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Patent Infringement Lawsuit Reminds ERISA Fiduciaries to Monitor Service Providers
McGuireWoodsLink to more items from this source
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."

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