The Employee Retirement Income Security Act of 1974 (ERISA) contains laws and regulations that protect the assets of employee benefit plans, so that funds placed in retirement and savings plans during the employees' working lives will be there when they retire. Under the laws of ERISA, individual plan managers (fiduciaries) are held personally liable as a result of their negligence in the administration or management of employee benefit plans.
ERISA specifically prohibits those responsible for managing employee benefit plans from transferring their personal liability to others. However, ERISA does permit fiduciaries and/or the Plan to transfer the risk of loss via the purchase of insurance.
Most executives would not consider working for an organization without adequate D&O insurance coverage. Yet, the same vigilance is often missing when it comes to ERISA-related fiduciary coverage. Our professionals will help you identify ERISA-related exposures and provide you with appropriate products to help minimize your potential costs.