Episode 12 Key Takeaways

[5:10] Your hosts dive into the top 10 ERISA violations, which account for a total of 97% of all violations.

[5:45] Top 10: Failure to establish trust.

[6:20] Top 9: Reporting violation.

[8:00] Top 8: Bonding.

[10:00] Top 7: Duty of disclosure.

[11:30] Top 6: Improper benefit to employer.

[13:15] Top 5: Failure to follow plan documents.

[16:10] Top 4: Prohibited transactions with a party in interest.

[18:55] Top 3: Fiduciary self-dealing.

[20:55] Top 2: Exclusive purpose.

[23:15] Top 1: Fiduciary imprudence.

Resources:

BDO.com

Email: BDOTalksERISA@bdo.com

Beth Garner on LinkedIn

Joanne Szupka on LinkedIn

GAO-21-376, Appendix III: Top 10 ERISA Violations Identified in Investigations

Related Insights:

• Podcast Episode: The Core of the Cookie Cutter: Understanding Litigation Under ERISA

Quotes:

“The topmost frequent violation categories account for almost 97% of all violations.”

“As we go up this list, the violating provisions are more broader terms. Many operational issues can fall within the parameters of these provisions.”

“What’s in the plan document? That’s the legal document. If it’s not in the plan document, it doesn’t exist.”