ERISA Service Provider Agreements: Negotiating, Drafting, and Monitoring Contracts for Benefit Plans

This CLE webinar will provide employee benefits counsel guidance for advising clients on negotiating and entering into service provider agreements for retirement plans. The panel will discuss key provisions, limitations of liability, fees and disclosures, recent court cases and tactics for handling litigation, some practical business concerns, and best practices.

Identifying, monitoring, and ensuring the effectiveness of service providers in the context of employee benefits raises concerns for clients due to complex ERISA-related compliance and business considerations. At the selection stage, candidates' qualifications should be verified and otherwise carefully considered. Negotiating and entering into service agreements often involves a determination of the scope of services and the consideration of a variety of fiduciary issues.

In the past year, multiple lawsuits have been filed against plan fiduciaries and service providers encompassing allegations involving prohibited transactions, investments, fee disclosures, transparency rules, and other claims. The Department of Labor continues lawsuits against service providers regarding mismanaged fringe benefits owed to employees.

Service provider contracts must meet several applicable requirements. Agreements must also account for ERISA when detailing provisions regarding the treatment of potential liability. Essential items, such as indemnification, termination, disclosure, and other clauses must be carefully crafted to avoid and minimize any liability stemming from service providers and avoid potential litigation.

Listen as our panel of experienced attorneys examines relevant ERISA considerations and offers proposed best practices for retirement plan sponsors and service providers at each stage of the agreement process--from selection and negotiation through the structuring, drafting, and execution of the agreement.