Nicholas Pension Consultants
Compensation Strategies Group, Ltd.
Nova 401(k) Associates
“BenefitsLink continues to be the most valuable resource we have at the firm.”
-- An attorney subscriber
|Patent Infringement Lawsuit Reminds ERISA Fiduciaries to Monitor Service Providers|
Jan. 21, 2015
"Plan fiduciaries should consider the following guidelines in selecting and dealing with providers: Because plan service providers are 'parties-in-interest' under ERISA, be sure that their involvement with the plan will not result in a prohibited transaction.... An online search should be made for any reported court decisions involving any potential provider.... Even without a formal bidding process, complete details concerning the services to be provided and the fees charged must be obtained.... Thoughtfully negotiate and periodically review provider contracts, including any indemnity obligations of both the provider and the plan administrator, particularly when the provider's form agreement is used."
|Please click here to report this link if it is broken (for example, if you see a "404 File Not Found" error message after you click on the link above).|
|An important word about authorship: BenefitsLink® is providing a hypertext link to the item shown above, but is not the author of the item (unless otherwise specified).|