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Fiduciary Guidance

With the growing number of 401(k) lawsuits, increased litigation, ever- evolving rules and complexity of regulations, it is important to have a retirement plan specialist that can help you address your fiduciary duties.

Fiduciary Services

Fiduciary Services

Under the Employee Retirement Income Security Act of 1974 (ERISA), the law that governs private workplace retirement plans, a plan fiduciary’s legal responsibilities include:

  • Acting solely in the interest of plan participants and beneficiaries, with the exclusive purpose of providing benefits to them
  • Carrying out duties with skill, prudence and diligence
  • Following the plan documents (unless inconsistent with ERISA)
  • Diversifying plan investments
  • Paying only reasonable expenses of administering the plan and investing its assets
  • Avoiding conflicts of interest

Plan Administrator
Plan sponsor delegates plan administration to ensure ERISA compliance.

Investment Advisor
Plan sponsor and advisor share fiduciary responsibility for investment decisions.

This information was developed as a general guide to educate plan sponsors, but is not intended as authoritative guidance or tax or legal advice. Each plan has unique requirements, and you should consult your attorney or tax advisor for guidance on your specific situation. In no way does advisor assure that, by using the information provided, plan sponsor will be in compliance with ERISA regulations.

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