Carol Buckmann: The Intelligent Fiduciary

Most fiduciaries are handed enormous responsibility with almost no practical training. In this episode, you’ll learn what it really means to be an “intelligent fiduciary” — and how to move beyond box‑checking to truly serving participants while protecting yourself from litigation.In this episode, Eric and Carol Buckmann discuss:Fiduciary training gap under ERISA and why it mattersThe three core traits of an “intelligent fiduciary”Practical RFPs and monitoring service providersProhibited transactions, 408(b)(2), and Cunningham v. CornellService provider myths and emerging risks in welfare benefit plansKey Takeaways:ERISA plan fiduciaries are held to some of the highest legal standards despite having no built-in requirement for training, which creates a potentially dangerous knowledge gap for committee members.An “intelligent fiduciary” is committed to best practices, prioritizes participants’ interests above all else, and stays current on legal and investment developments.Regular RFPs and systematic evaluation of service providers are not optional extras; they are core fiduciary functions that often require outside experts to do well.Prohibited transaction rules are highly technical, and even arrangements that feel “fair” can be violations if they involve related parties and don’t fit within an exemption.Welfare benefit plans and pharmacy benefit arrangements are becoming hot targets for litigation, making it increasingly important to have clear governance, disclosures, and specialized oversight.“You can't be an intelligent fiduciary if you don't engage outside experts when you need them.” - Carol BuckmannCarol Buckmann is a co-founding partner of Cohen & Buckmann p.c. and Chair of its Fiduciary and Plan Governance practice. With more than 40 years of experience, much of it at major law firms, she is widely recognized for her expertise in plan qualification and design, fiduciary responsibilities and investment fund formation, advising global and U.S. companies on complex problems. Carol writes for the firm’s blog, Insights, contributes to Bar association comment letters and industry publications such as Law 360, Practical Law, and LEXIS Practice Advisor, and speaks frequently at industry events. She serves on Worldwide Employee Benefits’ National Board and Law 360’s Employee Benefits Advisory Board and has written a practical guide for fiduciaries available on Amazon called The Intelligent Fiduciary. Carol Buckmann is a co-founding partner of Cohen & Buckmann p.c. and Chair of its Fiduciary and Plan Governance practice. With more than 40 years of experience, much of it at major law firms, she is widely recognized for her expertise in plan qualification and design, fiduciary responsibilities and investment fund formation, advising global and U.S. companies on complex problems. Carol writes for the firm’s blog, Insights, contributes to Bar association comment letters and industry publications such as Law 360, Practical Law, and LEXIS Practice Advisor, and speaks frequently at industry events. She serves on Worldwide Employee Benefits’ National Board and Law 360’s Employee Benefits Advisory Board and has written a practical guide for fiduciaries available on Amazon called The Intelligent Fiduciary. Author, The Intelligent Fiduciary- Your Guide to ERISA Fiduciary Duties.The Intelligent Fiduciary makes ERISA responsibilities easier to understand and apply. Learn more about the book here: https://us.amazon.com/Intelligent-Fiduciary-Practices-Navigating-Responsibilities/dp/B0HB5TLJ4F Connect with Carol Buckmann:Website: https://cohenbuckmann.com/carol-i-buckmann LinkedIn: https://www.linkedin.com/in/carol-buckmann-6b44276/ Connect with Eric Dyson: Website: https://90northllc.com/Phone: 940-248-4800Email: [email protected] LinkedIn: https://www.linkedin.c