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September 6, 2012

September 2012 The Fiduciary Shield, "Public Sector Plan Fiduciary Risk-Management Strategies"

Abstract

The 2008 stock market decline and its impact on current and future public sector benefit plans has brought about significant consequences for plan sponsors, trustees and staff of public sector plans, including widespread public criticism and higher exposure to litigation risk. These days, their every action is under the public’s microscope.

Liability for most trustees includes the following:

  • A fiduciary duty standard
  • Personal liability
  • Exposure to applicable federal, state, common and case law
  • Possibility of Jury trial and related exemplary and punitive damages

This issue of The Fiduciary Shield presents an overview of the steps trustees can take to limit their liabilities, including through fiduciary liability insurance. It outlines four critical components of every fiduciary liability insurance contract.

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