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Reducing Your Personal Liability in 401(k) Plan Administration
Masuda Funai Link to more items from this source
Oct. 28, 2020

"If you are a plan fiduciary, [here are] personal liability risk reduction strategies: ... [1] Establish a plan committee and charter to allocate authority and responsibilities.... [2] Ask the company to agree to indemnify all fiduciaries for a breach of fiduciary duties.... [3] Consider purchasing insurance to cover liability or losses under ERISA.... [4] Use the DOL's Voluntary Fiduciary Correction Program to correct errors, if applicable.... [5] Ensure appropriate employees understand ERISA's fiduciary standards and the plan."

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