Retirement plan advisors and fiduciaries responsible for managing employees’ retirement fund accounts are adapting their retirement strategies. The needs of employees are changing, and new risks are emerging, so it is essential to stay ahead of the curve.
Craig Reid, president and national practice leader of retirement and wealth at Marsh McLennan Agency, published an article in Forbes exploring the three ways in which plan sponsors can minimize their fiduciary liability.
“Certain business insurance policies provide limited coverage while others, such as fiduciary liability insurance, are specific to plan fiduciary activities. Ask your business insurance partner to comprehensively review your policies to ensure you understand what you are paying for. Also, check to ensure you are adequately covered for the risk associated with your plan,” writes Craig.
