Business Services Industry
Fiduciary liability shield questioned.
Business Insurance, January, 1996 by Limbacher, Patricia B.
Court says employers must exercise more care on investment options PHILADELPHIA - Employers may have less protection from fiduciary liability for employee investment decisions than many think, a federal appeals court decision suggests. The decision - involving a Unisys Corp. defined contribution plan that purchased guaranteed investment contracts from Executive Life Insurance Co.
- also suggests that employers have to review the work of consultants who work for plans and supplement their work where necessary. In particular, employers will need to scrutinize investment options for defined contribution plans and the information given to employees about the investments. The 3rd U.S. Circuit Court of Appeals ruling is one of the first to consider Section 404(c) of...
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