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It’s old news that 401(k) fiduciaries are at risk of lawsuits and Department of Labor (DOL) investigations for breach of fiduciary duty. However, many plan sponsor fiduciaries don’t know about the myriad of opportunities to manage that responsibility and reduce their exposure to potential liability.
This article describes and discusses some of the steps that plan sponsors can take to mitigate their fiduciary risks. It starts and stops with “policies”—that is, insurance policies to cover the risk, written policies to reduce the risk, and a policy to adopt the fiduciary protections afforded by ERISA.
The views expressed here are those of Fred Reish. They should not be construed as investment advice or as the views of Hartford Funds or the employees of Hartford Funds. They are based on available information and are subject to change without notice. The information above is intended as general information and is not intended to provide, nor may it be construed as providing, tax, accounting or legal advice. As with all matters of a tax or legal nature, please consult with your tax or legal counsel for advice. This material and/or its contents are current at the time of writing and may not be reproduced or distributed in whole or in part, for any purpose, without the express written consent of Fred Reish.
Fred Reish is an ERISA attorney whose practice focuses on fiduciary responsibility, retirement income, and plan operational issues. He has been recognized as one of the “legends” of the retirement industry by both PLANADVISER magazine and PLANSPONSOR magazine.
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