Record Keeper, Plan Sponsor Sued for Fiduciary Breach in 401(k) Account Hack
A suit has been filed, alleging “actions in allowing an unknown individual to prey on and steal hundreds of thousands of dollars form the retirement savings of the Plaintiff.” The case was filed on behalf…
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Why Buy Fiduciary Liability Insurance?
If your company offers a plethora of benefits to your employees including a pension plan, then you are a fiduciary, as is anyone who handles or verses the plan. However, did you know if a…
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TPAs Risk Drowning Without Efficient Technology
The role of the third-party administrator has changed greatly over the last decade. TPAs had to learn to become more efficient and provide more cost reduction than their competition in order to maintain business. Because…
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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…
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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…
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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…
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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….
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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…
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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…
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