Careful monitoring of a third party administrator for a benefits program is not simply good business sense, but it is also required by law. The new Section 408 (b) (2) of the Employee Retirement Income Security Act (ERISA) strengthens rules for benefits administrators to uphold their fiduciary responsibilities. It also specifies the types of information that third party administrators must provide to the plan administrators. The Employee Benefits Security Administration (EBSA) advises those responsible for employee benefit plans to take these steps to monitor service providers…
