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Plan Sponsor Fiduciary Resources

MONECO can help you navigate the complexity of your fiduciary responsibilities

Offering a retirement plan can be one of the most challenging, yet rewarding, decisions an employer can make. The employees participating in the plan, their beneficiaries, and the employer benefit when a retirement plan is in place. Administering a plan and managing its assets, however, require certain actions and involve specific responsibilities. To meet their responsibilities as plan sponsors, employers need to understand some basic rules, specifically the Employee Retirement Income Security Act (ERISA). ERISA sets standards of conduct for those who manage an employee benefit plan and its assets (called fiduciaries).  

Are You a Fiduciary?

Many of the actions involved in operating a plan make the person or entity performing them
a fiduciary. Using discretion in administering and managing a plan or controlling the plan’s
assets makes that person a fiduciary to the extent of that discretion or control. Providing
investment advice for a fee also makes someone a fiduciary. Thus, fiduciary status is based on
the functions performed for the plan, not just a person’s title.

What is the Significance of Being a Fiduciary?

Fiduciaries have important responsibilities and are subject to standards of conduct because
they act on behalf of participants in a retirement plan and their beneficiaries. These
responsibilities include:
 - Acting solely in the interest of plan participants and their beneficiaries and with the
   exclusive purpose of providing benefits to them;
 - Carrying out their duties prudently;
 - Following the plan documents (unless inconsistent with ERISA);
 - Diversifying plan investments; and
 - Paying only reasonable plan expenses.

Fiduciary Resources

Resources for Plan Fiduciaries

Taking Charge of your Fiduciary Responsibilities