Excessive Fee Suits Against Plan Fiduciaries Becoming More Popular
An increasing number of 401(k) sponsors and providers of retirement products are seeing lawsuits against them alleging, among other things, excessive plan fees in violation of ERISA and therefore, a breach of the plan fiduciary’s fiduciary duty….
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The Fiduciary Duty to Only Pay Reasonable Fees from ERISA Plan Assets
Plan sponsors may not realize this, but one of their numerous fiduciary duties is that they have a fiduciary duty to only pay reasonable and necessary fees from plan assets. The reason for this is that while…
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Texas Retirement Plan Uses Third Party Experts to Detect Data Breach
The Employees Retirement System of Texas (ERS) recently fell victim to a cyber attack resulting in a data breach and the exposure of 1.25 million retirement plan records. A flaw in its online portal was…
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60% of Hacked Small to Medium Businesses Fail Within 6 Months
Small and medium businesses often (incorrectly) think they’re too small for cyber attackers to attempt to hack. Only 31% of small businesses take active measures to protect against cyber attacks and breaches. But more than…
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Small Retirement Plans Seeing Increasing Fiduciary Breach Lawsuits
An excessive fee suit against a retirement plan holding $9 million in assets for 114 participants is being seen as the dawning of a new era in retirement plan fiduciary breach lawsuits. The suit, Damberg…
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Plan Fiduciaries Must Make “Prudent” Investments to Avoid Liability
Employee benefit plan fiduciaries have an obligation to make prudent investments to avoid a breach of fiduciary duty. Fiduciaries are personally liable for those damages the imprudent investments caused to plan participants. This is one of the…
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Plan Fiduciaries Must Evaluate Plan Fees
Plan fiduciaries have a lot of obstacles to avoid during plan administration to avoid fiduciary breaches, but the most common breach of fiduciary duty is for a plan that has unreasonable fees and expenses. This…
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Phishing Attacks Trick Your Employees Into Giving Hackers Access
How could there be a danger in clicking a link in an email that appears to be from your coworker down the hall? Clicking that link can provide a hacker access to your company’s system,…
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Many Small Businesses Can’t Afford Data Breaches
Equifax recently came to a settlement agreement regarding its 2017 data breach that affected nearly 150 million Americans. Those who had their personal information exposed in the breach are eligible to file a claim, with…
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