ERISA violation??

puzzle

Our company owner would like us to switch our current Broker of Record for 401k and health benefits to an insurance company in which he also has majority ownership. Would this necessarily be a violation under ERISA?? Please help, as I need an answer ASAP!!!

Betty I_O

This may violate the owner's responsibility as a fiduciary of the plan. You should consult an ERISA attorney.

puzzle

Thanks.I appreciate such a quick response. If anyone has any additional info, please let me know.