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The Caldwell Trust Company Blog

Employer: Is Your 401(k) Putting You at Risk?

Posted by Scott Antritt

This week, the Supreme Court decided a case that should put all employers on alert in regards to their responsibilities as plan sponsor and trustee of their 401(k) plan. The decision was unanimous and said plan administrators must continuously “monitor trust investments and remove imprudent ones. This continuing duty exists separate and apart from the trustee’s duty to exercise prudence in selecting investments from the outset.”

The case involves claims that a company, Edison International, violated its fiduciary duty when the mutual funds offered in its 401(k) plan had higher expenses than identical funds. The claim stated that the employer chose to use retail share classes when it could have switched into institutional shares which have lower expenses. The decision expands the time limit for investors to sue beyond the standard six-years, stating plan sponsors need to continuously monitor investments. It also established principles that plan administrators must follow as fiduciaries – to act with “care, skill, prudence and diligence”.

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Topics: Retirement Plan Services

Leonard Nagel joins Caldwell Trust Company as Senior Vice President and Chief Technology Officer

Posted by Sheryl Vieira

Leonard Nagel has joined Caldwell Trust Company as senior vice president and chief technology officer according, to R. G. “Kelly” Caldwell Jr., CEO and president. He will expand Caldwell Trust Company’s information technology department. “Leonard is responsible for developing the company’s long-term technology vision,” says Kelly Caldwell. “We welcome his guidance and knowledge as we grow.”

Prior to joining Caldwell, Nagel served as senior vice president of technology and services for the last six years and vice president of support services for ten years at Suncoast Solutions, a leading commercial software manufacturer in the Hospice and Home Care vertical.  He started his career in 1994 at Health Care of New Orleans Services, a health care software vendor, as the IT Director.

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Florida Banker Magazine Features Caldwell Trust Company

Posted by Sheryl Vieira

Twenty plus years in the making, Caldwell Trust Company completes build-out of and moves into new headquarters in Venice, Florida. "We've broadened and deepend our staff, both in capabilities and in age and we've added vice presidents of investments and marketing. Kelly attributes factors in growth for the organization to the proprietary software that gives the company a competitive edge. Read the article in its entirety here

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Topics: Corporate

 


 

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