TRUSTEES LIABILITY – RETIREMENT FUNDS
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Trustees Liability
As the custodian of accrued benefits of retirement funds, the trustee is charged with numerous and onerous responsibilities for which they are personally liable at unrestricted limits. They bear the duty to safeguard the funds and will be exposed to civil and regulatory claims for faulty acts and omissions following losses.
The reality is that skills do not necessarily match obligations.
Adequate support and indemnity is given in the following areas:
- Losses to the funds through:
- fraud or theft
- third party computer crime
- wrongful acts and omissions
- The trustees will be protected for all claims arising from:
- Professional breach of duty