Even If Your Information Doesn’t Seem Valuable, Cyber Attacks Will Still Steal It
You may think that the information you’re storing for your business or plan isn’t that valuable. You may not be storing things like credit card numbers or payment credentials, but cyber attackers will still attempt…
Read Moreabout Even If Your Information Doesn’t Seem Valuable, Cyber Attacks Will Still Steal It
Plan Fiduciaries Must Follow Plan Documents
This may sound like common sense but it does in fact need to be noted: according to IRS rules, a plan must operate according to its own plan document’s terms in order to maintain its…
Read Moreabout Plan Fiduciaries Must Follow Plan Documents
Legal and Approved Investments May Still Result in Fiduciary Liability
Plan funds and assets don’t have to be invested in an illegal manner in order for an investment to count as imprudent and a breach of a plan sponsor’s fiduciary duty to plan participants. Even…
Read Moreabout Legal and Approved Investments May Still Result in Fiduciary Liability
Hidden Fees Can Make Plan Investments Imprudent
As a fiduciary, you may do everything by the book in choosing what to invest plan assets in. The investment may be safe, provide proper amounts of returns and not be overly risky. But there’s…
Read Moreabout Hidden Fees Can Make Plan Investments Imprudent
Excessive Fee Suits Against Plan Fiduciaries Becoming More Popular
An increasing number of 401(k) sponsors and providers of retirement products are seeing lawsuits against them alleging, among other things, excessive plan fees in violation of ERISA and therefore, a breach of the plan fiduciary’s fiduciary duty….
Read Moreabout Excessive Fee Suits Against Plan Fiduciaries Becoming More Popular
The Fiduciary Duty to Only Pay Reasonable Fees from ERISA Plan Assets
Plan sponsors may not realize this, but one of their numerous fiduciary duties is that they have a fiduciary duty to only pay reasonable and necessary fees from plan assets. The reason for this is that while…
Read Moreabout The Fiduciary Duty to Only Pay Reasonable Fees from ERISA Plan Assets
Texas Retirement Plan Uses Third Party Experts to Detect Data Breach
The Employees Retirement System of Texas (ERS) recently fell victim to a cyber attack resulting in a data breach and the exposure of 1.25 million retirement plan records. A flaw in its online portal was…
Read Moreabout Texas Retirement Plan Uses Third Party Experts to Detect Data Breach
60% of Hacked Small to Medium Businesses Fail Within 6 Months
Small and medium businesses often (incorrectly) think they’re too small for cyber attackers to attempt to hack. Only 31% of small businesses take active measures to protect against cyber attacks and breaches. But more than…
Read Moreabout 60% of Hacked Small to Medium Businesses Fail Within 6 Months
Small Retirement Plans Seeing Increasing Fiduciary Breach Lawsuits
An excessive fee suit against a retirement plan holding $9 million in assets for 114 participants is being seen as the dawning of a new era in retirement plan fiduciary breach lawsuits. The suit, Damberg…
Read Moreabout Small Retirement Plans Seeing Increasing Fiduciary Breach Lawsuits