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cropped view of business man and woman's hands and computer screen showing symbols relating to quality control (Photo: Shutterstock)

In recent years, there has been substantial litigation involving claims of plan sponsors breaching their fiduciary duty, underscoring the need for employers and plan committees and boards to have sound  policies and procedures in place. One of the best ways to mitigate fiduciary risk is to ensure that there  are strong operational controls.

Proper controls help ensure your plan stays in compliance and guards against potential lawsuits or accusations of fraud. Whether the operational controls involve internal  procedures or hiring external service providers, a strong emphasis on documentation of processes,  procedures, and decisions is essential.

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