401k COVID policies are fluid, confusing, and vague. Confirm your advisor has the knowledge to comply with DOL and IRS guidelines. Keep your providers honest. Reduce sponsors liable for financial losses. An easy way that plan sponsors can access information only providers have.
Can Executives Reduce Personal Liability
Due To 401k COVID-19 Confusion?
It seems like every day or two
there's some new
development about the
impact of COVID-19 on 401k
retirement plans.
As trustee of, or person involved
with discretionary judgment
authority about, your company
benefits plan you are at risk of
being sued by one or all your plan
participants.
A recent Supreme Court ruling
on February 20, 2008 has
made the possibility of such
lawsuits against retirement
plan sponsors more likely.
During periods of market
volatility and plan losses the
possibility of participant
lawsuits may be tested even
more.
Retirement plan sponsors need to
take the necessary steps to
reduce potential - usually
unintended - breaches of their
fiduciary responsibilities as
outlines in ERISA regulations.
Although plan sponsors may think they are
complying with the 404(c) conditions, most do
not satisfy the 20 to 25 necessary conditions -
and that could mean that committee members
and other fiduciaries may be in for a rude
awakening if they are faced with claims of
investment losses because of imprud
How can plan sponsors and fiduciaries
comply with, and manage, the necessary
requirements to assure that fiduciary
responsibilities are being met? Until now, no
benefits plan provider has been able to meet
all the criteria necessary to mitigate plan
sponsors' fiduciary liability.
We at Saint-Laurent Associates
have introduced an easy way
that plan sponsors and
fiduciaries can get access to the
information their plan provider
should have.
If you know what the
experts are saying then you
can keep your plan
sponsor honest.
Now plan sponsors can have
access to weekly
informational, financial trade
webinar series usually limited
to those in the 401k provider
space.
To review topics, dates and
register go to:
http://covidprep.agoodadvisor.
org/
Due To 401k COVID-19 Confusion?
It seems like every day or two
there's some new
development about the
impact of COVID-19 on 401k
retirement plans.
As trustee of, or person involved
with discretionary judgment
authority about, your company
benefits plan you are at risk of
being sued by one or all your plan
participants.
A recent Supreme Court ruling
on February 20, 2008 has
made the possibility of such
lawsuits against retirement
plan sponsors more likely.
During periods of market
volatility and plan losses the
possibility of participant
lawsuits may be tested even
more.
Retirement plan sponsors need to
take the necessary steps to
reduce potential - usually
unintended - breaches of their
fiduciary responsibilities as
outlines in ERISA regulations.
Although plan sponsors may think they are
complying with the 404(c) conditions, most do
not satisfy the 20 to 25 necessary conditions -
and that could mean that committee members
and other fiduciaries may be in for a rude
awakening if they are faced with claims of
investment losses because of imprud
How can plan sponsors and fiduciaries
comply with, and manage, the necessary
requirements to assure that fiduciary
responsibilities are being met? Until now, no
benefits plan provider has been able to meet
all the criteria necessary to mitigate plan
sponsors' fiduciary liability.
We at Saint-Laurent Associates
have introduced an easy way
that plan sponsors and
fiduciaries can get access to the
information their plan provider
should have.
If you know what the
experts are saying then you
can keep your plan
sponsor honest.
Now plan sponsors can have
access to weekly
informational, financial trade
webinar series usually limited
to those in the 401k provider
space.
To review topics, dates and
register go to:
http://covidprep.agoodadvisor.
org/