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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IHeart Communications Slammed with ERISA Class Lawsuit
iHeart Communications Inc. is now battling a proposed class action in the Northern District of Texas captained by plan participants and beneficiaries of its 401(k) plan. The plaintiffs of the case claim plan sponsors did…
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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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Report: 4,000 Cyber-Attacks a Day Since COVID-19 Pandemic
Top cybersecurity establishments and law enforcement agencies are reporting a staggering 800% escalation in cyber-attacks since the birth of the COVID-19 cessation. Per MonsterCloud, cybercriminals are ramping up their hacking methods as more individuals are working remotely…
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Mercy Health 401(k) Plan Participants Sue for ERISA Violations
Former and current plan participants in 401(k) plans sponsored by Mercy Health Corporation are now suing the operators of hospitals/clinics and their fiduciaries for ERISA breaches under the Employee Retirement Income Security Act of 1974. The lawsuit…
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What is ERISA’s Bonding Requirement for Our Employee Benefit Plan?
Suppose you’re a plan fiduciary that handles a 401(k) for your company. It can be tough to keep up with the prerequisites for the Employee Retirement Income Security Act of 1974, or ERISA. How do…
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What is a Fiduciary Duty?
A fiduciary is an organization or individual that holds the critical power and responsibility of acting on behalf of others. A fiduciary pledges to carry out their daily duties honestly and through good faith. A fiduciary…
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Arkansas Teacher Pension Sues Allianz Global Investors for Fiduciary Breaches
The Arkansas Teacher Retirement System, or ATRS, has filed a lawsuit against Allianz Global Investors to restore over $774 million in losses allegedly suffered due to negligence, fiduciary and contractual breaches of duty. The suit…
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Does ERISA Apply to Me?
If you are a plan fiduciary, you must be fluent in ERISA compliance. If you are not, this is the perfect time to understand what ERISA is and how you can become compliant! What exactly is…
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