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Can Executives Reduce Personal Liability Due To 401k COVID-19 Confusion? It seems like every day or two there's some new development about the impact of COVID-19 on 401k retirement plans. As trustee of, or person involved with discretionary judgment authority about, your company benefits plan you are at risk of being sued by one or all your plan participants. A recent Supreme Court ruling on February 20, 2008 has made the possibility of such lawsuits against retirement plan sponsors more likely. During periods of market volatility and plan losses the possibility of participant lawsuits may be tested even more. Retirement plan sponsors need to take the necessary steps to reduce potential - usually unintended - breaches of their fiduciary responsibilities as outlines in ERISA regulations. Although plan sponsors may think they are complying with the 404(c) conditions, most do not satisfy the 20 to 25 necessary conditions - and that could mean that committee members and other fiduciaries may be in for a rude awakening if they are faced with claims of investment losses because of imprud How can plan sponsors and fiduciaries comply with, and manage, the necessary requirements to assure that fiduciary responsibilities are being met? Until now, no benefits plan provider has been able to meet all the criteria necessary to mitigate plan sponsors' fiduciary liability. We at Saint-Laurent Associates have introduced an easy way that plan sponsors and fiduciaries can get access to the information their plan provider should have. If you know what the experts are saying then you can keep your plan sponsor honest. Now plan sponsors can have access to weekly informational, financial trade webinar series usually limited to those in the 401k provider space. To review topics, dates and register go to: http://covidprep.agoodadvisor. org/
