June 2016 News & Views


Wednesday, June 22, 2016




 
 


Sent to you courtesy of:
Smith Brothers
800 426-6946
info@smithbrothersusa.com

   
  Letter from the President
Retirement Plan Excessive Fee Suits Move Down Market
4 Major Pitfalls to Avoid in Your Insurance Program
Buildings and Legionnaires' Disease
Facility Owners and Additional Insured Status
Hiring and Firing Practices Can Help Protect Employees From workplace Violence
Annuities for Retirement Income
5 Shocking Facts About Retirement Health Care Costs
10 Weird HSA FAQs
3 Key Takeaways of Designing Employee Benefits Programs
Employer Plans May Face Huge Non-English Notice Hurdle
Reduce Your Social Host Liquor Liability Exposure
Practice Sound Risk Management with Your ATV
Wildfires

 

   
 

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News

Letter from the President
Joseph Smith

If you are a trustee of a 401k, 403b, or Pension Plan, you need to read this article. This is a mid-market 401k Plan sponsor and their trustees being sued for lack of prudence in the management of their employees' 401k Plan they offer. The large issue here is that trustees' personal assets are exposed. Employers should consider Fiduciary Liability insurance as a way to transfer some of the risk in addition to getting a formal review done.

The "excessive fees" allegation and lack of monitoring and administrative fiduciary duties is exaclty what our Fiduciary Loss Prevention/Mitigation service review does for our clients. Please take the time to prioritize getting a review done of your plan so you can avoid your personal assets being encumbered due to litigation like this.

Be Sure

Joe

Retirement Plan Excessive Fee Suits Move Down Market
Rebecca Moore

http://www.plansponsor.com/Retirement-Plan-Excessive-Fee-Suits-Move-Down-Market/?fullstory=true


Commercial Property & Casualty

4 Major Pitfalls to Avoid in Your Insurance Program
Property Casualty 360

An effective risk management strategy should include looking closely — perhaps with the aid of outside coverage counsel — at the policy wording to correct potential problems and avoid an expensive coverage-litigation battle.

Buildings and Legionnaires' Disease
Centers For Disease Control and Prevention

CDC investigated the first outbreak of Legionnaires’ disease, a serious lung infection (pneumonia), in 1976. An increasing number of people in the US are getting this disease, which is caused by breathing in small water droplets contaminated with Legionella germs

Facility Owners and Additional Insured Status
FC&S

One of the most common policy endorsement requests is to add an additional insured to a commercial general liability (CGL) policy. Parties who add others as additional insureds are sharing their liability insurance with that other entity, and may have to pay an additional premium in order to do so.

Hiring and Firing Practices Can Help Protect Employees From workplace Violence
Property Casualty 360

While the Occupational Safety and Health Administration may cite employers for hazards associated with increased workplace violence risk, it surprisingly doesn’t require employers to implement workplace violence prevention programs.

Financial Security

Annuities for Retirement Income
Life Health Pro

Annuities are valued for their tax-deferred accumulation benefit, but they also provide an essential source of retirement income for many retirees.

5 Shocking Facts About Retirement Health Care Costs
Think Advisor

The average healthy 65-year-old couple retiring this year is projected to spend $288,400 in today’s dollars on lifetime Medicare Parts B, D and supplemental insurance (Plan F) premiums, according to a new HealthView Services report.

Employee Benefits

10 Weird HSA FAQs
Life Health Pro

Health savings accounts help employees sock away money for health care costs. They’re used along with a high deductible health insurance plan, and they offer some great tax benefits.

3 Key Takeaways of Designing Employee Benefits Programs
Benefits Pro

Much has been written about long work hours. Stories abound of people sleeping in their cars or under their desks and subsisting on Top Ramen and frozen vegetables. That might exist for you at some point along the path, but that’s not the type of innovative environment that I’m talking about here.

Employer Plans May Face Huge Non-English Notice Hurdle
Life Health Pro

Employers, insurers and benefits advisors are still trying to figure out the new federal health anti-discrimination regulations mean, and who will have to comply with the new requirements.

Personal Insurance

Reduce Your Social Host Liquor Liability Exposure
International Risk Management Institute

The National Highway Traffic Safety Administration (NHTSA) estimates that nearly 13,000 people per year (about 35 per day) are killed in alcohol-impaired driving crashes. Many of these tragic accidents happen after an inebriated person leaves a party—an event in which the host of that party might be held liable for injuries and deaths to innocent parties.

Practice Sound Risk Management with Your ATV
International Risk Management Institute

There are around 10 million all-terrain vehicles (ATVs) in the United States and over 16 million operators. Unfortunately, approximately 700 people die each year and over 100,000 people are injured annually due to ATV accidents. Injuries and accidents are particularly common for children under age 16.

Wildfires
Insurance Information Institute

As many as 90 percent of wildland fires in the United States are caused by humans, according to the U.S. Department of Interior. Some human-caused fires result from campfires left unattended, the burning of debris, negligently discarded cigarettes and intentional acts of arson. The remaining 10 percent are started by lightning or lava.

 
   
 

 


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