83. “I Don’t Know” Won’t Cut It in a Department of Labor Audit w/ Patrick Williams

In this episode, host Chelsea Ryckis sits down with Patrick Williams, Co-Founder of Fiduciary in a Box, to reset what it actually means to be a fiduciary over your company’s health plan, and why “I don’t know” is the one answer that won’t hold up in a Department of Labor audit. We cover the core tenets of fiduciary duty under ERISA, the difference between settlor and non-settlor functions, and why the same prudent-process standard employers already apply to their 401(k) now applies to their health plan under the CAA. Patrick shares real stories from his own client base, including a company that went seven years without filing a required Form 5500, and a 3,000-life employer that declined a fiduciary platform only to get hit with a DOL audit six months later. Chelsea and Patrick also break down a fiduciary liability insurance gap most health and welfare advisors don’t carry, why most RFP processes are built to protect incumbents, and the exact questions plan sponsors should be asking before they ever sign a contract.What You’ll Learn•     The core tenets of fiduciary duty under ERISA, and why prudence matters more than perfection •     The difference between settlor functions and fiduciary functions, and which one actually carries liability•     Why health plans now face the same committee, documentation, and vendor-review scrutiny as retirement plans•     A fiduciary liability insurance gap most health and welfare advisors don’t carry, and the question to ask them directly•     Real DOL audit and Form 5500 penalty stories, and what actually holds up as a defense•     Five RFP questions that separate a real fiduciary process from a marketing claim•     Practical steps to build a documented, audit-ready fiduciary process starting todayWhether you’re an HR professional, CFO, CEO, or a plan sponsor tired of guessing your way through renewal, this episode is your call to build a fiduciary process you can actually defend.Connect with Patrick WilliamsLinkedIn: https://www.linkedin.com/in/corporatefiduciary/Website: https://www.fiduciaryinabox.comConnect with Chelsea and The Business of BenefitsWebsite: https://www.businessofbenefitspodcast.comYouTube: https://www.youtube.com/@thebusinessofbenefitspodcastThe Business of Benefits PodcastSubscribe wherever you listen to podcasts: Apple, Spotify, or your favorite podcast app.Ethos Benefits is a fee-only, fiduciary benefits consulting firm. We don’t take commissions. We don’t represent carriers. We represent you.Finished with the content? Claim your CE credit here:https://ideas.ethosbenefits.com/continuing-educationSHRMEthos Benefits is recognized by SHRM to offer professional development credits (PDCs) for SHRM-CP® or SHRM-SCP® recertification activities.HRCIEthos Benefits is approved to offer HRCI® recertification credits for this program. This program has been approved for 0.5 - 1 HR (General) recertification credit(s) toward aPHR®, PHR®, SPHR®, and GPHR® certification.