Fiduciary Liability = Your Personal Assets at Risk

The phrase “fiduciary liability” is probably familiar to you in the context of corporate directors and officers, and their fiduciary responsibilities to a company. However, there is another type of fiduciary liability which many suggest is equally, if not more, important.

Who is a Fiduciary?

The Employee Retirement Income Security Act of 1974 (ERISA) classifies individuals providing, involved and/or charged with developing, administering and overseeing a company’s benefit or welfare employee benefit plans as fiduciaries. These include plan administrators, trustees, company officers and directors, and human resource personnel. In academic terms, a fiduciary is “any person/organization who has discretionary authority over the administration or management of a plan or its assets.” This includes exercising authority.

Temps, Leased Employees and Borrowed Employees:
What’s the Difference and Why Should I Care?

Have you used or do you use temporary help (“temps”), leased employees or borrow employees? Here are a few workers’ compensation insurance and risk management-related items to keep in mind.

Companies’ workforces may consist of people who are direct employees, temps, leased employees or borrowed help. What’s the difference? For the purposes of this article: