ESOP Focus: Deliberate Decision-Making | Plan Amendments and the Duty to Monitor

The decisions you make in response to the global pandemic will have lasting impacts on your business and your workforce. Join members of our ESOP team each Thursday for this webinar series designed to help you navigate and emerge from this crisis in the best position possible.

Understanding the options at your disposal, and their interplay with a growing suite of relief packages, will help you proceed with confidence.

As with any plan governed by the reticulated rules of ERISA, ESOP-owned organizations face stringent requirements around effecting plan amendments and diligence to fiduciary duties. The gravity of these rules comes into focus when examining the economic fallout associated with the global pandemic, along with its correlation to an anticipated uptick in litigation brought by plan participants and government regulators. This session will review responsibilities under ERISA and provide context for maintaining of a culture of compliance, including:

• Overview of standards (settlor function, business interests versus plan interests)
• Section 204(g)
• The ESOP exception
• Interim valuations and changes to distributions
• Fiduciary issues, including monitoring of the Trustee and other fiduciaries

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