ERISA fiduciaries are held to demanding legal standards, but the rules can be difficult to apply in practice.
Cohen & Buckmann co-founding partner Carol Buckmann recently joined Eric Dyson on the Be More Than a Fiduciary podcast to discuss how fiduciaries can move beyond box-checking and make sound decisions for the plans and participants they serve.
The conversation draws on themes from Carol’s new book, The Intelligent Fiduciary: Best Practices for Navigating ERISA’s Fiduciary Responsibilities, which explains in plain English what it means to be an ERISA fiduciary and how to do the job well.
During the episode, Carol discusses the three qualities of an “intelligent fiduciary,” the importance of regular RFPs and service provider monitoring, prohibited transaction rules, Cunningham v. Cornell and emerging risks involving welfare benefit plans and pharmacy benefit arrangements.
She also emphasizes that fiduciaries do not need to handle every issue alone.
“You can’t be an intelligent fiduciary if you don’t engage outside experts when you need them,” Carol said.