Understanding the Fiduciary Responsibility Employers Face for Their Benefit Plans
Viewpoints by Craig Hasday One of the most critical components of the Employee Retirement Income Security Act of 1974 (ERISA) is the fiduciary responsibility imposed on employers and administrators managing these types of plans. Employers should be concerned. ERISA requires employers to maintain oversight of vendors and monitor pharmacy and medical costs, and the penalties for non-compliance can be severe. In fact, there have been two significant lawsuits that underscore the exposure. In both Lewandowski v. Johnson and Johnson and Navarro v. Wells Fargo & Co, a class of employers alleges damages due to a breach by their employer of …
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