Keeping Up with Industry Developments
by Lisa Maniscalco, CPA, Manager
The Employee Retirement Income Security Act (ERISA) sets standards of conduct for those who manage an employee benefit plan and its assets. These individuals are called fiduciaries, and they have important responsibilities as they act on behalf of participants in retirement plans.
Ultimately, the plan’s fiduciaries are responsible for overseeing all plan transactions. As such, fiduciaries are responsible for complying with all laws and regulations relating to the plan, including maintaining knowledge about the laws and regulations applicable to their specific employee benefit plan. Industry updates and regulatory documentation are published by the Department of Labor in order to provide guidance related to employee benefit plans. In addition, attending ongoing educational opportunities will enable fiduciaries to stay knowledgeable on the changing requirements of managing their plans.
If you have questions please contact your Maillie LLP representative.