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 some 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 firms have developed specialized programs to help mitigate excessive fee exposure. including:
Since its founding in 1975, Groom has specialized in representing Fortune 1000 companies in connection with their employee benefit plans. As reflected by its rankings in Chambers USA, The Legal 500 and Best Lawyers, Groom is recognized as apreeminent firm in the U.S. for benefit law issues, including retirement plan, health and welfare plan, benefit policy, litigation and tax issues. Specific to retirement plan fees and expenses (including issues related to the monitoring and selection of the plan’s investment options), Groom has counseled employers, benefit plan retirement committees, and service providers with respect to those issues and defended such persons in class action litigation dating back to the late 1990s when the first case relating to “excessive fees” was filed. Fast forward to today, Groom remains at the forefront in representing plan sponsors andplan fiduciaries in defending excessive fee claims and works with plan sponsors and plan fiduciaries at a pre-litigation stage to create viable solutions to mitigate excessive fee litigation risk.
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.