Fiduciary risk on deck at ERISA council hearings

The ERISA Advisory Council will later draft recommendations to Secretary of Labor Thomas Perez. (AP Photo/Connor Radnovich)

The Department of Labor’s Advisory Council on Employee Welfare and Pension Benefit Plans opened three days of hearings in Washington, D.C., Tuesday on outsourcing of fiduciary liability, among other issues.

The ERISA Advisory Council discusson on outsourcing will focus on identification of current industry practices and trends on the types of services, both fiduciary and nonfiduciary, that are being outsourced; the markets for service delivery; legal ERISA framework and plan sponsor and service provider responsibilities; and best practices in selection and monitoring of outsourced providers, including benchmarking and conflicts of interest.