Tag Archives: Fiduciary Liability Insurance
Understanding Fiduciary Liability Insurance and ERISA
There is often a lot of confusion regarding the insurance needs of fiduciaries and retirement plan officials and whether an Employee Retirement Income Security Act (ERISA) bond is the same thing as Fiduciary Liability insurance. ERISA bonds and Fiduciary Liability Insurance have similar goals, but are not the same. This article aims to better explain the differences of both, and clear up any misunderstandings.
Fiduciary liability insurance, sometimes called …
Reviewing Provider Fees and Services Integral to Fiduciary’s Responsibility
Last year it came to light that several prominent universities, including MIT, Yale, NYU, and Emory, were facing lawsuits by their employees alleging their retirement programs were being slammed with excessive fees along with other fiduciary breaches. Knowing that a plan is being reasonably priced is a vital fiduciary duty, whether you are providing employees with a 401(k)-type plan or a benefit plan under the Employee Retirement Income Security …
The Affordable Care Act’s Impact on Fiduciary Liability Insurance
Fiduciary Liability and ACA Compliance
As with other emerging litigation trends, the fiduciary liability landscape has become increasingly riskier today. Allegations against fiduciaries and plan sponsors of employee benefits (medical, life, disability) involve inappropriate investment options, misrepresentation of the risks of employer securities, allowance of excessive fees and expenses charged to plans and failure to administer plans as per the plan terms. What’s more, the Affordable Care Act (ACA), or …
What is Fiduciary Liability Insurance?
What is Fiduciary Liability Insurance?
Fiduciary Liability insurance is designed to protect companies that sponsor an employee benefit plan, including ERISA and non-ERISA retirement plans and profit-sharing plans, medical benefit plans, life insurance, and disability plans. The coverage protects an insured against allegations that the fiduciary —the money or benefits handler—has breached his or her duty. Allegations can involve an error or negligence in administering a plan, including but not …
