RPost Registered Email® service – Protection from Investment Loss Liability
By Pat Byrnes, MSPA, MAAA, EA
Officers, directors, board members, 401(k) Plancommittee members, Plan administrators, trustees,investment advisors, and investment managers couldbe held personally liable for investment lossesresulting from participant investment decisionsunless the Plan complies with the EmployeeRetirement Income Security Act (ERISA) Section404(c).
To abate this liability many plan sponsors arevoluntarily electing to become compliant under ERISASection 404(c). Compliance is achieved by providingrequired and requested information to participantsand making sure they actually received it, even ifthey CLAIM that they did not receive the notice
Pat Byrnes, Member of the American Society of Pension Actuaries (MSPA), Member of the American Academy of Actuaries (MAAA) and an Enrolled Actuary(EA), is President of Actuarial Consultants, Inc., a Los Angeles based consulting and administrative firm. He is also cofounder of Strategic Benefits Group, as well as cofounder and Managing Director of CCi, acompensation consulting company.
He is past President of the American Society of Pension Actuaries (ASPA), and in 2004 received the Commissioner’s Award from the Tax-exempt and Government Entities Division of the Internal RevenueService for his contributions in co-founding and cochairing the Los Angeles Benefits Conference for the past 13 years. He earned a Bachelor of Science and Commerce from the University of Santa Clara in 1967 and a Masters in Business Administration from the Wharton School of the University of Pennsylvania in 1969.