Counseling for Plan Fiduciaries
One of the more complex and misunderstood obligations of ERISA are the duties of the plan fiduciaries. There are numerous nuances in the law, and missteps can often lead to costly concerns in the future. For a long time, Haynes and Boone lawyers have advised their client’s in-house legal counsel and in-house plan fiduciaries on what their legal obligations are under ERISA. Our goal is to help you understand your role as a fiduciary and help you implement programs to ensure your plans are qualified and avoid disputes. If you are a plan fiduciary, we can advise you on every aspect of your fiduciary obligations, including investment issues and compliance with the prohibited-transaction rules. We work collectively with our clients helping them address plan fee issues and investment fund issues, including the use of employer securities as an investment alternative. We also deal with the government in obtaining class and individual prohibited transactions exemptions on behalf of our clients, and are often asked to help clients prepare charters and lead audits for plan committees and other plan fiduciaries.
Companies must ensure that their plan is in compliance not only with ERISA's stringent fiduciary standards but also with its complex reporting, disclosure and plan administration rules. The lawyers of Haynes and Boone are ready to help should your company ever be questioned by the Department of Labor, the Internal Revenue Service or any other governmental entity about meeting any of its plan responsibilities. Additionally, should your company ever be facing litigation over fiduciary issues we can advise on strategies and help implement preventative measures to aid in the avoidance of future litigation.