SAN FRANCISCO, March 22, 2011 /PRNewswire/ -- Employers and their executives face significant potential liability and risk when they operate a retirement plan for their employees, warns Lockton in a new Lockton retirement services report issued today.
The retirement services report, Fiduciary Risk Mitigation: Six Best Practices for Retirement Plan Sponsors notes that, "Individual fiduciaries may be found personally liable for a fiduciary breach."
According to the Lockton paper, written by two of the independent and privately owned broker's retirement plan consulting experts, Steve Kjar and Jessica Skinner, there are six "best practices" that can help employers and executives avoid the most challenging risks. "These best practices reduce the liability of both plan sponsors and individual fiduciaries."
The Lockton retirement services report is at http://www.lockton.com/Insights-And-Publications/White-Papers/Fiduciary-Risk-Mitigation-Six-Best-Practices-for-Retirement-Plan-Sponsors
Lockton provides a range of retirement plan consulting and advisory services to plan sponsors. Lockton serves more than 800 qualified and non-qualified plans accounting for more than $12 billion in assets under management.
The paper concludes: "Fiduciary risk mitigation, simply put, is the application of best practices in the administration of your plan. Implementing these best practices will reduce the liability of the plan sponsor and individual fiduciaries, while at the same time creating a more efficient and effective plan for you and your participants."
More than 3,800 professionals at Lockton provide more than 15,000 clients around the world with insurance, benefits, and risk management services, offering an uncommon level of client service. From its founding in 1966 in Kansas City, Missouri, USA, Lockton has grown to become the largest privately held insurance broker in the world and 9th largest overall. Business Insurance recognized Lockton as a Best Place to Work in Insurance. You can learn more at www.lockton.com.
Securities offered through Lockton Financial Advisors, LLC a registered broker-dealer and member FINRA, SIPC. Investment advisory services offered through Lockton Investment Advisors, LLC, a federally registered investment advisor. For California, Lockton Financial Advisors, LLC, d.b.a. Lockton Insurance Services, LLC, license number 0G13569.