001 - Stay in Your Lane: How Not to (Inadvertently) Become a Fiduciary
March 30, 2020 8:30 AM - 10:10 AM
Actuaries perform a variety of roles for clients. Many large, corporate clients have inside and outside ERISA counsel, investment advisors, and benefit administrators who they can rely on for help in interpreting plan provisions, deciding benefit entitlement in unclear situations, recommending investments, and other activities with fiduciary implications. Smaller companies may be more likely to ask their actuary for help or advice on such matters. The fiduciary landscape also differs for public and multiemployer plan actuaries.
Presenters explore the responsibilities of fiduciaries, what activities an actuary might perform that could make the actuary a fiduciary, and whether there are situations in which actuaries may want to become plan fiduciaries. In addition, they consider whether the actuary has responsibilities to plan participants, rather than simply to our clients, under the Code of Professional Conduct, the Actuarial Standards of Practice (ASOPs) and/or the Joint Board regulations, and how any such responsibilities may be similar to, or differ from, fiduciary responsibilities.
- Session Category
- General Sessions
- EA Non-Core1.50