Get Full Government Meeting Transcripts, Videos, & Alerts Forever!
Outside counsel briefs board on settlor and fiduciary roles, duties and risks
Summary
External benefits counsel gave the board a detailed training differentiating settlor (plan design) and fiduciary (plan administration) roles, emphasizing prudence, loyalty, delegation, vendor selection, monitoring and the personal liability that may attach to fiduciary breaches.
Chris Sears, outside benefits counsel with Ice Miller, delivered a board education session on settlor and fiduciary responsibilities at the Sept. 11 Health Service Board meeting.
Sears explained that settlor (sometimes spelled "settler" in discussion) decisions concern plan design and whether a plan exists — for example, who is eligible, what benefits are offered, and whether to amend or terminate a plan. Those choices, Sears said, are made with broader sponsor interests in mind.
By contrast, when the board administers and operates the plan — selecting and monitoring vendors, adjudicating appeals,…
Already have an account? Log in
Subscribe to keep reading
Unlock the rest of this article — and every article on Citizen Portal.
- Unlimited articles
- AI-powered breakdowns of topics, speakers, decisions, and budgets
- Instant alerts when your location has a new meeting
- Follow topics and more locations
- 1,000 AI Insights / month, plus AI Chat
