Comply with DOL disclosure requirements relating to fiduciaries
  • Identify common prohibited transactions
  • List the penalties associated with prohibited transactions

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