What your business can learn from retirement industry litigation

Being a retirement plan sponsor comes with great responsibility — namely, fiduciary responsibility. This also opens you up to a number of risks, including legal action. When you’ve worked in the retirement plan industry as long as I have, you can’t avoid the occasional breaking news story of a well-meaning company facing litigation involving their company retirement plan.

The catalyst for legal action is typically a disgruntled former employee going to a lawyer. The attorney most often looks…