Fiduciary governance is a fundamental aspect of managing retirement plans and benefits. Understanding the intricacies of fiduciary duties is crucial for employers, plan sponsors and retirement plan advisors to ensure compliance and safeguard against potential liabilities.   In our recent webinar, Quick hits session: Fiduciary Governance , we equipped participants with essential knowledge and strategies to navigate the complexities of fiduciary responsibilities. To help you build on your learnings, we wrote this supplemental blog. Explore the key elements of fiduciary governance, including best practices, monitoring entities, establishing sound processes and avoiding common compliance pitfalls.  Fiduciary best practices  At its core, fiduciary duty involves acting in the best interest of plan participants and beneficiaries. This means making decisions with care, skill and diligence. Here are some best practices to help you fulfill your fiduciary responsibilities :...

Fiduciary liability extends beyond employee benefits  Employers and program administrators commonly ask, “What is fiduciary liability?”  IRMI defines fiduciary liability as “the responsibility on trustees, employers, fiduciaries, professional administrators, and the plan itself with respect to errors and omissions (E&O) in the administration of employee benefit programs as imposed by the Employee Retirement Income Security Act (ERISA).”  However, fiduciary liability extends beyond employee benefit programs. The importance of fiduciary responsibility in retirement programs is often overlooked.   In this blog post, we fill the educational gap, providing essential information on retirement plans and the liability responsibility of trustees, employers, program administrators and fiduciaries.  Understanding fiduciary responsibility in retirement programs  Retirement programs play a crucial role in ensuring the financial well-being of participants and b...

When it comes to navigating the complexities of retirement plan management, retirement plan sponsors should know the answer to this crucial question: What is fiduciary liability insurance? Understanding the definition and purpose of fiduciary liability insurance can be helpful to retirement plan sponsors as litigation against sponsors expands and the intricacies of fiduciary responsibility become ever clearer. It can also be crucial in protecting yourself and the retirement program you manage. Many people involved in the administration of these programs are not aware of their direct, personal responsibility. We've put together this “101” guide for retirement plan administrators like you to learn about fiduciary liability insurance and how it can safeguard your role as a retirement plan administrator. Introduction to fiduciary liability insurance Fiduciary liability insurance is a form of protection for individuals and entities who manage and have authority over employee benefit pla...