Employee Retirement Income Security Act liability

{
  "id": "MLC-T-INS-001294",
  "term": "Employee Retirement Income Security Act liability",
  "field": "Insurance and risk management",
  "definition": "The legal responsibility imposed on fiduciaries of employee benefit plans under the Employee Retirement Income Security Act (ERISA). This liability arises from breaches of fiduciary duties, such as imprudent investment decisions, failure to diversify assets, or conflicts of interest. Fiduciaries can be held personally liable for losses incurred by the plan due to their actions or inactions.",
  "url": "https://mlchart.com/terminology/insurance/employee-retirement-income-security-act-liability/"
}