You're involved with your company's employee benefit plans. Maybe you're in the HR department in a big company or someone wearing many hats in a small business. In either case, you may have a lot more fiduciary liability than you realize and even be personally liable if an employee brings a lawsuit related to their benefit plans.
When dealing with employee benefit plans, there are two types of fiduciaries: "named fiduciaries" and "functional fiduciaries."
"Named fiduciaries" are what we normally think of as a fiduciary such as a trust company, a registered investment advisor and anyone else specifically named as a fiduciary in a plan document or contract.
Complete your profile to continue reading and get FREE access to BenefitsPRO, part of your ALM digital membership.
Your access to unlimited BenefitsPRO content isn’t changing.
Once you are an ALM digital member, you’ll receive:
- Breaking benefits news and analysis, on-site and via our newsletters and custom alerts
- Educational webcasts, white papers, and ebooks from industry thought leaders
- Critical converage of the property casualty insurance and financial advisory markets on our other ALM sites, PropertyCasualty360 and ThinkAdvisor
Already have an account? Sign In Now
© 2024 ALM Global, LLC, All Rights Reserved. Request academic re-use from www.copyright.com. All other uses, submit a request to [email protected]. For more information visit Asset & Logo Licensing.
