ERISA Fiduciary Duties: Overview

Resource type: Practice Note: Overview

Status: Maintained

Jurisdiction: USA

This Note provides an overview of the duties imposed by the Employee Retirement Income Security Act of 1974 (ERISA) on fiduciaries of employee benefit plans subject to ERISA, as well as a summary of possible penalties for violating the duties.

Howard Pianko, Seyfarth Shaw LLP, with PLC Employee Benefits & Executive Compensation

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Resource ID: 5-504-0060
Products: PLC US Employee Benefits & Executive Compensation, PLC US Law Department
This resource is maintained, meaning that we monitor developments on a regular basis and update it as soon as possible.

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Related content

Topics

Employee Benefit Plans: Administration and ComplianceEmployee Benefit Plans: Administration and Compliance (http://us.practicallaw.com/5-503-9113)
Health and Welfare PlansHealth and Welfare Plans (http://us.practicallaw.com/2-503-9119)
Retirement PlansRetirement Plans (http://us.practicallaw.com/0-503-9120)

Practice Note: Overview

Title I of the Employee Retirement Income Security Act (ERISA): Overview Title I of the Employee Retirement Income Security Act (ERISA): Overview (http://uslf.practicallaw.com/topic8-506-7350)

Practice Notes

Disclosure Requirements for Participant-Directed Defined Contribution Plans Disclosure Requirements for Participant-Directed Defined Contribution Plans (http://uslf.practicallaw.com/topic7-506-5295)
ERISA Bonding Requirements ERISA Bonding Requirements (http://uslf.practicallaw.com/topic9-503-3454)
ERISA Fiduciary Training ERISA Fiduciary Training (http://uslf.practicallaw.com/topic8-518-9686)
ERISA Plan Asset Rules ERISA Plan Asset Rules (http://uslf.practicallaw.com/topic0-506-0461)
Guide to ERISA Issues in Mortgage-backed Securities and Asset-backed Securities Transactions Guide to ERISA Issues in Mortgage-backed Securities and Asset-backed Securities Transactions (http://uslf.practicallaw.com/topic2-524-1507)
Guide to ERISA Provisions in Credit and Financing Agreements Guide to ERISA Provisions in Credit and Financing Agreements (http://uslf.practicallaw.com/topic5-506-5282)
Insurance for ERISA Fiduciaries Insurance for ERISA Fiduciaries (http://uslf.practicallaw.com/topic2-517-5994)
Negotiating ERISA Service Provider Agreements Negotiating ERISA Service Provider Agreements (http://uslf.practicallaw.com/topic8-517-8904)
Paying Employee Benefit Plan Expenses Paying Employee Benefit Plan Expenses (http://uslf.practicallaw.com/topic4-504-8434)
Prohibited Transactions and Exemptions under ERISA and the IRC Prohibited Transactions and Exemptions under ERISA and the IRC (http://uslf.practicallaw.com/topic9-526-8386)
Qualified Retirement Plan Loans Qualified Retirement Plan Loans (http://uslf.practicallaw.com/topic0-519-8029)
Requirements for Qualified Retirement Plans Requirements for Qualified Retirement Plans (http://uslf.practicallaw.com/topic3-506-6895)
Selecting and Hiring an Investment Manager Selecting and Hiring an Investment Manager (http://uslf.practicallaw.com/topic5-504-8278)
Service Provider Disclosure Requirements for Pension Plans Service Provider Disclosure Requirements for Pension Plans (http://uslf.practicallaw.com/topic7-508-2407)
Voluntary Benefits Voluntary Benefits (http://uslf.practicallaw.com/topic2-519-2658)
Voluntary Fiduciary Correction Program (VFCP) Voluntary Fiduciary Correction Program (VFCP) (http://uslf.practicallaw.com/topic4-523-2663)

Standard Documents

Administrative Committee Charter for Defined Contribution Plan Administrative Committee Charter for Defined Contribution Plan (http://uslf.practicallaw.com/topic7-505-6837)
ERISA Section 404(c) Policy Statement ERISA Section 404(c) Policy Statement (http://uslf.practicallaw.com/topic8-503-1926)
Investment Committee Charter for Defined Contribution Plan Investment Committee Charter for Defined Contribution Plan (http://uslf.practicallaw.com/topic3-504-3644)
Investment Management Agreement (IMA) for Pension Plans Investment Management Agreement (IMA) for Pension Plans (http://uslf.practicallaw.com/topic7-505-8445)
Investment Policy Statement for Defined Contribution Plan Investment Policy Statement for Defined Contribution Plan (http://uslf.practicallaw.com/topic9-503-1624)
Qualified Default Investment Alternative (QDIA) Notice Qualified Default Investment Alternative (QDIA) Notice (http://uslf.practicallaw.com/topic4-517-3946)

Standard Clause

Board Resolutions: Appointing the Company's 401(k) Committee Board Resolutions: Appointing the Company's 401(k) Committee (http://uslf.practicallaw.com/topic9-517-9502)

Checklists

Drafting Qualified Retirement Plans Checklist Drafting Qualified Retirement Plans Checklist (http://uslf.practicallaw.com/topic7-518-1879)
ERISA Section 404(c) Checklist ERISA Section 404(c) Checklist (http://uslf.practicallaw.com/topic6-503-3021)
Paying Employee Benefit Plan Expenses Chart Paying Employee Benefit Plan Expenses Chart (http://uslf.practicallaw.com/topic0-503-5315)
Qualifying as a Disqualified Person under the IRC Checklist Qualifying as a Disqualified Person under the IRC Checklist (http://uslf.practicallaw.com/topic5-506-3339)
Qualifying as a Party in Interest under ERISA Checklist Qualifying as a Party in Interest under ERISA Checklist (http://uslf.practicallaw.com/topic3-506-3340)
Suggested Agenda Items for Plan Investment and Administration Committee Meetings Checklist Suggested Agenda Items for Plan Investment and Administration Committee Meetings Checklist (http://uslf.practicallaw.com/topic5-503-0457)

Legal Update: archive

Analyzing Fiduciary Liability: Selecting ERISA Plan Investment Funds Analyzing Fiduciary Liability: Selecting ERISA Plan Investment Funds (http://uslf.practicallaw.com/topic5-525-5135)