Tag: 401k Fiduciary

401(k) Fiduciary Liability: Understanding the Role Service Providers Play

Do you know who the fiduciaries are on your 401(k) plan and what they’re responsible for? If you’re a business owner sponsoring a company retirement plan, the answer to this question had better be yes. That’s also true if you’re a financial advisor overseeing 401(k) plans for your business-owning clients. That’s because you’re liable for […]

What You Don’t Know Can Hurt You: Many Business Owners Offering 401(k) Plans Fail to Meet Fiduciary Duties

Business owners and financial advisors have become increasingly wary of the responsibilities they take on when offering 401(k) and 403(b) retirement plans. That’s thanks to the Department of Labor shining a light on what “fiduciary duties” means and the liability those duties create. It’s understandable. These changes caused giants in the industry — among them […]

Staying Out of Court: A Plan Sponsor’s Guide to Protecting Yourself from Fiduciary Lawsuits

By now, most business owners understand that offering a company retirement plan creates some liability, but are you really clear on exactly what you’re responsible for? The defendants involved in the fiduciary lawsuits of Tibble v. Edison International and Sacerdote v. New York University found out the hard way. A close look at the details […]

Allegations of 401k Plan Mismanagement Put Fidelity in Hot Water (Again)

Financial services giant Fidelity Investments, Inc. is in the news again, this time for allegedly mismanaging its company 401(k) plan. The Fidelity 401k lawsuit, filed on October 10th, 2018, alleges that the company engaged in self-dealing by loading its 401k fund line-up with proprietary products. The suit claims that these actions created a profit for […]

5 Benefits of Hiring a Full-Service Outsourced Administrative Fiduciary for Your 401(k) Plan

As an employer sponsoring a 401(k) plan, you’re tasked with a great amount of responsibility. When it comes to requirements like choosing proper investment options, understanding distribution regulations, and properly filing government reports, many business owners are pushed out of their comfort zones. Luckily, no one expects you to know how to do it all. […]

Are You Meeting the DOL Deposit Deadline for 401(k) Salary Deferrals?

By Mike Murphy, FiduciaryShield – “When is the deadline for depositing employee salary deferrals into my 401(k) plan?”  This is a question I frequently hear from 401(k) plan sponsors. The confusion often stems from 2 factors: 1.The timing rules for depositing employee elective deferrals differ from the rules related to company contributions such as matching, profit-sharing contributions, or […]