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What Is The Difference Between Fiduciary Liability Insurance and a Fidelity Bond?

DWC 04/10/18
Facts My company sponsors a 401(k) plan. With everything that has been in the news about retirement plan fiduciaries and some of the lawsuits against them, we are trying to decide whether or not we should get fiduciary liability insurance for ourselves. Then I looked at our Form 5500 and it shows that we already have plan-related insurance.
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What You Thought You Knew About Revenue Sharing

Adam C. Pozek 06/26/12
Ever see the movie Men In Black?  One of my favorite lines is when Tommy Lee Jones says to Will Smith, “Fifteen hundred years ago, everybody knew the Earth was the center of the universe.  Five hundred years ago, everybody knew the Earth was flat; and fifteen minutes ago, you knew that humans were alone on this planet. Imagine what you'll know ...
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Are You Kidding? The Fall Will Probably Kill You!

Adam C. Pozek 03/25/11
My good friend and benefits attorney Ilene Ferenczy sends out an e-newsletter from time-to-time.  The Ferenczy Flash always includes timely, practical information for plan sponsors and service providers.  The edition she sent earlier this week highlights a very important point that often gets lost in the 401(k) shuffle - while all of the fiduciary ...
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Werewolves of Pension

Adam C. Pozek 03/17/11
I was recently asked to write an article on ERISA Section 404(c).  As I contemplated how to approach the article, I recalled many situations in which I have heard 404(c) pitched as the mythical silver bullet to save plan fiduciaries from the specter of liability associated with participant-directed investments.
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Reasonableness Requirement Is Not New

Adam C. Pozek 02/24/11
An article appeared yesterday on CFO.com entitled “New 401(k) Obligations Heaped on CFOs” and it carried a tagline stating “New disclosure rules abound, but pay close attention or you could be sued by plan participants.”
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Weighing In on the 3(21) vs. 3(38) Debate

Adam C. Pozek 03/10/10
Several weeks ago, I had a lengthy conversation with a prospective client (we’ll call her Alice) and her investment advisor.  After the standard dialogue about fees, service guarantees, etc., the discussion inevitably turned to the retirement plan “F” word – FIDUCIARY.  Alice had read this article and wanted to know if the advisor would be a 3(21) ...
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In Search of the Elusive Non-ERISA 403(b)

Adam C. Pozek 02/21/10
Crikey!  We’ve just discovered the rare non-ERISA 403(b) plan meandering along, oblivious to such details as filing Form 5500 or worrying about fiduciary responsibility.  Wait…could it be this harmless creature only offers investments from a single vendor?  Danger! Danger! Danger!
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Rethinking Participant Direction of 401(k) Investments

Adam C. Pozek 01/25/10
As an industry, we have spent a great deal of time over the last 2 years discussing issues like investment advice, default investments and fiduciary responsibility ostensibly for the purpose of improving retirement savings for employees.  While these are important issues, we have been avoiding the elephant in the room – participants simply aren’t ...
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The views expressed in this blog are those of the authors and do not necessarily represent the views of any other person or organization. All content is provided for informational purposes only and is not intended to be tax or legal advice.