Hiring Outside Advisors Does Not Remove Plan Sponsor Fiduciary Liability
Plan sponsors have a lot of responsibility as fiduciaries when managing an employee benefit plan. They have to make sure that the plan assets are invested properly, employees are given adequate information about benefits, employees…
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What are Common Cyber-Threats?
A cyber-attack is a digital assault by cyber-criminals using a technical device to sneak through private records on a single computer, multiple computers, or computer networks. Cyber-attacks can swiftly disable computers, swipe essential data, or hijack a…
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Stressed? How COVID-19 is Causing More Stress than Ever for Risk Managers
Stressed? Although many businesses are succeeding with work from home strategies to survive the COVID-19 crisis, their risk managers are experiencing more stress than before. Based on a study in July 2020, The Global Association…
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Should Cleaning Services Be Bonded?
Plenty of advertisements say a business is “licensed, bonded, and insured”—but what do these phrases actually mean? Being licensed, bonded, and insured means that a business has the appropriate license for its profession, the required…
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How Can Employee Dishonesty Bonds Protect a Small Business?
If this is your first time hearing the phrase “Employee Dishonesty Bond,” you’re in great company! Many business professionals are unaware of the exceptional benefits of this type of insurance. Employee Dishonesty Bonds safeguard companies…
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Excessive Fee Suits Target CIT Choice Issues
Filed in the U.S. District Court for the Northern District of Illinois, eight former workers of Astella US LLC, a drug company, are suing plan fiduciaries of the company, criticizing the plan’s size and how…
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Is It a Fiduciary Breach not to Have Cyber Liability Insurance?
Under ERISA, fiduciaries are subject to the prudent expert standard of care, in which they have to act with diligence, care, and skill in their field. They also owe a duty of loyalty to plan…
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DOL Releases New Fiduciary Rule
The Labor Department has revealed its long-awaited fiduciary rule, along with some novel implications for record-keepers, rollover and Pooled Employer Plans advice. Titled “Improving Investment Advice for Workers & Retirees“, the proposal offers a new…
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Plan Sponsors Specifically Threatened by Cyber Attacks
Retirement plans and, specifically, their plan sponsors are being threatened more and more by cyber attacks. Recordkeepers, custodians, and third party administrators are being attacked due to all the valuable personal data they harbor and…
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