Articles Posted in 401(k) Plans

Retirement Plan Fiduciary Issues for Employers – Fort Lauderdale, Boca Raton, and West Palm Beach, Florida Breach of Fiduciary Duty Litigation Attorney:

Retirement Plan Fiduciary Issues For Employers:

Even if employers hire third-party service providers or use internal administrative committees to manage the plan, there are still certain functions that can make an employer a fiduciary.

South Florida Retirement Plan Attorney – Liability of Retirement Plan Fiduciaries:

Limiting Liability of Retirement Plan Fiduciaries:

As a retirement plan fiduciary, there is potential liability arising from your duties and responsibilities.  Fiduciaries who do not follow the basic standards of conduct may be personally liable to restore any losses to the plan, or to restore any profits made through improper use of the plan’s assets resulting from their actions.

What Is The Significance Of Being A Retirement Plan Fiduciary?

Fiduciaries have important responsibilities and are subject to standards of conduct because they act on behalf of participants in a retirement plan and their beneficiaries. These responsibilities include:

  • Acting solely in the interest of plan participants and their beneficiaries and with the exclusive purpose of providing benefits to them;

South Florida Third Party 401(k) Plan Administrator Fraud and Misrepresentation Litigation Attorney:

The Florida Office of Financial Regulation (OFR) recently announced the March 9 arrest of James Allen Hall in Kansas by the Crawford County Sheriff’s Office.  Hall has been charged with grand theft, and he is currently awaiting extradition to Florida. The case is being prosecuted by the Office of Statewide Prosecution in Orlando. The OFR initiated the investigation into Hall as a result of a tip from the Financial Industry Regulatory Authority (FINRA).

Hall acted as a Third Party Administrator of 401(k) plans for several Florida and out-of-state companies. Hall is alleged to have changed plan participants’ email and residential addresses to his own without the participants’ knowledge or consent. Further, he allegedly generated fraudulent expenses under the guise of administrative, miscellaneous, annual and participant fees for his own personal gain. Hall purportedly placed sell orders on mutual fund holdings to fund his falsified expenses. It is believed that Hall received more than $800,000 in illegal gains as a result of this scheme.

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