Now that the federal government has officially rolled out the myRA retirement savings program, has it also left participating employers open to possible fiduciary liability?
The answer is no — employers who decide to help enroll workers in these new accounts need not fear maurading bands of fiduciary-violation-seeking plaintiffs' attorneys.
Mark Iwry, senior advisor to the secretary for retirement and health policy at the Treasury Department, wrote the Department of Labor seeking clarification about whether myRA accounts would fall within the jurisdiction of the Employee Retirement Income Security Act of 1974.
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Nick Thornton
Nick Thornton is a financial writer covering retirement and health care issues for BenefitsPRO and ALM Media. He greatly enjoys learning from the vast minds in the legal, academic, advisory and money management communities when covering the retirement space. He's also written on international marketing trends, financial institution risk management, defense and energy issues, the restaurant industry in New York City, surfing, cigars, rum, travel, and fishing. When not writing, he's pushing into some land or water.
