PLANSPONSOR - December 2017/January 2018 - 14

Upfront
Protecting Your Plan's Fiduciaries
capitalized and liquid to do so " -even
then, " it may not be required to [do so]. "
The provisions of each policy will
be different and tailored to the insured's
unique situation and needs, yet most have
a few key factors in common. For example,
coverage kicks in when the insured faces
an actual claim for a wrongful act he or the
plan allegedly committed.
Important to note, Golumbic says:
" Fiduciary liability insurance is not 'firstparty'
coverage, meaning that the insured
cannot draw on the policy to restore losses
to the plan. " It can only defend against a
claim and then " pay for any covered award
entered against the insured up to the
policy's limit of liability. "
Plan sponsors wanting to purchase
or raise limits on current coverage will be
NEVER in her 27 years in the corporate
insurance business has Rhonda Prussack
seen the " frequency and severity " of
litigation against retirement plans that
she does today- " more than 60 fee cases
[alone] in a little over two years, " she says.
Prussack, head of fiduciary and
employment practices liability for Berkshire
Hathaway Specialty Insurance, also sees
no let-up in sight. For plan sponsors, this,
of course, is bad news-especially as the
trend has been broadening.
The Employee Retirement Income
Security Act (ERISA) puts particular onus
on plan committee members and C-suite
executives, making them prime targets in
such class action suits and personally liable
if breach of fiduciary duty is found. To
protect these executives, and also the plan,
fiduciary liability insurance was developed,
Prussack says. It covers defense expenses
and any settlement amount or damages
and losses the court requires they pay. It
is the only insurance that covers breach of
fiduciary duty claims, she says.
Many companies and organizations,
however, still underestimate their need
for the product or mistakenly believe their
other policies, such as administrative
errors and omissions or ERISA fidelity

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PLANSPONSOR - December 2017/January 2018

Table of Contents for the Digital Edition of PLANSPONSOR - December 2017/January 2018

A QDIA in Transition
An Unseen Challenge
Alternative Assets in TDFs
Active or Passive Strategies
Boosting Employee Savings
Selective Mining
Future Shock
PLANSPONSOR - December 2017/January 2018 - Cover1
PLANSPONSOR - December 2017/January 2018 - Cover2
PLANSPONSOR - December 2017/January 2018 - 1
PLANSPONSOR - December 2017/January 2018 - 2
PLANSPONSOR - December 2017/January 2018 - 3
PLANSPONSOR - December 2017/January 2018 - 4
PLANSPONSOR - December 2017/January 2018 - 5
PLANSPONSOR - December 2017/January 2018 - 6
PLANSPONSOR - December 2017/January 2018 - 7
PLANSPONSOR - December 2017/January 2018 - 8
PLANSPONSOR - December 2017/January 2018 - 9
PLANSPONSOR - December 2017/January 2018 - 10
PLANSPONSOR - December 2017/January 2018 - 11
PLANSPONSOR - December 2017/January 2018 - 12
PLANSPONSOR - December 2017/January 2018 - 13
PLANSPONSOR - December 2017/January 2018 - 14
PLANSPONSOR - December 2017/January 2018 - 15
PLANSPONSOR - December 2017/January 2018 - 16
PLANSPONSOR - December 2017/January 2018 - 17
PLANSPONSOR - December 2017/January 2018 - 18
PLANSPONSOR - December 2017/January 2018 - 19
PLANSPONSOR - December 2017/January 2018 - A QDIA in Transition
PLANSPONSOR - December 2017/January 2018 - 21
PLANSPONSOR - December 2017/January 2018 - 22
PLANSPONSOR - December 2017/January 2018 - 23
PLANSPONSOR - December 2017/January 2018 - 24
PLANSPONSOR - December 2017/January 2018 - 25
PLANSPONSOR - December 2017/January 2018 - An Unseen Challenge
PLANSPONSOR - December 2017/January 2018 - 27
PLANSPONSOR - December 2017/January 2018 - 28
PLANSPONSOR - December 2017/January 2018 - 29
PLANSPONSOR - December 2017/January 2018 - 30
PLANSPONSOR - December 2017/January 2018 - 31
PLANSPONSOR - December 2017/January 2018 - Alternative Assets in TDFs
PLANSPONSOR - December 2017/January 2018 - 33
PLANSPONSOR - December 2017/January 2018 - Active or Passive Strategies
PLANSPONSOR - December 2017/January 2018 - 35
PLANSPONSOR - December 2017/January 2018 - Boosting Employee Savings
PLANSPONSOR - December 2017/January 2018 - 37
PLANSPONSOR - December 2017/January 2018 - 38
PLANSPONSOR - December 2017/January 2018 - 39
PLANSPONSOR - December 2017/January 2018 - 40
PLANSPONSOR - December 2017/January 2018 - 41
PLANSPONSOR - December 2017/January 2018 - Selective Mining
PLANSPONSOR - December 2017/January 2018 - 43
PLANSPONSOR - December 2017/January 2018 - Future Shock
PLANSPONSOR - December 2017/January 2018 - 45
PLANSPONSOR - December 2017/January 2018 - 46
PLANSPONSOR - December 2017/January 2018 - 47
PLANSPONSOR - December 2017/January 2018 - 48
PLANSPONSOR - December 2017/January 2018 - Cover3
PLANSPONSOR - December 2017/January 2018 - Cover4
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