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:
Fiduciaries must act solely in the best interest of the participants and benefices of the plan.
They must apply the "Prudent Man" standard
They must follow the plan documents
They are responsible for plan investment diversification
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:
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.