Many of these conflicted plans (where the employer or an affiliate is managing the money) do not meet the high fiduciary standards imposed by ERISA. Plan participants should always be vigilant and alert and question any actions which may be beneficial to the employer and detrimental to the employees and take action to right any improper actions that affect their benefits.
"I want to make it crystal clear that neither I nor the board will tolerate improper business conduct of any sort and will take all necessary action to ensure compliance, " said chief executive John Rishton.
However, in considering potential sanctions, he said the committee must be mindful that the Commons must use its penal powers "as sparingly as possible" and only when action was deemed essential to provide "reasonable protection from improper obstruction".