Are you aware of the ongoing Fiduciary Responsibilities that you have as a plan sponsor employer?
“Funds, Fees, & Forfeitures…Fiduciary Litigation Continues”
Plan Sponsor Magazine August 2024
According to a recent article from Brach and Eichler LLC, from 2019 through mid-2022, more than 200 class action lawsuits were filed against 401(k) plans, fiduciaries and plan sponsors. Companies spent more than $150 million to settle those lawsuits
Historically, most 401(k) lawsuits have targeted high recordkeeping/administrative fees and poor investment performance.
Over the past several years, they now seem to be targeting a wider range of areas.
Managed accounts, Target-date funds, proprietary fund
usage and forfeiture usage have all been named in recent lawsuits
We expect lawsuits to continue at a high pace over the next several years.
This reinforces the need of a sound prudent process as plan fiduciaries and the assistance of an Independent Fiduciary Team to mitigate fiduciary risks involved with sponsoring an ERISA retirement plan.
Employers & Providers of all sizes have been subject to litigation over the last several years.
See the most common mistakes Employer Fiduciaries owners make in this area, and how you can overcome them and reduce exposure.
You can significantly reduce your liability, lessen the administrative burden and possibly save money at the same time!
Fill out the form to register now and watch the video to learn how to protect yourself (and your company.
There will be no sales pressure in our training, we promise, that's not the way we do business here.