Will the DOL eventually require plan fiduciaries to be trained on their duties under ERISA? Though some settlement agreements include this as a condition, no one would argue that it's currently required. But given that ERISA carries the highest fiduciary standards under law and includes personally liability to the trustees, no one would argue that fiduciary training is a bad idea or a waste of time either. The DOL seems to be indicating that training is evidence of a fiduciary properly exercisizing prudence.
The law firm of Bryan Cave outlines some guidelines on plan fiduciary training, including naming the people who should or might need training:
• Trustees
• Plan administrators (not to be confused with TPAs)
• Designated committee members
• Those reviewing claims or appeals
• Board members or management that appoint fiduciaries
Though not overwhelming, training should be a few hours, include annual updates, and train new people as they are hired or appointed. Advisors with a documented fiduciary training program, whether in-person or online, will certainly be unique and valued highly.
