Fiduciary Laibility and Its Misconceptions

Fiduciary Laibility and Its Misconceptions

Academy of Insurance
Updated Nov 30, 2020
All companies that provide retirement plans or healthcare benefits to their employees have one thing in common: individual managers are subject to personal liability in the event there is a claim related to employee benefits. The Employee Retirement Income Security Act of 1974 (ERISA) imposes personal liability on those responsible for overseeing employee benefit plans. Many companies are either unaware of this exposure or think coverage exists elsewhere.