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Fiduciary Duties: What’s New, What’s Different, and What’s the Same?



Tuesday, December 11, 2012
Product Code - LGN82
Speaker(s): Joelle C. Sharman, Lewis Brisbois Bisgaard & Smith LLP; Bert M. Carmody, MillenniuM Investment and Retirement Advisors, LLC
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With the new fee disclosure regulations taking effect this year for employer-sponsored retirement plans, attention is turning again to fiduciary duties. Retirement plan fees are complex partly because of the different means by which service providers are compensated. The new regulations place increased responsibility on fiduciaries to assess the appropriateness of this compensation.

Quite often, focusing on the details of fee disclosure makes one overlook the broader picture. The faculty for this program will put the new disclosure regulations into context with fiduciary duties overall for the better understanding of plan sponsors and practitioners alike. Fiduciaries may use this knowledge to better their performance.

Educational Objectives:

• Understand the origin of fiduciary duties.
• Learn how the Employee Retirement Income Security Act (ERISA) was influenced by historical events.
• Hear a review of the fee disclosure regulations.
• Learn what fiduciary duties are new, different and what has changed with the advent of the fee disclosure regulations.

Who would benefit from attending the program?

Company CFOs, HR directors and those in the corporate area; (ERISA) practitioners including benefit attorneys, benefit consultants and investment advisors.

Program Level: Basic

Credit Available: CLE. For more information, please click on the “CLE Credit” tab.

Joelle C. Sharman, Lewis Brisbois Bisgaard & Smith LLP; Bert M. Carmody, MillenniuM Investment and Retirement Advisors, LLC

Joelle C. Sharman, Lewis Brisbois Bisgaard & Smith LLP
Joelle Sharman is a partner with Lewis Brisbois Bisgaard & Smith LLP and practices in the firm’s Atlanta, Fort Lauderdale, and Tampa offices. Ms. Sharman has extensive experience representing employers, third-party administrators, ERISA plans, plan fiduciaries, and insurance companies in litigation and employee benefits matters. Some of the matters that she regularly handles include but are not limited to (i) ERISA and individual life, health, and disability insurance benefit claims litigation; (ii) representing ERISA plan administrators and fiduciaries in litigation; (iii) advising welfare plan sponsors, insurers and other service provider litigation; (iv) advising insurers on coverage issues, and prosecuting declaratory judgment actions on their behalf; (v) assessing pre-litigation risk; (vi) reviewing and analyzing health and welfare regulations, notices and guidance of IRS and DOL; (vii) reviewing, drafting, and revising plan employee welfare benefit plan materials; and (viii) COBRA compliance and litigation.

Ms. Sharman earned a J.D. from Duke University School of Law and a B.S. from the University of Miami. She is licensed to practice law in Florida and Georgia.

Bert M. Carmody, MillenniuM Investment and Retirement Advisors, LLC
Mr. Bert M. Carmody is an investment principal at MillenniuM Investment and Retirement Advisors, LLC. Mr. Carmody brings over 30 years of trust operations, investment consulting, education delivery, retirement plan administration and fiduciary performance improvement to his clients. He works with 401(k), profit sharing, money purchase pension, ESOP, company stock/KSOP, target benefit, defined benefit pension and governmental plans. He has held leadership and management positions in a large national retirement plan service provider, an independent trust company and a national bank. Mr. Carmody has worked with plan sponsors ranging from small- and mid-sized companies to Fortune 50 corporations.

Mr. Carmody earned an M.B.A. from George Washington University and a B.A. from George Mason University and is a Certified Public Accountant in Georgia. He is a Certified Investment Management Consultant (CIMC®), holds the Accredited Investment Fiduciary (AIF®) designation and is a Chartered Global Management Accountant (CGMA). Mr. Carmody has testified to the U.S. Department of Labor on fee disclosure and advisor disclosure regulations.

This program is CLE-credit eligible.

If you have further questions regarding a specific state or how to file for CLE credit, please contact Bloomberg BNA customer service at 800-372-1033 and ask to speak to the Legal and Business CLE Accreditation Coordinator.

Hardship Policy
Bloomberg BNA offers a hardship policy for attorneys earning less than $50,000 per year. If an attorney wishes to take advantage of this option, he or she must contact Bloomberg BNA directly. For attorneys who are unemployed or earning less than $35,000 per year, a full discount off the price of the program will be awarded upon written proof of hardship. Attorneys earning between $35,000 and $50,000 per year will receive a 50% discount off the price of the program. Any attorney working in the public service sector also qualifies for a special price. If you have further questions regarding the hardship policy or seek additional information, please contact Bloomberg BNA customer service at 800-372-1033 and ask to speak to Lindsey Pace, CLE Accreditations Coordinator, or email us at accreditations@bna.com.

Questions
For more information about Mandatory or Minimum Continuing Legal Education (MCLE) requirements, visit the American Bar Association website at http://www.abanet.org/cle/mandatory.html.