Fiduciary Responsibility and You: Self Funded? You’re on the Hook!

Tim Callendar - VP of Sales, The Phia Group

By offering a self-funded plan, you are agreeing to be subject to and regulated by ERISA, the Federal law that makes the rules on how such plans are set up and administered. We all know the benefits of self-funding; what many don’t know is that offering a self-funded plan makes the Plan Administrator (the employer) the fiduciary of the plan. What does that mean? For one thing, it means that if a violation of ERISA occurs, knowingly or unwittingly, the employer, including the owner(s) of the company, are legally responsible for all damages that occur in the event of a lawsuit. And that includes both civil and criminal penalties – that means personal financial responsibility and, in the extreme, jail time. Tim Callendar, attorney and Vice President of Sales for our old friends The Phia Group, has a solution that you will be quite interested in learning about. So listen to Tim and learn how to protect yourself against what may be a catastrophic situation.

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