Fiduciary

Trustees and officers of employee benefit plans are expected to act in the best interest of both employee and plan participants. If this duty is compromised–whether intentionally or unintentionally–trustees can be held personally liable.

There has always been potential liability for various officers of an organization, as well as other persons acting in a capacity relating to an employer's pension, savings, profit-sharing, employee benefit, or health and welfare plans. Specifically, those persons employed by organizations to design and administer pension and employee benefit plans, including the management of the assets and liabilities of the plans, are liable to the plan beneficiaries for any breach of fiduciary duties.

Breach of Fiduciary Duty plans cover trustees acting in a reasonable and prudent manner, in accordance with the standards outlined in ERISA (Employee Retirement Income Security Act).

Employee Benefits Liability protects trustees of employee benefit plans from liability arising out of an error or omission in the administration of such programs, including:

• Denial of change in benefits
• Error in the administration of a plan
• Improper advice
• Improper plan termination
• Conflict of interest
• Imprudent investment decisions