Fiduciary Liability

 In today’s litigious society, employers are being held more accountable for their management of benefit plans established for their staff.  Under the provisions of the Employee Retirement Income Security Act of 1974 (ERISA), fiduciaries can be held personally liable for losses to benefit plans resulting from an error, omission, or other breach of fiduciary duty.  Not-For-Profit entities face the same liability exposures as their for-profit counterparts.

Fiduciary Liability claims can arise over a number of different circumstances, including:

• Denial or change in benefits
• Poor investment choices
• Improper advice or counsel
• Failure to adequately fund a plan
• Wrongful termination of a plan
• Administrative error