FIDUCIARY RESPONSIBILITY AND PLAN GOVERNANCE
Fulfill your fiduciary duties. Minimize risk. Strengthen plan oversight.
ERISA fiduciaries are held to the highest legal standards — expected to act solely in the interest of plan participants and beneficiaries, and to make decisions with the care of a prudent expert. But fiduciary responsibility doesn’t come with a manual, and the stakes are high: fiduciary breach litigation is on the rise and multimillion-dollar settlements are becoming routine.
Our fiduciary responsibility and plan governance department helps employers, plan sponsors, committees, trustees, investment managers and advisers navigate their fiduciary obligations with clarity and confidence. Our goal is to strengthen plan governance, reduce legal exposure and improve your chances of resolving any challenges at their earliest stage.
How we help
We provide proactive, practical guidance to help fiduciaries understand and meet their obligations under the Employee Retirement Income Security Act (ERISA). Our services include:
● Pension and 401k Plan governance support
We help establish and maintain governance frameworks that promote good fiduciary decision-making. This includes drafting and reviewing committee charters, board resolutions, investment policy statements, meeting minutes and indemnification agreements. We also attend committee meetings, provide training to help fiduciaries stay informed and effective.
● Fiduciary roles and responsibilities
We clarify who holds fiduciary responsibility and who doesn’t. From Named Fiduciaries to service providers like recordkeepers and investment managers, we help you understand the scope of each party’s duties and how to properly delegate responsibilities. We also review and negotiate service agreements to ensure alignment with ERISA requirements.
● Investment oversight and compliance
We work closely with fiduciaries and their investment partners to evaluate plan investments, monitor performance and avoid prohibited transactions and conflicts of interest. We also assist in conducting RFPs and outsourcing fiduciary functions where appropriate.
● Fiduciary audits
Our team conducts comprehensive fiduciary audits to help you assess compliance, uncover potential issues and make course corrections before a government audit or lawsuit arises.
● Regulatory investigations and DOL compliance
We represent clients in U.S. Department of Labor (DOL) audits and investigations, and assist with corrective filings under the DOL’s Voluntary Fiduciary Correction and Delinquent Filer Voluntary Compliance programs.
What it looks like in practice
Our attorneys have advised on fiduciary and governance matters across a broad spectrum of plan types and business contexts. Representative work includes:
● Training plan committees on fiduciary duties and best practices for decision-making.
● Reviewing and renegotiating service provider agreements to limit fiduciary exposure.
● Assisting clients in transferring defined benefit plan pension risk to third-party insurers.
● Evaluating whether proposed alternative investments or structures involve plan assets under ERISA.
● Guiding clients in avoiding prohibited transactions during ESOP formation and IRA transactions.
● Helping plan sponsors secure adequate fiduciary liability insurance coverage.
● Advising on cybersecurity protocols to protect plan data and digital assets.
● Representing clients in DOL audits and submitting voluntary correction filings.
Why it works
Our team understands the legal standards and practical realities of plan management. We combine intricate knowledge of ERISA with practical business insight to help fiduciaries make sound, defensible decisions and build processes that stand up to regulatory and legal scrutiny.
Let’s raise the standard together
Strong plan governance isn’t just about compliance — it’s about building trust, reducing risk and running your plan with integrity and clarity.
Practice Area Key Contact:
Carol Buckmann
Partner and Chair of the Fiduciary and Plan Governance Practice
212-489-9618 Ext 2
carol@cohenbuckmann.com