fiduciary duty

IRS/DOL Audits Are Increasing Dramatically: Are You Ready?
Team SummitEmployer Resource Center, Fiduciary Governance, Plan Operations & AdminComments are off for this post
It’s no secret that the Internal Revenue Service (IRS) and Department of Labor (DOL) have recently been ramping up retirement plan audits. While an audit may initially seem overwhelming, if you are properly prepared, it can be a relatively quick and painless process. If/when you are notified of an audit, early preparation can help streamline  Read More →
The Risk of 401(k) Lawsuits: If It Can Happen To Them…
Team SummitEmployer Resource Center, Fiduciary GovernanceComments are off for this post
When a giant organization with extensive resources gets sued for alleged ERISA compliance failures — especially if the organization’s own service offerings include reviewing for such violations — that could very well be the canary in the coalmine for all other, lesser endowed firms. And that’s perhaps the key takeaway for plan sponsors in light  Read More →
Fee Litigation with an Odd “Twist”
Team SummitEmployer Resource Center, Fiduciary GovernanceComments are off for this post
A recent class action lawsuit highlights an often neglected but important item of fiduciary concern. The plaintiffs, in this case, have asserted claims for breach of the fiduciary duties of prudence and failure to monitor fiduciaries. Nothing new so far, but in addition to naming the typical plan fiduciaries as defendants, the lawsuit also targets  Read More →

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