United States

Top 10 ways to reduce your fiduciary liability

ARTICLE  | 

The decisions 401(k) plan sponsors make affect plan stakeholders. Yet, as trustees of retirement plans, many fiduciaries do not realize that they are personally liable for any losses due to any breach of fiduciary duty. This makes it critical to have controls in place to guide their responsibilities and obligations.

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Know if you are a fiduciary

VIDEO

Know if you are a fiduciary

This video clip examines what a plan fiduciary is, how to limit fiduciary liability; and proposed DOL fiduciary rules.

  • August 02, 2017
Conduct fiduciary education

VIDEO

Conduct fiduciary education

This video clip examines the importance of fiduciary education and resources that can be utilized for training and education programs.

  • August 02, 2017
Indemnify fiduciaries

VIDEO

Indemnify fiduciaries

This video clip examines the personal liability retirement plan fiduciaries assume and why plan sponsors should indemnify them.

  • August 02, 2017
Implement fiduciary liability insurance

VIDEO

Implement fiduciary liability insurance

This video clip examines transferring plan sponsor risk by use of fiduciary liability insurance and steps needed to implement the insurance.

  • August 02, 2017
Hire an independent consultant

VIDEO

Hire an independent consultant

This video clip examines why hiring an entity to handle retirement plan fiduciary responsibilities can reduce liability.

  • August 02, 2017
Drafting plan policies and charters

VIDEO

Drafting plan policies and charters

This video clip discusses drafting employee retirement plan policies and charters and the importance of documentation.

  • August 02, 2017
Comply with ERISA 404(c)

VIDEO

Comply with ERISA 404(c)

This video clip examines protections provided by ERISA 404(c), eligibility rules and the importance of complying with them.

  • August 02, 2017
Conduct self-audits

VIDEO

Conduct self-audits

This video clip examines the importance of conducting self-audits to make sure your plan is being administered in accordance of ERISA.

  • August 02, 2017
Understand your fees

VIDEO

Understand your fees

This video clip examines participant fee disclosures, fee levelization and the importance of understanding your plan's cost.

  • August 02, 2017
Implement prudent procedures

VIDEO

Implement prudent procedures

This video clip examines how ERISA defines prudence, the procedural prudence process and the importance of implementation.

  • August 02, 2017

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