DOL Assessment of Plan Fiduciaries

  • Fiduciary liability exists when responsibilities are left unfulfilled.
  • Department of Labor studies show:
    • Plan fiduciaries receive little or no training.
    • They believe they can transfer their responsibility to a third party.
    • They fail to understand personal liability implications.
    • Breach of fiduciary responsibility – leading cause of arbitration, civil and regulatory lawsuits.
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