What is a Fiduciary?
According to ERISA1, the Employee Retirement Income Security Act of 1974, a fiduciary is any person who:
- Is named in the plan document as a fiduciary or is appointed as a fiduciary
- Exercises discretionary authority or control over plan assets and/or the management of the plan
- Provides investment advice for compensation with respect to plan assets
Plan fiduciaries have responsibility for the administration of the plan and the selection of investment options. The same holds true for the plan administrator, trustee and investment managers.2
Fiduciaries have the duty:
How Does This Benefit You?
Our fiduciary responsibilities benefit you by putting your best interests first. That is, putting your interests before those of the advisor… the way it should be.
For more information about fiduciary responsibilities visit:
For Plan Sponsor Use Only – Not for Use with Participants or the General Public
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.