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Steps to Keep Your Retirement Plan from Being Sued

March 29, 2022

Via: SHRM
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The last two years have broken records for fiduciary litigation against retirement plan sponsors. Since 2020, there have been more than 200 new class-action lawsuits brought under the Employee Retirement and Income Security Act (ERISA) and more than 100 new cases alleging breaches of fiduciary duties in connection with fees charged to plan participants.

These statistics were shared by Kevin Mahoney, managing director at financial services firm Raymond James & Associates in West Nyack, N.Y., and Kristen Koluch, senior vice president for investments at the firm. They spoke on March 28 at the Society for Human Resource Management Employment Law & Compliance Conference 2022 in Washington, D.C.

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