HR’s Role - Knowing your Fiduciary Responsibilities and Avoiding Litigation

401(k) plans are a common benefit offered by many employers. But investing in the market is critical to providing for retirement security. Has your company offered 401(k) plan(s) for at least 3 years? Does your company have at least $1 million in assets? If so, you as a HR manager should be implementing and conducting risk reduction processes.

The Employee Retirement Income Security Act of 1974 (ERISA), governs about 7 million private health, retirement and other benefit plans. From a financial perspective, when this law is broken, settlements are very expensive. Settlement of the average 401(K) Plan fiduciary breach, only a couple years ago, cost over $700,000, and the Department Of Labor can go after your personal assets for a fiduciary breach settlement. This is one area HR Managers cannot afford to ignore.

This presentation will briefly touch on ERISA, and then detail what errors are most often seen by the DOL and IRS, and what you as a HR Manager can do to avoid penalty.

Presenters

Robert N. Arnoff

Robert Arnoff received his BBA from Kent State University and acquired his Life, Health, & Accident license in 1979. His professional training in the field of employee benefits started at the Wharton School of Business through the Certified Employee Benefit Specialist program. He began his career with Northwestern Mutual Life with a concentration on assisting individuals with their life and disability insurance needs as well as their retirement needs. After 2 1/2 years with Northwestern Mutual, Mr. Arnoff worked at an executive benefits firm as a group representative. In 1984, Mr. Arnoff established Arnoff and Associates Inc., a full service employee benefits firm. Arnoff and Associates Inc. is a statewide employee benefits firm with representatives throughout the state of Ohio. Mr. Arnoff serves as President of Arnoff and Associates Inc. Mr. Arnoff also serves as a board member for the Lupus Foundation of America, Greater Cleveland Chapter, and he is a Group Leader for B to B Connect, a business-to-business networking organization.

Ronald Stansbury
Partner
Roetzel & Andress

Mr. Stansbury's practice focus on employee benefits and executive compensation law, representing publicly and privately-held corporations as well as individual executives. He consults with clients to develop executive compensation arrangements and employee benefit plans, including developing such arrangements and plans within the context of mergers and acquisitions.

Mr. Stansbury's representative matters include:

• Numerous employment agreements for CEOs and first and second tier reports of publicly traded, privately held and tax exempt entities.
• Establishment and consultation regarding ongoing legal compliance and transactional issues for numerous ESOPs for both publicly traded and privately held companies.
• Establishment and consultation regarding ongoing legal compliance of many defined benefit, money purchase pension, 401(k) and similar tax qualified retirement plans.
• Establishment and consultation regarding ongoing legal compliance of tax favored welfare benefit plans including IRC Section 125 cafeteria plans, self-insured PPOs, other medical and dental plans, and long and short term disability plans.
• Establishment and consultation regarding ongoing legal compliance of executive compensation plans including stock option plans, defined benefit and defined contribution non-qualified deferred compensation plans and split-dollar life insurance plans.
• Provided legal counsel in establishment and ongoing compliance of benefit plans for tax exempt employers including plans subject to IRC Sections 403(b), 457(b) and 457(f).
• Many years of experience advising boards of directors and compensation committees of publicly traded, private and tax exempt entities.
• Over 20 years of experience as a member of employee benefits committees of a major law firm working with senior human resources executives and other members of management facing employee benefit and internal political issues.

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