Hauser Insurance Group Shares Strategies that Minimize Fiduciary Liability Risk
Hauser Insurance Group, a private insurance firm, was established in 1974, providing insurance solutions, risk management and employee benefits services to different clients. The insurance firm has well spread locations to serve clients across the United States, with its headquarters in Cincinnati. Lawsuits of the Employee Retirement Income Security Act of 1974 (ERISA) have increased in number, which results from errors in fiduciary liability. Plan sponsors have to be keen to minimize the risk that may cause lawsuits. The federal law established minimum standards for retirement plans that plan sponsors have to meet. The insurance firm shared how essential it is for a plan sponsor to have a good fiduciary plan when making retirement plans for firms.
Fiduciary duty lawsuits are expensive and take several years to settle. Choosing to settle cases outside court costs company’s more by paying ERISA payout amounts. Transparency and integrity alone will not protect plan sponsors from lawsuits. Using the strategies that Hauser Insurance experts shared will help get protection against litigation. One of the strategies includes using QDIA (Qualified Default Investment Alternative) protections established by the Department of Labor. Meeting ERISA requirements is an essential strategy to ensure a plan sponsor gets protection from fiduciary breach lawsuits. Hauser insurance shared a plan sponsor has to meet several fiduciary plans to qualify for the ERISA protection.
Investing in a good insurance plan is wise decision plan sponsors, as explained by the consultants of Hauser Insurance. Fiduciary liability insurance is a policy that protects plan sponsors and fiduciaries from lawsuits. The policy caters to the expense of the cases when they arise and cover all fiduciary liability risk. Looking for an insurance provider with a good offer is essential. Having Investment Policy Statement (IPS) minimizes fiduciary risk for plan sponsors. According to the Hauser Insurance experts, having the right IPS is necessary for plan sponsors to meet ERISA requirements.