June 4, 2014
A panel of local fiduciary professionals hosted an informational seminar on meeting fiduciary duties, reducing liabilities, and improving effectiveness of 401(k) and defined contribution plans on May 29, 2014 at the Savannah Golf Club.
During the half-day seminar, Rebecca Sczepanski, JD, CPA, of HunterMaclean joined Julia Butler, JD, MBA, of The Fiduciary Group; Randall Webb, CPA, of TJS Deemer Dana LLP; and Rick Pummill, CLU, QPA, QKA, of The Retirement Plan Company to share insights and offer practical tips on meeting the key fiduciary duties of sponsors and administrators in participant-directed 401(k) and other defined contribution plans. The panel was moderated by Rushe Hudzinski, MBA, GPHR, the HR director for the Effingham County Board of Commissioners.
The seminar was targeted to defined contribution plan sponsors, trustees, and administrators. Attendees received HRCI credit for attending.
“As providers of 401(k) and defined contribution plans, it’s essential to mitigate your risk responsibility and put in place strict fiduciary protections and oversight procedures to avoid potentially damaging and costly litigation,” said attorney Rebecca Sczepanski, who leads HunterMaclean’s ERISA and employee benefits practice. “In addition, plan fiduciaries have the highest duty under the law to act in the sole interest of the plan participants and to do so as a prudent expert in the subject.”
Attendees heard presentations on:
- The importance of plan documentation, participant communications, and using electronic delivery;
- Best practices for managing fiduciary duties for plan investments;
- Common pitfalls and deficiencies found in plan audits;
- Legal issues, ERISA fiduciary definitions, and updates on litigation and rulings related to plan management.
“The stakes are extremely high for those charged with managing defined contribution plans, and the detailed information that was presented in this seminar is not readily available elsewhere,” said Julia Butler, organizer of the event. “We have had extremely positive responses from the attendees and will plan to present this seminar again in the future.”
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