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Top 10 Hidden Liability Pitfalls That Retirement Plan Sponsors Should Avoid (PDF)
Ary Rosenbaum, via JD Supra Link to more items from this source
Aug. 13, 2020

"[10] The ERISA bond does not protect plan fiduciaries from liability.... [9] The use of a corporate trustee does not protect the plan sponsor from liability.... [8] If plan fiduciaries are not retirement plan experts, they should hire some ... [7] The hiring of plan fiduciaries must be selected through a process.... [6] Plan fiduciaries need to keep good records.... [5] Avoid the one-stop-shop; plan fiduciaries should hire at least one retirement plan provider who is independent.... [4] Plan fiduciaries need to know the cost of their plan's administration ... [3] Plan fiduciaries need to annually review the cost and services of their plan providers, as well as their Plan.... [2] Plan fiduciaries are responsible for the errors and malfeasance by the retirement plan providers they selected.... [1] Just because a plan is participant-directed, plan fiduciaries may still be on the hook."

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