A Critical Checklist for 401k Fiduciary Liability Insurance

Retirement plan sponsors are more exposed to litigation by plan participants than ever before. Under the Employee Retirement Income Security Act of 1974 (ERISA), plan fiduciaries can be held personally liable for any breach of fiduciary duties, errors, or omissions.

Hiring an outside advisor or other vendor to oversee fiduciary functions often offers no refuge because plan sponsors and fiduciaries, both individually and collectively, have a responsibility to monitor the actions and inactions of any service providers engaged on the plan’s behalf.

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