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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.
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:
3(16)Plan AdministratorPlan sponsor delegates plan administration to ensure ERISA compliance.
3(21)Investment AdvisorPlan 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.