Small employers on notice – Fiduciary focus important for any size employer

Description

Abstract: One recent lawsuit alleging fiduciary duty violations caught the attention of many in the employee benefits business not because of the nature of the charges, but instead because it involved a small employer. A string of large employers have faced similar charges and ultimately compensated participants. Even though the plaintiffs later withdrew their complaint, this article examines why the filing of this case matters. A sidebar offers several methods of allocating recordkeeping fees equitably among participants. Damberg et al v. LaMettry’s Collision Inc., 0:16-cv-01335 (Minn. D.C. 2016)