Like many people, I am a plan fiduciary to my employer’s 401(k) plan. Because of my background in employee benefits law, I am keenly aware of the role, risks and responsibilities associated with this fiduciary status under ERISA. Some people, however, are unaware that they are a plan fiduciary while others may be aware of their fiduciary status, but do not fully understand the scope of the risks, liabilities, duties and responsibilities that they have assumed as a result of their relationship to a retirement plan.
I will be writing a blog series in the coming months to help clarify some of the issues simply being a plan fiduciary present, and will help bring to light how potential risks may be mitigated. Several key elements should be addressed to help you properly manage your fiduciary responsibilities, and will therefore be topics in this blog series:
- Who is a plan fiduciary?Continue reading