Above & Beyond Retirement, LLC
Retirement Planning Services

Quick Reference

Limits, Deadlines, & Helpful Resources

Your Fiduciary Responsibilities


Understanding your responsibilities as a retirement plan fiduciary is critical in ensuring continued plan compliance.

There are 5 essential duties that fall to plan fiduciaries; all of which require ongoing attention:

  1. Fiduciaries must act solely in the best interest of the participants and benefices of the plan.

  2. They must apply the "Prudent Man" standard

  3. They must follow the plan documents

  4. They are responsible for plan investment diversification

  5. They must ensure the plan expenses are reasonable

To better understand not only the definition of Fiduciary, but also what is expected under each of the above duties we recommend familiarizing yourself with  the  U.S. Department of Labor, Employee Benefits Security Administration (EBSA)'s publication:

 Meeting Your Fiduciary Responsibilities.

This publication provides a concise outline of what fiduciaries are expected to understand and how they are to perform their duties in relation to qualified retirement benefit plans.  

Angie Darby