ERISA law holds fiduciaries to high standards, which are actively enforced by the Department of Labor (DOL). Increase your awareness about what that means on a day to day basis as a plan sponsor by participating in the DOL’s upcoming “Getting It Right—Know Your Fiduciary Responsibilities” webcast series, set to take place March 22, 24 and 29.
Avoid Common Problems
The DOL’s upcoming three part series is aimed at helping employer-sponsored retirement and health plans understand how ERISA applies to their duties, and avoid the most common problems. Each of the three sessions highlights specific aspects of fiduciary responsibilities associated with operating employee benefit plans. You can register for particular sessions or all three. Plan Sponsor provides this summary of the topics to be addressed, along with the registration links for each session:
During Day 1 of the series, on March 22, speakers will discuss basic fiduciary responsibilities when operating an employer-sponsored retirement plan and ERISA’s prohibited transactions provisions and exemptions. Those interested in attending Day 1 can register here.
During Day 2, on March 24, speakers from the DOL will discuss ERISA’s reporting and disclosure provisions and the department’s voluntary correction programs for employer-sponsored retirement plans. Registration for Day 2 is here.
During Day 3, on March 29, speakers will discuss the basic fiduciary responsibilities when operating an employer-sponsored group health plan, ERISA’s reporting and disclosure provisions, and qualified medical child support orders, or QMCSOs. Registration for Day 3 is here.
Archer Law reminds us that any person involved in the management of a retirement plan,“whether direct or indirect,” has fiduciary obligations. Plan Sponsor reports “the DOL says, getting it right means understanding your plan and your responsibilities; carefully selecting and monitoring service providers; making contributions on time; providing appropriate disclosures to plan participants and filing annual reports to the government on time; and avoiding prohibited transactions.”
What many plan sponsors fail to understand is that fiduciaries can be held personally liable for breach of fiduciary duties. Lawsuits can expose fiduciaries to numerous claims by plan participants and beneficiaries. In fact, thousands of lawsuits are filed each year—and the cost of defense alone is staggering. For example, if you suddenly needed an ERISA attorney, you would likely pay upwards of $600—per hour.
Colonial Surety is here to help. Our multi-year packages enable plan sponsors to secure Fiduciary Liability Insurance at locked in rates with annual premiums that cost less then one hour of ERISA legal advice. We even include Basic Cyber Liability Insurance. We make it so efficient and reasonable that you can secure insurance in minutes, now: Fiduciary with Cyber Liability Insurance.
Armed with Colonial’s Fiduciary-Cyber Pack, if you face claims of alleged or actual breaches of duty in connection with the employee retirement plan, you’ll be covered for defense costs and penalty limits up to $1,000,000. Plus, in the event of a cyber breach, your business—and plan—will receive support at every stage of incident investigation and breach response, as well as coverage against lawsuits or regulatory actions related to the breach.
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Time to Update or Renew Your ERISA BOND?
Experts caution that insufficient or expired ERISA bonds are a trigger for Department of Labor audits. Failure to have current and adequate ERISA Bond coverage at all times is among the most common compliance issues plaguing retirement plan sponsors. Uniquely, Colonial Surety includes retroactive ERISA fidelity bond coverage for years when the plan was not adequately covered and provides cost-saving multi-year coverage, ensuring the ERISA bond remains Department of Labor compliant for the life of its term.
Our three point coverage package offers plan sponsors the greatest value, protection and efficiency. Conveniently, Colonial provides: the required ERISA bond to protect the assets of the retirement plan from theft; Fiduciary Liability coverage to protect you and your assets from personal liability; and, Cyber Liability coverage to safeguard your company and plan from covered losses and expenses in the event of a cyber breach.
Proceed with confidence: Three Point Coverage Package.
Serving customers since 1930, Colonial Surety is the trusted source for the pension industry to secure legally required ERISA bonds, fiduciary liability insurance and cyber-liability insurance. We help safeguard plan sponsors, pension professionals and financial advisors — and keep their businesses compliant — with pain-free, efficient, and friendly service every time.
Colonial Surety Company is rated “A Excellent” by A.M. Best Company, US Treasury listed and in business all across the country.