Warning! Beware of ERISA Claims! Part 4 of 4 by NJ Lawyer Gary Young
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Published on Jun 19, 2012
Hello, I'm Gary Young Partner at Scarinci Hollenbeck and we are back for the 4th part of our ERISA video series. In our past videos I explain what ERISA is, fiduciary responsibility and liability as well as regulations issued by the Department of labor. This video however, is a warning! Beware of ERISA Claims!
• ERISA claims are coming!
Designated fiduciaries and those other persons falling within the definition of "fiduciary" due to the exercise of discretion and control will be targeted in such suits. Claims for breach of fiduciary duty can and will be brought by plan participants, participants' legal estates, the Department of Labor, and the Pension Benefit Guaranty Corporation.
• Without attempting exhaust the possibilities, such claims may include allegations of:
• Improper advice or disclosure;
• Inappropriate selection of advisors or service providers;
• Imprudent investments and improper valuation;
• Lack of investments diversity;
• Breach of responsibilities or fiduciary duties imposed by ERISA;
• Negligence in the administration of a plan; and
• Conflict of interest with regard to investments.
• The consequence of breach can be devastating, including the imposition of punitive damages and attorneys' fees in addition to compensatory damages.
• Plan fiduciaries must establish and follow a formal review process at reasonable intervals to decide if they want to continue using the current service providers or look for replacements. When monitoring service providers, actions to ensure they are performing the agreed-upon services include:
Please watch the video for the full script. Or contact Mr. Young by calling 201.397.1776
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