While Fiduciary Liability Insurance is a key piece of any program to protect against liability related to managing or administering employee benefit plans, any comprehensive risk management program should include loss prevention measures. This includes training plan fiduciaries and company employees on best practices as well as reviewing plan documents and procedures to ensure they are updated, reasonable and compliant. Chubb is proud to facilitate our policyholder’s access to superior loss prevention services, including Excessive Fee Mitigation Services, at discounted rates.
Chubb has partnered with one of the nation’s top ERISA legal specialists to offer a host of fiduciary loss prevention services at discounted rates. These services include:
Our partner law firm has developed specialized programs to help mitigate excessive fee exposure. This is including:
Groom Law Group
Groom Law Group, Chartered (“Groom”) is recognized as a preeminent law firm in the United States, including its retirement, health and welfare, and litigation practices. Specific to retirement plan fees and expenses, for decades Groom has counseled employers, retirement plan committees, and service providers on these matters, and has defended such parties in class action litigation. Fast forward to today, Groom remains at the forefront in representing plan sponsors and plan fiduciaries in defending excessive fee claims, and works with plan sponsors and plan fiduciaries to create viable solutions to mitigate excessive fee litigation risk.
To help mitigate risk and avoid costly litigation, clients turn to Morgan Lewis. The sharp uptick in fiduciary litigation in recent years involves allegations of excessive fees and “imprudent” investments, and targets plans—both private and public—in all industries across the United States. With decades of experience and a deep, full-service bench of lawyers, our ERISA and employee benefits litigation teams provide practical solutions to handle alleged breaches of fiduciary duty related to 401(k) and 403(b) fees and investments, employee stock ownership plans, defined benefit plans, and other retirement plans.
Excessive fee litigation involving defined contribution plans of all sizes continues to be filed against an increasing number and variety of plan sponsors and fiduciaries of all types and industries, significantly increasing the risk and impacting the market.