In June, Colleen Medill testified before the Department of Labor’s ERISA Advisory Council on the fiduciary responsibilities of employers who sponsor retirement and health care plans for their workers. The ERISA Advisory Council was established as part of the Employee Retirement Income Security Act of 1974 (ERISA) to advise the Secretary of Labor and to make administrative policy recommendations. Medill was invited to testify by Chair Ralph C. Derbyshire, who is the Senior Vice President and Deputy General Counsel for Fidelity Investments.
Medill’s testimony explained ERISA's complex statutory provisions that govern the outsourcing of fiduciary responsibilities by employers who sponsor benefit plans for their employees, and pointed out several areas where additional regulatory guidance would be useful for employers, providers of fiduciary services, and the federal courts. She also explained how recent developments in ERISA fiduciary litigation could potentially impact the drafting of new Department of Labor rules to regulate the emerging employer trend toward outsourcing fiduciary responsibilities. In thanking Professor Medill for her testimony, Chair Derbyshire stated that “your clear explanation of the complex interaction of ERISA sections 402, 405(a) and 405(c) was thought provoking and extremely valuable to the Council.”
A copy of Professor Medill’s written testimony can be assessed here: https://www.google.com/url?sa=t&rct=j&q=&esrc=s&source=web&cd=1&cad=rja&uact=8&ved=0CB8QFjAA&url=https%3A%2F%2Fwww.dol.gov%2Febsa%2Fpdf%2FACMedill061814.pdf&ei=ZQXtU93eBpWdygScuoH4DA&usg=AFQjCNFY3Ny28Ymr09lDMNiGLyx_jzofOQ&sig2=cePj5CXUlPScvYWeiQUeUw&bvm=bv.72938740,d.aWw