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Posted: Sat Dec 28, 2024 5:12 am
What is fiduciary liability insurance? Fiduciary liability insurance, sometimes called management liability insurance, is a business insurance policy that protects your company from employee claims of benefit plan fund mismanagement. This policy provides financial protection and legal counsel if your business is deemed to have acted inappropriately as the retirement plan’s fiduciary.
For example, let’s say a company has an empl list of saudi arabia cell phone numbers oyee pension plan and invests that money in high-risk funds to grow the plan aggressively for the employees’ benefit. Unfortunately, this decision causes wide fluctuations in the pension fund’s value as many employees approach retirement. Under their fiduciary duty, employers must choose more conservative options representing employees’ risk tolerance. Thanks to the Employee Retirement Income Security Act of 1974 (ERISA), employers can be held responsible for mismanaging employee benefits plans.
This is why fiduciary liability insurance is essential. Tip If you're looking for employee retirement plans designed for your small business, check out our reviews of the best employee retirement plans to compare costs, features and flexibility. What is an employee benefits plan? An employee benefits plan is part of an employee’s compensation package that includes specific perks and benefits. In today’s job market, workers seek employers that offer comprehensive benefits plans. Employers typically consider retirement plans and welfare plans when deciding which employee benefits to offer.
For example, let’s say a company has an empl list of saudi arabia cell phone numbers oyee pension plan and invests that money in high-risk funds to grow the plan aggressively for the employees’ benefit. Unfortunately, this decision causes wide fluctuations in the pension fund’s value as many employees approach retirement. Under their fiduciary duty, employers must choose more conservative options representing employees’ risk tolerance. Thanks to the Employee Retirement Income Security Act of 1974 (ERISA), employers can be held responsible for mismanaging employee benefits plans.
This is why fiduciary liability insurance is essential. Tip If you're looking for employee retirement plans designed for your small business, check out our reviews of the best employee retirement plans to compare costs, features and flexibility. What is an employee benefits plan? An employee benefits plan is part of an employee’s compensation package that includes specific perks and benefits. In today’s job market, workers seek employers that offer comprehensive benefits plans. Employers typically consider retirement plans and welfare plans when deciding which employee benefits to offer.