Data Breach Costs Often Felt 2 or More Years After Hack
Cyber attacks can cause large amounts of sensitive and valuable data to be exposed via hackers. But cyber attack effects do not end as soon as the data is exposed soon after the attack. The…
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An ERISA Plan Administrator’s Fiduciary Responsibilities
A person is a fiduciary under ERISA if they exercise discretionary control or authority over plan management or disposition of plan assets, provide investment advice for plan assets for a fee, or have discretionary authority…
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Slightly higher 401(k) Fees Make Plan Sponsors Liable
Paying 1% higher fees than the average rate for someone to administer a 401(k) plan does not sound like it would cause too many problems. But paying fees even 1% higher than average in 401(k)…
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Pension Professionals: Find New Solutions, but Don’t Forget Fiduciary Duties
There are few virtues more valued in American business than innovation and new ways of thinking. Pension professionals have their own opportunity to unleash new ways of thinking when creating arrangements and plan features. But…
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The U.S. has Lost $1.6 Trillion Due to Data Breaches Since 2008
Since 2008, the United States has lost an overall amount of more than $1.6 trillion due to data breaches alone. Even these figures may be on the low end of the real number lost, however, as…
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Fiduciary Liability of Administrative Staff
You may not think communications with plan administrative staff could cause a fiduciary breach, but you would be wrong. Plan administrative staff members are functionally plan fiduciaries when they communicate with plan participants and their…
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ERISA Advisory Council Provides Guidance to DOL
The ERISA Advisory Council has provided guidance to the U.S. Department of Labor (DOL) on ERISA fidelity bonds and what the requirements should be in order for a fidelity bond to be DOL compliant. The…
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What is a Retirement Plan Breach of Fiduciary Duty?
Typically, when you think of a breach of fiduciary duty involving a retirement plan, you think of a plan sponsor acting in their own self-interest. They use their position with the plan for their own…
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Plan Fiduciary Breach Complaints Rise as Markets Fall
The biggest thing that plan fiduciaries can do to prevent claims of fiduciary breach is to implement and follow prudent fiduciary policies, procedures, and practices. This would theoretically cover issues involving costs, conflicts, and due…
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