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In a recent Forbes article found here, company executives have been found personally liable for mistakes made with 401K plan administration; violating their fiduciary duty to the employees whose retirement funds depend on those plans.
Based on current laws, it is the businesses responsibility to act as the fiduciary for the employee group retirement plan. Here are some of the common mistakes to avoid:
What to do:
Executives Retirement plan fiduciaries (Company Owners and Executives) need to review the investment options in their plans to remain diligent in maintaining the most appropriate choices. In Addition, they need to review the fees being charged. This is best done working with experts and documenting the professional review of the plan. A fiduciary liability insurance policy should be acquired and reviewed annually to ensure sufficient coverage.
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