fiduciary duty

Cybersecurity Best Practices for Plan Sponsors
Team SummitEmployer Resource Center, Fiduciary Governance, Plan Operations & AdminComments are off for this post
Participant data and financial accounts comprise some of the most sensitive and potentially vulnerable information under a company’s care. These highly valuable assets can be an attractive target for cybercriminals and therefore present a considerable security risk. Breaches to this information can be devastating to plan participants and to the reputation of the organization. For  Read More →
Reducing Fiduciary Liability: Key Tips to Follow
Team SummitEmployer Resource Center, Fiduciary GovernanceComments are off for this post
In 2020, nearly 100 lawsuits alleging breach of fiduciary duty were filed. And with the number of 401(k) lawsuits on the rise targeting plans both large and small, sponsors are well-advised to consider taking additional measures to mitigate fiduciary risk where practicable. Here are a few to consider: Create and follow an IPS While not  Read More →
What Does It Mean To Be a Fiduciary? [Video]
Team SummitEmployer Resource Center, Fiduciary GovernanceComments are off for this post
As a plan fiduciary, you are tasked with the critical duty of operating your organization’s retirement plan in the highest standard of care. Fiduciaries must act in good faith and with the best interest of plan participants in mind. But, who exactly classifies as a fiduciary, and for what functions are fiduciaries responsible? Tune into  Read More →

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