The Employee Retirement Income Security Act (“ERISA”) was enacted to provide minimum standards for retirement plans in private industry and to protect the interests of participants and beneficiaries of those plans. Many of ERISA’s rules are grounded in common sense concepts, the most familiar of which is the fiduciary status requirement. However, application of the fiduciary requirements can become quite complex in the ERISA framework.
Many sponsors of qualified retirement plans that qualify for special tax treatment under ERISA may not have the necessary experience to navigate the complicated fiduciary standards under ERISA. This white paper is intended as an introductory primer on the interactions between CLS’s qualified plan service offerings and the various fiduciary standards under ERISA.