Date: June 2, 2016

Know and Control Your Risk with Retirement Plans (X)

Session Description

 Employees are now, more than ever, expecting their employer to help them prepare for retirement by providing a solid retirement plan.  However, litigation and audit trends are undeniable: these same plans are under potential, costly attack and scrutiny.  The Department of Labor, the Internal Revenue Service, and participants are all closely examining how retirement plans are operated and how they might have failed to comply with legal standards.  

 This presentation will layout the landscape of risk associated with retirement plans and give specifics on how the employer can control these risks, survive review from government auditors, and prevent lawsuits from its own employees by:

  • Looking at common attacks from participants and government regulators 

  • Examining the fiduciary risks associated with retirement plans, including 401(k)s and executive compensation plans
  • Discussing the legal standards that apply to employers, both at an executive and an HR level, when making decisions retirement plan related decisions
  • Learning what employers, at all levels, must do to document their decisions
  • Providing methods through which employers can delegate their fiduciary obligations to others
  • Examining the value of a Retirement Plan Committee
  • Describing the potential costs for employer noncompliance.


Speaker Information

Phillip Long is currently Vice President, Employee Benefit Legal Services within BB&T’s Retirement and Institutional Services Division (RIS).  At BB&T, he is involved in all facets of designing and maintaining retirement plans of various types and advising on fiduciary duties.  Within RIS, he also executes a comprehensive continuing education program for RIS associates and has developed fiduciary training for clients. 


He is active within the American Society of Pension Professionals and Actuaries, where he is an editor of the Plan Consultant magazine, and within the American Bar Association, where he has been honored with induction into the prestigious ABA’s Fellows.  Within the ABA Business Law Section, he is a Section Representative to the ABA Joint Committee on Employee Benefits, Chair of the Employee Benefits Fiduciary Subcommittee, and co-Chair of the Corporate Counsel committee. He has presented extensively at conferences on various facets of employee benefits, including the New York Cash Exchange Conference, the Pennsylvania Institute of CPAs, the Windy City Summit, the Northern Ohio Association for Financial Professionals Idea Exchange, and the American Bar Association.


He is a magna cum laude graduate of Wake Forest University School of Law, where he was honored with membership in the Order of the Coif honor society. Prior to working at BB&T, he was Law Clerk to the Honorable William L. Osteen, Sr., M.D.N.C, and a benefits attorney in a regional law firm.