We have seen a substantial increase in the number of court cases filed by participants, alleging breaches of fiduciary duty by plan administrators and employers. Claims typically asserted include claims that the fiduciary selected inappropriate investment options, improperly managed a plan's investments, or contracted to pay unreasonable fees to outside providers. Our attorneys provide fiduciary training and advice on best practices for plan investment committees. We work with our clients to help them understand their fiduciary obligations and how to establish best practices that satisfy their obligations and avoid plan-related litigation.
We also represent clients during plan audits by the IRS and the U.S. Department of Labor (DOL), and we have significant experience advising clients in connection with correction programs sponsored by the IRS and the DOL. Our services also include
- Advice regarding fiduciary procedures and responsibilities in connection with plan investments, real estate, and mutual fund issues.
- Advice regarding fiduciary aspects of retirement plan investments in the plan sponsor's stock.
- Guiding employers through ERISA's fiduciary provisions, including areas such as participant-directed 404(c) plans, participant education, and reporting and disclosure.
- Working with clients to structure and implement the claims procedures in their various employee benefit plans.
- Training for committees and boards of directors on fiduciary procedures and responsibilities.
- Assisting clients with assessing the reasonableness of fees paid to vendors, third-party administrators, and investment providers.
Quarles & Brady also offers full-service executive compensation, benefits, and compliance representation.