Sentences with phrase «fiduciary liability»

"Fiduciary liability" refers to the legal responsibility of someone who manages and makes decisions on behalf of others with their best interests in mind. This individual is expected to act in a trustworthy and responsible manner, sometimes overseeing other people's money or investments. If they fail to fulfill their duties and harm those they're supposed to protect, they can be held accountable for any resulting losses or damages. Full definition
The most common form of fiduciary protection is a stand - alone fiduciary liability insurance policy.
If this conflict causes unnecessary 401 (k) fees, fiduciary liability for the sponsor - and now, the advisor - can result.
That said, the trade - off could be well worth it — reduced fiduciary liability while giving employees access to professional investment advice.
It's our goal to make retirement as affordable as possible for you and your employees while protecting your company from fiduciary liability.
Find out how fiduciary liability insurance can protect personal assets.
Given the increased fiduciary liability for institutional investors tasked with investing assets in the best interest of others, it is our opinion that such a strategy is, for many reasons, both prudent and proper for public funds.
The # 1 source of fiduciary liability for 401 (k) plan sponsors today is paying excessive fees from plan assets.
Speaker, «ERISA Fiduciary Liability Insurance: Limiting Exposure for Breach of Duty Claims Negotiating the Policy, Overcoming Coverage Challenges, and Responding to Enforcement and Litigation,» Strafford (Webinar / Teleconference)(December 22, 2009)
Plan sponsors have unlimited fiduciary liability for their qualified retirement plan and participants.
Represented insurer in declaratory judgment action concerning availability of coverage under fiduciary liability insurance policy for stock option backdating claims brought against insured in multiple shareholder derivative lawsuits.
-LSB-...] your business up to a HUGE New York fiduciary liability exposure that is NOT covered under your commercial general liability -LSB-...]
Despite the fact that outsourcing some of a plan sponsor's fiduciary duties can help mitigate the risk of increased fiduciary liability, those who are originally responsible can not completely eliminate their fiduciary duties to the plan.
In order to reduce their risk of fiduciary liability, 401 (k) plan sponsors often seek to offer an investment menu that satisfies the requirements of ERISA Section 404 (c), which eliminates the risk associated with investment choices by plan participants...
Meant to fill in the gaps existing in traditional coverage offered through employee benefits liability or directors and officers policies, fiduciary liability insurance provides financial protection when the need for litigation arises — due to scenarios such as purported mismanaging funds or investments, administrative errors or delays in transfers or distributions, a change or reduction in benefits, or erroneous advice surrounding investment allocation within the plan.
Not understanding the differences between mutual funds and variable annuities can result in excessive 401k fees for participants and fiduciary liability for sponsors — especially when a decision is made to move the plan to a different provider.
When a 401 (k) sponsor follows this conflicted advice, participant returns are reduced by unnecessary 401 (k) fees and fiduciary liability increased.
Since the DOL announced it would not delay the Fiduciary Rule on May 22, we've received several calls from anxious clients unclear about how the regulation affects their 401 (k) plan and / or fiduciary liability.
You want this job to be as easy as possible because conflicted advice can easily lead to excessive 401 (k) fees that increase your fiduciary liability.
Business owners also benefit by reducing their fiduciary liability, lowering their taxes, increasing their 401 (k) returns and improving their plan's attractiveness to employees.
Consultant — Assumes no fiduciary liability for investment recommendations.
The retirement reform bill reduces small employers» fiduciary liability, simplifies 401 (k) safe harbor rules, and much more.
It will help 401 (k) plan sponsors reduce their fiduciary liability, while likely lowering their 401 (k) plan expenses.
Otherwise, costly penalties, plan disqualification or fiduciary liability are more likely.
When they follow conflicted investment advice, and participants pay too much for plan investments, fiduciary liability can result.
However, if you're 401 (k) plan sponsor, you can't be fooled — all conflicts of interest incentivize bad 401 (k) provider behavior so you must evaluate each to protect participant interests and limit your fiduciary liability.
Otherwise, you risk fiduciary liability.
If you're considering bundling, you want to be sure 401 (k) plan participants aren't harmed to keep your fiduciary liability in check.
Given these findings, I don't know why any employer would risk increasing their fiduciary liability by hiring a conflicted broker or insurance agent when they can hire an impartial investment adviser instead.
Outsourcing fiduciary responsibility essentially allows those who would otherwise be categorized as fiduciaries to contract with a third party in order to shift at least a part of the risk of fiduciary liability to that third party.
Coverages we provide include: Building, Property, General Liability, Directors & Officers, Employment Practices, Educator's Legal Liability, Abuse & Misconduct, Fiduciary Liability, Crime, Treasurer's Bonds, Cyber Liability and more.
In order to reduce their risk of fiduciary liability, 401 (k) plan sponsors often seek to offer an investment menu that satisfies the requirements of ERISA Section 404 (c), which eliminates the risk associated with investment choices by plan participants...
Kevin has written numerous articles on professional liability, fiduciary liability, technology, and insurance law, and often lectures on those topics.
ERISA Law Answer Book is a practical desk reference that provides clear, concise, authoritative answers to more than 1,300 key questions, covering everything from benefit plan design, administration, communication, amendment, coverage, funding, distribution, and defense to fiduciary liabilities and litigation issues.
Seth's experience covers a wide variety of insurance products including commercial general liability, directors and officers, professional liability, errors and omissions, fiduciary liability, property, business interruption, fidelity, marine and credit risk insurance, among others.
Specialty insurance including D&O Liability, Fiduciary Liability, Crime, Credit, Office Shield Package Policy, and Breach Services
Fiduciary Liability Insurance provides defense and coverage in the event your business is found negligent in a fiduciary liability lawsuit.
Whether you have a large or small company, let a local member agent find a fiduciary liability insurance policy that protects your best interests.
Managed nonprofit, professional liability, directors» and officers», employment practices liability, and fiduciary liability insurance policies.
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