Examines risk management for businesses when managing employee retirement funds
Written in 2008; 985 words; 4 sources; APA; $ 34.95
Paper Summary:
This paper explains that, if an organization has a retirement plan such as a 401(k), 403(b), or another qualified, retirement plan subject to the Employee Retirement Income Security Act of 1974 (ERISA), the organization is classified as a fiduciary. The author points out that that the company's fiduciary responsibilities to its employees are to provide information, prudently manage retirement funds and make timely contributions. The paper relates methods of risk reduction for the company, such as transferring some of the risk to an insurance company, employing knowledgeable advisers and giving participants greater control over the way their assets are invested. The author stresses that the company must be able to prove that it is acting in a responsible manner.
From the Paper:
"In fact, providing such advice does not violate federal law or incur additional legal liabilities. Instead given many employees ignorance about investing, "employers that have feared giving advice are becoming increasingly concerned about not providing" such advice. To minimize legal risks, most firms employ outside investment advice firms to help employees become more informed about the range of investment options and what package is correct for their needs. Remember, this is a risk mitigation strategy, but not an absolution of organizational risk."
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