With new fiduciary standards in place under the Consolidated Appropriations Act, it is important for plan sponsors to be diligent when managing their health care plans.
Strong committees can serve both as a boon for participants and protection for audit and litigation risk, according to panelists at this year’s PLANSPONSOR National Conference.
A lawsuit against the Pennsylvania-based company has alleged the plan’s recordkeeper fees were higher –than average and that the plan included higher-cost investments instead of cheaper ones.
A former employee alleges that the San Francisco-based company violated its fiduciary duties by using forfeited plan assets to reduce future employer contributions.