What Does Employee Retirement Income Security Act Liability Mean?

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What does Employee Retirement Income Security Act Liability mean? Read on to discover the definition & meaning of the term Employee Retirement Income Security Act Liability - to help you better understand the language used in insurance policies.

Employee Retirement Income Security Act Liability

Employee Retirement Income Security Act Liability

Liability under the Employee Retirement Income Security Act (ERISA) for the exposure arising out of the responsibility as an officer or fiduciary of a company for the handling of pension funding and other employee benefit plans. Should the fiduciary responsibility be breached, the individual is personally liable for the loss. This resulting exposure is usually excluded from the general liability policy, even when employee benefits liability coverage is purchased. However, coverage may be purchased in the form of a separate fiduciary liability policy.

We hope the you have a better understanding of the meaning of Employee Retirement Income Security Act Liability.

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