A client asked me a few questions today about ERISA. I knew the answer but wanted to provide sources. I came across an article I had written for a Maine business publication in 2006. They gave me reprint rights. Here it is: HR Managers May Be Personally Liable For Benefit Plan Mistakes By Scott Simmonds, CPCU, ARM Mainebiz 8/7/06 Reprinted … [Read more...]
Fidelity Insurance vs Fiduciary Insurance
November 25, 2011
I was asked recently about fidelity insurance. As I mentioned in a prior post, fidelity insurance is employee theft coverage; AKA employee dishonesty insurance. Fiduciary coverage is very different. Fiduciary coverage is liability protection against allegations that you have violated the federal law governing employee benefit plans - known … [Read more...]
Fiduciary vs ERISA Fidelity
January 7, 2010
The question came up yesterday when I was discussing the need for fiduciary liability coverage, "Do we need that plus the fidelity bond?" ERISA is the federal law that governs employee benefit and welfare plans. I makes administrators of plans personally liable for mistakes. That's what fiduciary covers - think of it as errors and ommissions … [Read more...]
You, Your Employees, ERISA, and Your House
December 21, 2008
(Earlier this year I wrote this article for a human resources publication. I never heard if they actually published the piece. I looked on their website and couldn't find it. Waste not, want not.)I assume, like most HR professionals, you have something to do with your company's employee benefit plan. Further, I assume you are human and … [Read more...]
