Protects individuals charged with the responsibility of creating, managing and administering employee benefit and retirement plans.
Allegations against those fiduciaries include:
- providing poor or negligent investment practices
- failure to offer appropriate investment options
- charging unreasonable fees
- inadequate communications and a lack of guidance and educational services
- or any action or decision deemed not in the best interest of the plan participants
- Affirmative coverage for Settlor capacity
- Determination of eligibility or vesting of benefits included in definition of administration.
Civil and Tax penalties sublimits included:
- Section 522(c) of ERISA
- Privacy violations of HIPAa
- Violation of Patient Protection and Affordable Care Act
- Pension Protection Act of 2006
- Imposed by the Pension Ombudsman pursuant to the Pension Scheme Act of 1993, the Pensions Act of 1995, and the Pensions Act of 2004
- Imposed by Irelands Pensions Board or Pensions Ombudsman
- IRS Section 4975
- Broad definition of Sponsored Plan including any supplemental executive plan, top hat plan of fringe benefit plan.