If you are an owner or officer involved in the management of your company’s 401(k) plan or other qualified employee benefit plan(s), odds are, you are a fiduciary and your personal assets may be at risk in the event of a claim.
Under the ERISA act of 1974 (Employee Retirement Income Security Act), fiduciaries can be held personally liable for losses to a benefit plan incurred as a result of their alleged errors, omissions, or breach of their fiduciary duties.
Examples of fiduciary liability claims include:
- Inappropriate selection of advisors or service providers
- Breach of responsibilities or fiduciary duties imposed by ERISA
- Negligence in the administration of a plan
Protect yourself with fiduciary liability insurance.
