Now that the federal government has officially rolled out the myRA retirement savings program, has it also left participating employers open to possible fiduciary liability?
The answer is no — employers who decide to help enroll workers in these new accounts need not fear maurading bands of fiduciary-violation-seeking plaintiffs' attorneys.
Mark Iwry, senior advisor to the secretary for retirement and health policy at the Treasury Department, wrote the Department of Labor seeking clarification about whether myRA accounts would fall within the jurisdiction of the Employee Retirement Income Security Act of 1974.
Complete your profile to continue reading and get FREE access to BenefitsPRO, part of your ALM digital membership.
Your access to unlimited BenefitsPRO content isn’t changing.
Once you are an ALM digital member, you’ll receive:
- Critical BenefitsPRO information including cutting edge post-reform success strategies, access to educational webcasts and videos, resources from industry leaders, and informative Newsletters.
- Exclusive discounts on ALM, BenefitsPRO magazine and BenefitsPRO.com events
- Access to other award-winning ALM websites including ThinkAdvisor.com and Law.com
Already have an account? Sign In
© 2024 ALM Global, LLC, All Rights Reserved. Request academic re-use from www.copyright.com. All other uses, submit a request to [email protected]. For more information visit Asset & Logo Licensing.
