Which would you rather have: A rich doctor who, prior to an operation, asks you to agree to a limitation of liability?
FORBES: Actuarial Limitations of Liability? (LOL) Laugh Out Loud! (December 1, 2002 )
Remember: Limitation of liability (LOL), your response should be Laugh Out Loud.
Patients have not because medical care is too critical to risk any reduction in the quality of care a limitation of liability might foster.
FORBES: Actuarial Limitations of Liability? (LOL) Laugh Out Loud! (December 1, 2002 )
No fiduciary should ever agree to a limitation of liability (LOL).
FORBES: Actuarial Limitations of Liability? (LOL) Laugh Out Loud! (December 1, 2002 )
No fiduciary should ever agree to a limitation of liability.
FORBES: A ''Tipping Point'' for Public Pensions? (November 2009)
Ask yourself: What trustee would want to be in the position of having agreed to a limitation of liability once a major financial loss attributable to the consultant has been discovered?
Large national or international actuarial firms argue that when plan sponsors hire smaller actuarial and investment consulting firms, they are effectively agreeing to a limitation of liability because a significant error by a smaller, thinly capitalized firm would result in its demise.
FORBES: Actuarial Limitations of Liability? (LOL) Laugh Out Loud! (December 1, 2002 )
The surest sign trouble lies ahead for pensions is the recent effort by some of the largest actuarial and pension consulting firms, including Milliman, Towers Perrin and Watson Wyatt, to coerce their pension clients to agree to limitation of liability (LOL) provisions in their contracts.
FORBES: Actuarial Limitations of Liability? (LOL) Laugh Out Loud! (December 1, 2002 )
The foregoing limitation of liability shall not apply to the extent that any liability arises from the gross negligence or willful misconduct of the Investment Consultant, its employees, affiliates, agents or contractors or from bodily injury, death of any person, or damage to any real or tangible personal property.
FORBES: Actuarial Limitations of Liability? (LOL) Laugh Out Loud! (December 1, 2002 )
While funds, such as LACERA in its current contract with Milliman, apparently are agreeing to limitations of liability, the limitation amounts are well in excess of the annual actuarial fee.
FORBES: Actuarial Limitations of Liability? (LOL) Laugh Out Loud! (December 1, 2002 )
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