As corporate governance protocols broaden and statute laws change, the exposure to employee benefit plans, pension plans and plan sponsors to Fiduciary and Pension litigation is growing.
The Employee Retirement Income Security Act of 1974 (“ERISA”) establishes strict standards of fiduciary conduct. Any fiduciary that breaches any ERISA obligations, responsibilities or duties may be personally liable to compensate the plan for any resulting losses. If the Department of Labor brings an action, fiduciaries can also face civil penalties.
Our dedicated Fiduciary Liability team can assist clients address these exposures. We’re supported by a team of specialized benefit attorneys with deep expertise in this area. We can offer customized recommendations based on the most current regulatory and legal requirements, while maintaining an open dialogue on risk, loss control and risk transfer with each client.
We work with the best Fiduciary Liability carriers to protect against these claims and more:
- Wrongful denial or improper change in benefits
- Errors or omissions in plan administration
- Improper advice or counsel
- Failure to administer the plan according to plan documents
- Conflicts of interest and prohibited transactions
- Imprudent investment of assets or lack of investment diversity
- Imprudent selection and failure to monitor third-party service providers
- Automatic coverage for most newly created or acquired plans
- Penalties and fees levied by the DOL and IRS under a voluntary settlement program
- Coverage for challenges to settlor functions