NAPA Net - Polling Places 100716

Are You More Focused on ERISA Insurance?

ERISA requires plan fiduciaries to obtain a fidelity bond, but does not require them to carry insurance.

With the increased focus on litigation, are you paying any more attention to insurance coverages – for you and for those who provide services to your plan sponsor clients?

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* 1. Is fiduciary insurance coverage/coverage levels a factor in your RFP process?

Yes, a growing one.

Yes.

Not really.

Just the minimums.

No.

Other (please specify)

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* 2. What type(s) of insurance do you recommend?

Fiduciary liability insurance

ERISA bond beyond the minimum required

Employee benefits errors & omissions (E&O)

Nothing beyond the ERISA bond minimum

Other (please specify)

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* 3. Has that changed in the past 5 years?

Yes

Yes, considerably

Some – more in the amount(s) than the type(s)

Other (please specify)

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* 4. What type(s) of insurance do your plan sponsor clients generally take on?

Fiduciary liability insurance

ERISA bond beyond the minimum required

Employee benefits errors & omissions (E&O)

Nothing beyond the ERISA bond minimum

There's really no "generally"

Other (please specify)

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* 5. Has THAT changed in the past 5 years?

Yes

Yes, considerably

Some – more in the amount(s) than the type(s)

Other (please specify)

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* 6. What kind of recommendations (if any) do you make on fiduciary liability insurance (rates, amounts, etc)?

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* 7. What kind of recommendations (if any) do you make on employee benefits errors & omissions (E&O) ?

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* 8. What kind of recommendations (if any) do you make on ERISA bond beyond the minimum required?

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* 9. Any other comments on ERISA insurance coverages, recommending coverages, the take up on coverage, or changes in coverage or the takeup in coverage?

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* 10. What is your role working with retirement plans?

Advisor

Provider

TPA

Plan sponsor

Recordkeeper

Other (please specify)

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* 11. What size plans do you PRIMARILY work with?

Under $10 million in assets

$10-$20 million

$20-$50 million

$50-100 million

$100 million - $250 million

$250 million - $500 million

Above $500 million

Other (please specify)

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* 12. Suggestions for future survey questions?

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* 13. All responses are anonymous and confidential, of course - but if you'd like me to know who you are, or allow for a response, you can leave your email below...