Employers face major legal obligations and burdens—including lawsuits—relating to their administration of benefit plans and the complex decisions they make every day. Over the past several years, benefit plan committee members and other plan fiduciaries have been under increasing pressure to monitor the fees being charged against plan assets and accounts. This is largely due to a material spike in class action litigation as well as heightened congressional and regulatory scrutiny.
Nixon Peabody’s Employee Benefits team helps our clients navigate through these complex legal issues. Our team has extensive experience counseling plan fiduciaries regarding the special fiduciary and prohibited transaction rules that they face when administering ERISA plans. We routinely advise on their duties with regard to investment decisions, governance issues, plan amendments and design, and participant communications. We also work collaboratively with our clients on standardizing their review processes, developing tools and checklists, and establishing sound policies and procedures for all employee benefit plans.
We have assisted employers in preparing for DOL audits, including identifying problem areas, helping them respond to questions from government auditors, and negotiating favorable settlements when there have been adverse determinations.