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Fiduciary Liability Under ERISA

Few CFOs and HR managers recognize that personal liability under ERISA cannot be shifted to their employer.  And, even though ultimate financial cost may fall to the corporation though indemnification provisions in the corporation's by-laws, this cost may be significant.  ERISA claims are among the most costly to defend because of the Byzantine nature of the law itself.  Is the HR manager an officer of the corporation and even entitled to indemnification protection? In many firms, the answer is no.

Without the protection of Fiduciary Liability insurance, employers face serious financial risk.  Employees charged with acting as fiduciaries, which ERISA can impose even without the employee's knowledge, face potentially devastating personal liability.

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