What Is A Fiduciary?
Understanding which individuals are considered fiduciaries of an employee benefit plan is very important. Consider the following:
- Anyone who has discretionary authority or control over the management of the Plan (including its investments) can be considered a fiduciary.
- Fiduciaries could assume personal liability regarding plan participants and / or beneficiaries.
- An individual’s title and function could lend to his or her fiduciary standing in the Plan.
- Having a discussion with competent legal counsel to gain more information on who the fiduciaries are in the Plan is important. Developing training for fiduciaries, so that they better understand their responsibilities related to the Plan is also a best practice.
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The information contained herein is not necessarily all inclusive, does not constitute legal or any other advice, and should not be relied upon without first consulting with appropriate qualified professionals for your plan’s individual facts and circumstances.
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