Harnessing AI Under ERISA: A Compliance and Oversight Guide for Retirement and Health Plan Fiduciaries
It is increasingly evident that artificial intelligence (AI) is reshaping all facets of business, and its impact on employee benefit plans is no exception. From automating plan administration to personalizing participant communications, AI introduces both new opportunities and new responsibilities for those overseeing Employee Retirement Income Security Act of 1974 (ERISA)-covered retirement and health plans (Plans). Plan sponsors and fiduciaries should understand how AI intersects with their legal obligations under ERISA and take proactive steps to leverage this technology responsibly to improve participant outcomes. How AI is Already Impacting Plan Operations AI technologies are already being integrated into various aspects of Plan management and operations. Fiduciaries should understand how these technologies can benefit participants and beneficiaries—and how to mitigate associated risks. Ignoring AI is no longer a prudent option. For example, AI-driven platforms can analyze indivi...