Avoiding Retirement Plan Sponsor Lawsuits: Three Ways to Protect Your Company and Employees
As an employer with a company-sponsored retirement plan, you have a fiduciary responsibility to act in the best interests of your employees. This includes ensuring that the plan is administered in accordance with all applicable laws and regulations. In recent years, there has been an increase in lawsuits filed by participants against plan sponsors alleging breach of fiduciary duty, among other claims. These lawsuits can be costly and time-consuming, so it is important that everyone take steps to protect themselves.
Here are three ways an employer with a company-sponsored retirement plan can improve their fiduciary oversight and minimize risk of litigation: